TOKAI ホールディングス（3167）
Contents
1. 67 106 0 2 2 797 54 8 3 3 571 532. SR Inc SR Inc Shared Researcn SR Inc
3. CATV 6 CATV 3 10 3 11 3 12 3 13 3 14 3 TOKAI TOKAI LP 627 622 596 577 575 52 52 52 53 53 679 674 648 629 628 22 21 20 20 5 7 7 1 9 7 102 122 ADSL 224 185 148 115 88 FTTH 380 488 573 655 713 LTE 27 34 39 604 673 748 804 840 10 11 10 11 13 614 684 758 815 853
4. LP 5 250 Pracla SIM 5 Pracla SYSCOM Cloud Master 1
5. 2014 3 10 3 11 3 12 3 13 3 14 3 TOKAI TOKAI 171 700 177 700 185 400 189 200 188 400 159 228 174 901 181 931 181 684 188 987 7 3 1 6 1 9 4 0 0 3 10 350 9 470 8 450 6 990 9 160 10 029 10 755 10 923 8 934 7 392 3 1 13 6 29 3 27 8 19 3 9 670 7 610 6 550 5 750 8 370
6. 2017 3 3 3 6 3 2 9 128 366 3 35 230 ISP 4 24 27 4 52 4 4 2016 3
7. ISP ADSL FTTH 1 26 49 2012 6 0 ISP IP SIS SIler
8. HEMS Home Eneregy Management System HEMS HEMS NTT KDDI 4 30 14 000 HEMS HEMS
9. SIS CATV CATV ARPUx x ARPU ARPU
10. De 2017 3 3 3 8 2015 3 3 3 9 3 8 5 13 62 5 3 1 5 m3 1 3 m3 0 2 m3
11. 1 123 19 2 543 552 1 3 126 1 207 10 6 76 60
12. 2014 3 2196 600 LP LP LP 2 SR LP
13. CATV M amp A CATV 2011 3 2010 3 LP CATV FTTH 2010 3 CATV2
14. 4K 8K 2017 3 3 3 CATV FTTH 3 Sh ared hesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 2015 3 0 9 3 0 5 TOKAI 3167 14 3 15 3 16 3 74 89 97 LP 39 42 5 5 18 5 33 36 CATV 18 17 SR 2014 10 30 2015 3
15. SR 10 3 TOKAI 159 228 3 9 95 880 63 347 7 7 39 8 53 317 33 5 10 029 21 1 6 3 3 266 2 472 10 822 6 8 130 2 317 4 546 52 6 3 080 1 9 11 3 TOKAI 174 901 9 8 107 455 6 7 445 6 5 38 6 56 690 32 4 10 755 7 2 6 1 973 2 240 9 489 12 3 5 4 265 3 533 3 015 48 5 2 152 30 1 1 2 12 3 181 931 40 112 393 69 537 3 1 38 2 58 614 32 2 10 923 1 6 6 0 1 095 2 200 9 818 3 5 5 4 270 2 626 4 695 62 9 2 715 26 2 1 5 13 3 181 684 0 1 112 875 68 809 1 0 37 9 59 874 33 0 8 934 18 2 4 9 983 1 852 8 065 17 9 4 4 59 1 954 3 073 49 8 3 085 13 6 1 7 2011 3 TOKAI 2009 3 14 3 188 987 4 0 120 646 68 341 0 7 36 2 60 9
16. 1 LU se 3 621 4 6 87 88 8 3
17. KLab J GCA
18. 2017 3 647 2014 3 28 6 2 095 126 54 06 2015 3 2014 10 30 2 3 NTT
19. 30 020 4 99 2 633 18 7 FTTH FTTH 3 9 849 T CATV 18 207 0 6 708 8 7 3 8 494
20. ADSL FTTH ADSL FTTH 1696 STIS 1496 17 CATV 2014 3 7 59 2012 3 9 5 2013 3 5 39 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved TOKAI 3167 SR Research Report 2015 3 2 SW Strengths Weaknesses Strengths
21. LP 3 30 21 2 540 TLC 72 378 3 69 19 70 4 54 9 43 29 2014 10 30
22. 16 LP 1 9531 1 9532 1 9533 200 et LP 0 LP
23. 1 7 52 400 2014 3 61 2014 3 CATV SIS Shared
24. LP LP sSh ared 1 ch lp http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved TOKAI 3167 SR Research Report 2015 3 2 SR
25. 1 1 000 HEMS 2015 4 2016 3 1
26. TOKAI Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved TOKAI 3167 SR Research Report 2015 3 2 2013 3 2013 5 9 2013 3 181 684 0 1 8 934 18 2 8 065 17 9 3 085 13 6 2012 7 31 2013 3 LP CATV 30 2 445
