伊藤園（2593）
Contents
1.2. M amp A
3. 10
4. 5 a Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 2593 SR Research Report 2015 7 29 2L 20
5. TITO EN North America INC Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 2593 SR Research Report 2015 7 29
6. 75 1 76 3 64 0 72 7 66 5 72 9 64 2 71 9 3 502 870 3 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 2593 SR
7. GDP Se GDP 2015 4 201 26 9 19 25 34 100 0 12 9 48 3 9 596 12 4 16 9 GDP 2012 100 0 11 1 40 6 15 5 15 7 17 2 SR 2015 4
8. 2015 8 TULLY S COFFEE 2015 5
9. T N amp
10. 2000 10 _2001 5 ITO EN North America INC 2012 6 ITO EN Asia Pacific Holdings Pte Ltd 2013 7 0 1 H
11. Voice 2 nH nH
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13. SR 10 19 63 5 87 2 95 2 76 505223 2 64 2 74 UFJ 2 50 2 22 2 2
14. SR Inc SR Inc Shared Research SR Inc
15. TITO EN North America INC a Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 2593 SR Research Report 2015 7 29 2015 2 3 Distant Lands Trading Company Inc DLTC
16. DLTC PET DLTC AC DLTC NA DLTC NA AC
17. 3 sSh ared lesearch lp http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 2593 SR Research Report 2015 7 29 2015 4 EPS 455 500 23 000 22 000 13 100 103 94 437 000 12 000 11 600 6 200 47 72
18. 2005 2011 2012 2014 2013 2 010 kl 1 10 2 5L 2013 159L
19. 500ml 1996 1992 2000
20. Shared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 2593 SR Research Report 2015 7 29 2015 4 201
21. 218 649 2 8 6 172 51 2 Sh ared Pb T ch http www sharedresearch jp Copyright C Shared Research Inc Al Rights Reserved 2593 SR Research Report 2015 7 29 TEASY TEA amp TULLY S COFFEE
22. NS 1 5901 NS NS 500ml 2010 6 2011 2 345ml 13
23. 2010 4 2010 4 2011 4 2014 4 2 2015 4
24. TITO EN North America INC 12 393 9 19 1 834 8 8 2014 10 568 555
25. 4 378 47 4 SR sSh ared Pb T ch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 2593 SR Research Report 2015 7 29 3 7 194 338 3 79 89 103 53 8 5 163 0 2 4 19 3 79
26. 1966 1968 TVCM CM 1969
27. 20000 i16000 sw 12000 5 0 2013 Shared Pb T ch lp http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 20 140 90 30 26 4 25 20 10 1 DO WHO2012 2593 SR Research Report 2015 7 29 1
28. 2008 4 18 2015 5
29. 1966 1979 1980 1985 1989 1990 2000 1964
30. SR MG VOYAGE GROUP SBS
31. Yoo TITO EN North America INC TEAS TEA a Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 2593 SR Research Report 2015 29 23 180 12 9 3 178 18 1 555 513
32. 2009 2010 201 1 2012 2013 20 7 21 2 21 3 21 5 22 0 51 4 49 5 I 38 6 40 1 35 7 35 7 SR vw a Sh ared GYcsea ch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 2593 SR Research Report 2015 7 29
33. 1 2 3 4 5 000 2015 4 4 2001 ITO EN North America INC 2006 ITO EN North America INC Mason Distributors Inc
34. Costco Wholesale Corporation PB http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 2593 SR Research Report 2015 7 29 4 000 90 10 2014 M amp A
35. DLTC ITO EN North America INC 215 80 41 1 1 36 j Shared 5 HLT ch lp http Www sharedresearch jp Copyright C Shared Research Inc Al Rights Reserved 2593 SR Research Report 2015 7 29 35 ITO EN North America INC 18 30 ITO EN North America
36. 3 2014 3 20 10 10 1 10 2 3 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 2593 SR Research Report 2015 7 29 2014 1 24 1 T Shared lesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 2593 SR Research Report 2015 7 29