27. 2010 3 127 686 TOKAI 2014 3 100 000 2013 3 92 707 1 2014 3 85 340 2011 3 7 79 2013 3 18 6 17 1 2014 3 21 6 2014 3 40 321
28. Shared Gxcscarch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved TOKAI 3167 SR Research Report 2015 3 2 1 FTTH 2 50 107 2014 3 3 CATV
29. 11 3 14 3 15 3 16 3 17 3 Innovation Plan 2016 234 252 259 266 273 1 749 1 890 1 969 1 969 2023 2 095 108 74 82 89 97 126 30 48 22 67 27 86 32 47 34 91 54 06 EBITDA 263 249 252 267 287 1 240 858 818 741 647 7 7 21 6 23 0 25 1 28 6 SR 2014 10 30 2015 3 2017 3 2 3 52 sSh afedt
30. LP 1997 4 2014 1 1 2
31. 3 196 43 8 2 959 40 2 920 47 9 3 64 2 510 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved TOKAI 3167 SR Research Report 2015 3 2 2012 12 TLC 190 295 TLC RGU Revenue Generating Units 1 4 1 1
32. http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved TOKAI 3167 SR Research Report 2015 3 2 TLC TLC 2016 HEMS 1ICT
33. QO LP SR LP 575 2014 3 3 1 1 8174 2 1 8088 17 9 1 8 596 2013
34. 2011 TOKAI 2012 TOKAi TOKAI 2014 3 3 888 658 76 13 0 589 1 402 307 286 21 CATV 509 46 1 126 100 lesearch http Www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved sSh ared TOKAI 3167 SR Research Report 2015 3 2 234 109
35. 2013 3 3 2013 1 31 2013 3 3 3 130 879 1 4 5 690 0 19 6 4 948 0 6 1 767 49 996 Es CATV 2013 3 2 2012 10 31 2013 3 2 2 83 610 1 2 2 573 16 9 2 155 30 9 331 39 CATV
36. 53 2014 3 1 509 LP SR 2014 3 11 4 2012 3 14 6
37. CATV 2014 3 24 187 13 1 808 25 5 2014 3 559 459 160 CATV 191 2014
38. LP 2014 1 30 2014 3 2014 3 188 400 188 400 6 700 9 160 6 180 8 370 2 530 3 530 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved TOKAI 3167 SR Research Report 2015 3 2 2014 3 2 2013 10 31 2014 3 2 84 315 0 8 TLC
39. 2014 3 2 598 2 888 2013 12 2013 12 11 SIM 7 Com Pad TOKAI MVNO SIM 7 Com Pad 12 20 Com Pad 4 2 280 TLC 2013 10 2013 10 7 TOKAI TOKAI COM
40. CATV 100 0 CATV 90 49 CATV Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved TOKAI 3167 SR Research Report 2015 3 2 99 2 CATV 89 2 CATV 98 3 CATV 84 9 CATV 55 0 100 0
41. Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved TOKAI 3167 SR Research Report 2015 3 2 LP 30 000 24 622 23 893 25 000 23 101 22 442 22 047 21 693 OE 20 000 15 000 10 000 5 000 0 06 07 08 09 10 11 12 LP SR LP 2 LP M amp A 1 9788 21 59
42. LP LP 1 50 19 230 196 1 2 CATV LP Sh aredd Mesearch http Wwww sharedresearch jp Copyright C Shared Research Inc All Rights Reserved TOKAI 3167 SR Research Report 2015 3 2
43. 1 2 3 M amp A CATV 1 TLC Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved TOKAI 3167 SR Research Report 2015 3 2 LP LP Liquefied Petroleum Gas 8
44. 2 1 1 350 10 7 60 57
45. 38 803 0 8 3 049 18 6 FT TH FT TH 36 840 CATV 24 187 1 7 973 126 5 3 502 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved TOKAI 3167 SR Research Report 2015 3 2 5 191 19 245 22 1 926
46. LP 2 98 6 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved TOKAI 3167 SR Research Report 2015 3 2 252 2 587 0 LP CATV
47. SIer PaaS Platform as a Service SaaS Software as a Service IT SI SYSCOM Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved TOKAI 3167 SR Research Report 2015 3
48. 1 2015 SIS
49. 2008 4 TOKAI BCP Business Continuity Plan 2013 3 2 2012 4 2012 6 ARPU Average Revenue Per User 1 3 500 1 2 1 1 750 2014 3 2014 3 5 142 3
50. 2 2015 3 196 900 196 900 8 870 8 210 8 320 7 380 3 740 3 200 4 CATV 2015 3 BE 2
51. 2013 12 6 2 2 502 2013 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved TOKAI 3167 SR Research Report 2015 3 2 9 MM 2017 3 3 001 2012 3 6 2 SIS
52. SR Inc SR Inc SR Inc SR Inc SR tnc 3 31 12 03 5834 8787 http www sharedresearch jp Email info sharedresearch jp Sh aredd Mesearch http www sharedresearch jp Copyrig
53. 2014 3 4 378 2 2 001 27 2014 3 2007 11 2011 3 122 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved TOKAI 3167 SR Research Report 2015 3 2
54. LP 1 2014 12 2015 7 2014 7 2014 7 1 Innovation Plan 2016 Sharedd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved TOKAI 3167 SR Research Report 2015 3 2 Growing 2014 6 2014 6 27 2017 3 Innovation Plan 2016 Growing 2014 5 2014 5 29 2014 3 TOKA I 2014 5 15
55. 11 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved TOKAI 3167 SR Research Report 2015 3 2 SIM 7 SIM 2 280 2 3 945 SIM 5 2 2014 3 1 2013 7 31 2014 3 1 43 038 0 7 2014 3
56. 1956 1967 1977 1978 1981 1 1987 1 1987 TOKAi 2002 JASDAQ 2010 TOKAI 2011 4 TOKAI TOKAI TOKAI 1 10 TOKAI 1950 19 1970 198 1990 2 2010 1950 19B7 2011 TOKAI 1OKAI
57. 18 120 TVCM 29 1 non 2 196 0 6 157 181 8 3
58. sSh ared lesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved TOKAI 3167 SR Research Report 2015 3 2 15 3 14 3 15 3 84 315 104 672 188 987 87 274 109 626 196 900 0 8 6 7 40 3 5 4 7 4 2 53 567 67 079 120 646 55 489 30 748 37 593 68 341 31 785 3 5 1 7 0 7 3 4 36 5 35 9 36 2 36 4 30 337 30 612 60 949 29 969 36 0 29 2 32 3 34 3 411 6 981 7 392 1 816 7 054 8 870 84 0 9 7 17 3 341 8 1 0 20 0 0 5 6 7 3 9 2 1 6 4 4 5 303 6 710 7 013 1 585 6 735 8 320 85 9 13 5 13 0 423 1 0 4 18 6 0 4 6 4 3 7 1 8 6 1 4 2 354 2 952 2 598 225 3 515 3 740 7 2 15 8 19 1 44 0 SR
59. 2012 7 31 84 400 1 320 700 810 1 ADSL FTTH 2 LP 3 LP Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved TOKAI 3167 SR Research Report 2015 3 2 LP CP CP Contract Price
60. 2010 6 2020 12 Shared Gxcscarch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved ET TOKAI 3167 SR Research Report 2015 3 2 LP CATV
61. DIC TOKAL
62. 3 626 0 1 324 87 2014 7 5 8 6 7 2015 3 2 2015 3 2 87 274 3 5 1 816 341 79 1 585 423 1 225 354