37. 2 2 1 29 0 2000 2008 2013 1 oe S000 l FAO ee 2
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39. KLab J GCA
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41. 2012 12 2012 9
42. a Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 2593 SR Research Report 2015 7 29 2012 6 ITO EN Asia Pacific Holdings Pte Ltd ITOEN APH 2012 10 BP de Silva Holdings Pte Ltd BP ITO EN Singapore Pte Ltd ITOEN APH BP 909 10 2012 10 2013 10 2014 4 100 100
43. 111 143 1 0 1 197 74 3 6 193 10 1 904 3 3 1 363 7 8 337 18 1 1 2015 4 2014 5 10 EPS
44. 2 2015 4 2014 5 10 ESI 14 4 15 4 15 4 _ 9294831 103 026 690
45. M amp A Weaknesses 39 2015 4 2000 PET 759 2015 4
46. DIC TOKAIT
47. Sh ared lesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 2593 SR Research Report 2015 7 29 35 2 2014 2015 4 9 90 19 829 4996 129 TULLY S COFFEE
48. 30 2014 980 1 000 2015 4 1 000 3 2015 4 3 2015 4 30 2015
49. http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 2593 SR Research Report 2015 7 29 2016 4 Ts ITO EN North America INC 9 1 12 4
50. 1989 TVCM 1990 1 5L
51. 409 696 8 0 17 935 1 2 2013 5 2013 6 1 2014 3 TULLY S COFFEE
52. GDP GDP SR sSh ared lesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 2593 SR Research Report 2015 7 29 SW Strengths Weaknesses Strengths
53. 83 500 24 2014 2001 3 300t 960ha 2014 8 000t
54. 1979 1980 1982 OEM 1 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 2593 SR Research Report 2015 7 29 1985
55. BOSS sSh afedt 1 ch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 2593 SR Research Report 2015 7 29 2000 1999 36 2000 31 2001 28 2003 32 9 2004 2004 29 29 2005 29 1 30
56. 2016 4 460 000 6 8 15 000 31 7 14 000 24 79 8 700 19 39 30 lt TEAS TEA TULLY S COFFEE 1
57. 2009 4 3 2014 4 2 6 2015 4 30 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 2593 SR Research Report 2015 7 29 3 2 2016 4
58. 3 400 600 600 ITO EN North America INC 9 5 8 8 2015 4 2014 5 10 I I i TE 7 DT J 2 1 297 19 1 SR 2 2015 4
59. 1985 2 _ 1989 2 0 JD Sy ud Je 1990 3 y 1992 5 1992 9 Sh ared HLT ch lp http Www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 2593 SR Research Report 2015 7 29
60. 2015 1 Relax 1 TULLY S COFFEE
61. 500ml 24 2L 6 1 2014 3 21 4 13 14 3 4 5 6 4
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63. 1987 ITOEN USA INC 2015 4 22 000 1994 ITO EN AUSTRALIA PTY LIMITED 2010 Veggie SHOT
64. 3 1 59 2 59 3 ROE 109 4 40 4 2017 4 5 000 ROE109 409 3 SR 3 SW Strengths Weaknesses S
65. 2012 10 a Sh ared GYcsea ch lp http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 2593 SR Research Report 2015 7 29 1 2 TULLY S COFFEE 2010 4 ITO EN North America INC
66. Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 2593 SR Research Report 2015 7 29 2015 4 3 2015 3 2 2015 4 3 2015 4 3 328 296 1 7 7 685 49 9 7 711 48 4 3 980 54 3 2015 4 3 14 4 14 4 15 4 90 30 1 30Rit 1 300t 94 926 04 44 0 51 333 910 328 296 1 68 46 199 45267 2 02 160 143 156 481 2 29 45 329 45 770 0 97 144812 148 796 2 75 16 978 16 979 0 01 55 310 312 2 539 2 467 2 84 10 038 10 384 2 426 2 576 6 18 8 386 8 728 3 311 3 473 4 89 10 010 10 094 WW 3 1 wm SR
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68. 2000 2004 1 2007 TULLY S COFFEE BARISTA S SPECIAL TULLY S COFFEE 2008 2009 TEAS TEA NEW YORK TULLY S COFFEE BARISTA S CHOICE TULLY S COFFEE 2011 Yoo 2012 SR 2000 2006 2011 1966 8 _ 1969 5 _ 1977 6 1 1980 9