63. LP 2017 3 3 3 2 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved TOKAI 3167 SR Research Report 2015 3 2 8 63 8 12 4 2 6
64. 2012 12 TLC TLC 2014 3 0 696 1 159 TLC TLC TOKAI Smart Plus 252 143 LP 58 85
65. 441 9 3 2 6 496 3 194 Sh aredd Mesearch http www sharedresearch jpD Copyright C Shared Research Inc All Rights Reserved TOKAI 3167 SR Research Report 2015 3 2 CATV FTTH138 CATV 56 8 197 13 1 111 38 2 423 15 2
66. Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved TOKAI 3167 SR Research Report 2015 3 2 TOKAI TOKAI 60 2011 4 2013 12 TOKAI TOKAI 24 20 4 TOKAI 100 0 1 9 LP TOKAI 100 0 ICT 100 0 LP
67. 100 0 100 0 TOKAI 100 0 TOKAI 100 0 TOKAI 39 0 sSh ared 1 ch http Www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved TOKAI 3167 SR Research Report 2015 3 2 LP 2006
68. 3 271 13 4 1 781 705 19 121 TVCM 39 ARPU Average Revenue Per User 1 ARPU 3 500 1 2 1 1 750
69. 2014 3 shared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved TOKAI 3167 SR Research Report 2015 3 2 CP10 130 1 100 LP M amp A
70. 83 6 2013 5 39 2014 3 2013 5
71. CATV 6 CATV 3 2015 3 3 135 981 2 3 4 866 52 3 4 517 52 7 1 819 97 7 LP 2015 3 196 900 4 2 8 870 20 0
72. TOKAI 100 0 CATV CATV FTTH LP 90 8 LP 100 0 50 0 100 0 Cloud Master Co Ltd 50 SYSCOM 2013 3 50
73. 411 84 0 303 85 9 354 331 2 53 2 498 2012 12 TLC 165 2 270 TLC WAON TLC WAON 41 846 1 8 170 75
74. 576 L P L P 28 628 0 9 2 219 23 8 FTTH FT TH 32 836 FTTH FTTH 702 47 ADSL 95 20 LTE 38 4 FTTH CATV 18 0
75. 1 4739 1 8001 1 9739 1 9505 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved TOKAI 3167 SR Research Report 2015 3 2 1 9532 1 3401 2 7931 1 9508 1 9021
76. 2014 9 809 2014 3 858 23 19 21 6 2015 3 818 23 09 2 2 37 16 2 535 T L C 50 356 LP
77. Weaknesses 251 12 2013 12 LP LP M amp A CATV CATV TIP BS CS
78. 648 62 3 549 63 29 149 72 7 2 1 26 2 471 2012 12 TLC 73 1 178 TLC WAON 21 940 6 1 492 33 696
79. TLC WAON LL TLC WAON 22 513 2 6 932 89 1 1 574 53
80. 2016 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved TOKAI 3167 SR Research Report 2015 3 2 TLC TOKA Smart Plus 2 HEMS 3 L P TLC 58 58 LP 3 17 18 6 41 6 3 L P 1 8 gt 2 096
81. IT TOKAI COM IT TOKAI COM IT TOKAI COM ACA MCP 1 319 000 10 64 TOKAI COM 2013 7
82. 42 754 2 2 955 460 9 2 573 2 53 19 546 3 6 1 668 29 7 FTTH 2 7 847 CATV 12 144 0 8
83. 2015 3 3 3 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved TOKAI 3167 SR Research Report 2015 3 2 2014 6 27 3 Innovation Plan 2016 Growing 3
84. ADSL FTTH S1S ADSL FTTH ISP Internet Service Provider T COM TOKAI TNC web 3 ISP 2012 ADSL 1 9984 15 2012 11 4G MVNO
85. LP 9 414 2 7 489 54 9 FTTH FTTH 17 821 FTTH 2013 4 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved TOKAI 3167 SR Research Report 2015 3 2 FTTH 677 22 ADSL 108 8 LTE 36 2 FTTH 1 2 3 4 1