69. 2 3 IR IR Sh ared GYcsea ch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 2593 SR Research Report 2015 7 29 151 8550 3 47 10 03 5371 111 1 1966 8 22 1996 9 30 HP http www itoen co jp 4 IR IR IR TR a Sh ared KWeSGaT ch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 2593 SR Research Report 2015 7 29
70. 200 1 800 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 2593 SR Research Report 2015 7 29 1994
71. 44 89 2010 4 5 0 3 820 4 TEAS TEA NEW YORK TULLY S COFFEE BARISTA S CHOICE 17 3 ES 2011 4 1 8 3 750 5 TEAS TEA NEW YORK ITULLY S COFFEE BARISTA S CHOICE 5 6 42 09 2012 4 5 0 369 284 6 9 18 907 8 8 17 985 20 5 9 249
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73. 2016 4 2011 6 3 3 2014 6 3 1 59 2 5 3 ROE10 4 40 4
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75. 1966 2012 4 46 3 3 2 TULLY S COFFEE
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77. 359 2014 1989 Y SR
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79. 251 000 14 800 14 400 8 600 68 67 239 000 9 200 8 800 5 000 39 34 SR 2014 8 9 9 1 600 2014 9
80. DLTC NA NA DLTC 100 DLTC NA DLTC Distant Lands Trading Company Inc sh ared hesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 2593 SR Research Report 2015 7 29 87 464 US Centre Bregal Partners LP 57 3 Doc Allen amp Son Inc 14 0 DLTC 3 US 2 744 8 008 4 332 183 472 161 014 161 122 2014 7 24 2014 8 1
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91. 7 1 7 PET PET500ml 45 0 44 8 1 0 5 4 3 9 9 0 9 3 0 13 79
92. Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 2593 SR Research Report 2015 7 29 TEAS TEA NEW YORK M amp A
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94. 2593 SR Research Report 2015 7 29 i 14 4 15 4 16 4 238 984 198 771 437 755 233 852 196 689 430 541 249 500 210 500 460 000 10 4 6 0 84 21 1 0 16 6 7 7 0 6 8 125 040 100 911 225 951 122 638 100 494 223 132 113 944 97 860 211 804 111 214 96 195 207 409 12 2 8 1 10 3 2 4 17 2 1 47 7 49 2 48 4 47 6 48 9 48 2 99 483 91 221 190 704 103 026 92 990 196 016 41 6 45 9 43 6 44 1 47 3 45 5 14 461 6 639 21 100 8 187 3 206 11 393 9 600 5 400 15 000 5 6 1 2 42 43 4 51 72 46 0 17 39 68 4 31 7 61 3 3 4 8 35 1 6 26 3 8 2 6 3 3 14 118 6 400 20 518 8019 3 210 11229 9 100 4 900 14000 5 6 2 2 3 0 43 2 49 8 45 3 13 59 52 6 24 7 5 9 32 47 34 16 2 6 3 6 2 3 3 0 8325 3 771 12 096 4378 2914 7 292 5500 3 200 8 700 10 3 21 7 6 47 4 22 7 39 7 25 6 9 8 19 3 SR
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151. h aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 2593 SR Research Report 2015 7 29 10 4 11 4 12 4 13 4 14 4 15 4 16 4 332 984 351 692 369 284 403 957 437 755 430 541 460 000 0 0 5 6 5 0 9 4 8 4 1 6 6 8 163 393 173 699 177 071 192 088 211 804 207 409 0 3 6 3 1 9 8 5 10 3 2 1 49 1 49 4 47 9 47 6 48 4 48 2 12 453 17 679 18 907 20 250 21 100 11 393 15 000 17 3 42 0 6 9 7 1 4 2 46 0 31 7 3 7 5 0 5 1 5 0 4 8 2 6 3 3 11 679 16 526 17 985 19 914 20 518 11 229 14 000 12 6 41 5 8 8 10 7 3 0 45 3 24 7 3 5 4 7 4 9 4 9 4 7 2 6 3 0 5 996 7 675 9 249 11 244 12 096 7 292 8 700 25 8 28 0 20 5 21 6 7 6 39 7 19 3 1 8 2 2 2 5 2 8 2 8 1 7 1 9 91 212 91 212 91 212 89 212 89 212 89 212 EPS 45 4 59 3 72 2 88 6 95 8 56 6 68 1 DPS 38 0 38 0 38 0 38 0 39 0 40 0 40 0 BPS 808 4 821 4 856 8 923 2 974 4 1 031 2
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