86. NTT FTTH ADSL FTTH 3 73 2017 3 3 3 8 ISP 2 CATV 50 47 CATV 2 FTTH CATV NET
87. http www sharedresearch D Copyright C Shared Research Inc All Rights Reserved SR Research Report 2015 3 2 126 44 38 21 TOKAI 3167 SR Research Report 2015 3 2 2014 3 252 LP CATV 2011 4 1 TOKAI TOKAI 2011 10 1
88. CATV 5 970 1 4 167 25 1 504 3 189 3 419 21 9 28 96 TOKAI WiLL WiLL We Will Link Life 7 942 5 7 552 239
89. SR 2
90. FP gD hnn BDD hnn Mi hnn 0 5 000 5 4 nnn AI al qhnn 2 ahnn 1nn 1 nnn SR LP LP LP http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved TOKAI 3167 SR Research Repor
91. 252 12 2014 3 2012 12 1 8267 WAON TLC WAON TLC 17 WAON SR Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved TOKAI
92. 9 659 2 69 969 97 9 FT TH 1 3 843 CATV 6 070 1 7 279 66 9 1 2 499 2 193 CATV FTTH 136 CATV 57 3 728 9 0 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved TOKAI 3167 SR Research Report 2015 3 2 70 28
93. 4 4 6 Sh ared hesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved TOKAI 3167 SR Research Report 2015 3 2 NTT 4 4
94. FE 2 1 a H SR http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved TOKAI 3167 SR Research Report 2015 3 2 1950 1959 LP 1970 1972 1973 1984 2007 2011 STIS 1983
95. 4 195 CATV FTTH 140 CATV 56 13 311 7 5 28 267 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved TOKAI 3167 SR Research Report 2015 3 2 3 707 13 3 1 270 1 781 3 10 133
96. 14 0 29 3 Sh aredd Mesearch http www sharedresearch jpD Copyright C Shared Research Inc All Rights Reserved TOKAI 3167 SR Research Report 2015 3 2 2011 4 2012 5
97. 1 052 1 378 2 10 132 2 207 0 5 339 157 5 6 2015 3 1 2014 7 31 2015 3 1 44 302 2 9 1 657 155 7 1 547 181 3 713 376 0
98. 2012 12 TLC 2013 3 105 TLC WAON LL TLC WAON 98 270 0 0 6 432 6 296 LP 2012 3 2012 3 38 497 1 5 4 934 11 0
99. 196 900 8 870 8 210 3 3
100. ADSL FTTH FTTH Sh ared hesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved TOKAI 3167 SR Research Report 2015 3 2 CATV 24 292 7 3 2 298 11 3 2011 3 STB M amp A 15 881 6 5 977 14 19 2011 3 5 498 20 6 197 274 2011 3 2011 3
101. 17 4 3 6 2012 2588 LP SR CATV CATV FTTH 2011 7
102. 21 4 412 60 4 ADSL FTTH SIS 2014 3 1 081 1 029 ADSL88 115 FTTH713 655 227 213 2014 3 ADSL FTTH Sharedd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved TOKAI 3167 SR Research Report 2015 3 2 20 200 3 300 5 100 200 SIS 9 200 1 200 4 300 700
103. 2013 8 5 252 2011 5 TLC Total Life Concierge TLC SR
104. SaaS ASP 2012 355 900 11 99 2017 624 900 2012 898 000 6 1 1 205 900 CATV 2013 12 2 846 51 2 2 49 51 6 51 8 51 2 4 000 48 0 50 4 0 3 500 50 3 000 2 692 2 765 2 804 2 846 2 540 40 2 500 2 347 0 2 000 9 1 500 20 1 000 10 500 0 0 08 09 10 11 12 13 SR 2010 6
105. 3G Wireless City Planning AXGP MVNO Mobile Virtual Network Operator Sh aredd Mesearch http www sharedresearch jpD Copyright C Shared Research Inc All Rights Reserved TOKAI 3167 SR Research Report 2015 3 2 2013 3 5 600 km SR SIS SIS EA S1 DCS 3 2014 3 EA 4796 S1 389 DCS 159 EA 369 S1 499 DCS 26 DCS
106. 28 38 267 926 70 111 28 343 1 552 1378 1 781 2 107 543 1052 1 270 60 157 87 10 76 339 324 SR Shared esearch lp http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved TOKAI 3167 SR Research Report 2015 3 2 2015 3 3 2015 1 30 2015 3 3 2015 3 3 135 981 2 3 4 866 52 3 4 517 52 7 1 819 97 7
107. 159 228 174 901 181 931 181 684 188 987 196 900 3 9 9 8 4 0 0 1 4 0 4 2 63 347 67 445 69 537 68 809 68 341 7 7 6 5 3 1 1 0 0 7 39 8 38 6 38 2 37 9 36 2 10 029 10 755 10 923 8 934 7 392 8 870 21 1 7 2 1 6 18 2 17 3 20 0 6 3 6 1 6 0 4 9 3 9 4 5 10 822 9 489 9 818 8 065 7 013 8 320 12 3 3 5 17 9 13 0 18 6 6 8 5 4 5 4 4 4 3 7 4 2 3 080 2 152 2 715 3 085 2 598 3 740 30 1 26 2 13 6 15 8 44 0 1 9 1 2 1 5 1 7 1 4 1 9 75 750 70 845 155 199 155 199 155 199 EPS 43 5 30 5 27 2 29 9 22 7 32 5 EPS 43 4 30 5 DPS 8 0 8 0 12 0 12 0 12 0 12 0 BPS 195 4 210 8 262 9 289 3 325 8 12 267 8 622 2 602 4 235 3 182 51 236 49 744 41 093 40 351 40 606 107 778 110 613 110 207 106 602 103 129 17 138 15 996 14 995 15 638 16 855 14 810 16 654 17 266 14 906 12 943 191 036 193 239 183 735 177 642 173 620 11 193 12 652 13 636 13 019 14 105 66 667 56 756 50 834 48 614 44 169 96 682 89 783 85 179 82 563 78 905
108. 2 7 3 2013 4 3 1 200 20 BCP DR Disaster Recovery 2013 3 Cloud Master Co Ltd 1 9509 1 9506
109. 3 496 136 2014 3 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved TOKAI 3167 SR Research Report 2015 3 2 4 87 3 74 3 21 2 62 2 46 TOKAI 2 45 2 31 1 76 1 75 1 67 SR 2014 3 31 1945 1968 1992 1996 1998 1999 2002 TOKAI TOKAI
110. 150 9 TOKAI 2014 3 2 616 2014 3 1 12 6 6 3 9 1 100 A B C D 1 10 20 A B QUO C D TL C 6
111. FTTH FTTH CATV 23 786 2 1 1 251 45 6 FTTH Sh aredd Mesearch http www sharedresearch jpD Copyright C Shared Research Inc All Rights Reserved TOKAI 3167 SR Research Report 2015 3 2 15 756 0 8 633 35 29 5 374 2 3 10 197 2012 3
112. LP LP CATV ISP LP 2009 3 180 2014 3 252 3
113. 1 55 8 2 526 20 19 25 2 5 T LC 23 329 2014 6 L P 2014 8 18 TLC 2014 11
114. 61 019 65 400 53 404 44 093 41 171 74 804 81 866 71 374 61 068 56 385 171 486 171 649 156 553 143 631 135 291 19 549 21 589 27 181 34 011 38 329 127 686 122 156 104 238 92 707 57 624 21 915 23 521 28 584 25 713 22 806 25 665 14 601 10 037 9 983 9 664 7 253 11 278 24 255 14 051 14 125 ROA 1 7 1 1 1 4 1 7 1 5 ROE 24 6 15 0 13 2 10 4 7 4 7 2 7 7 14 3 18 6 21 6 SR 2011 3 TOKAI http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved TOKAI 3167 SR Research Report 2015 3 2 2015 3 2 TOKAI 2015 3 3 2015
115. 80 600 5 900 16 600 600 LP LP LNG LP 1 8 575 171 403 2014 3 53 2014 3 2014 3 38 803
116. 10 822 9 489 9 818 8 065 7 013 11 9 24 7 49 9 40 3 16 2 3 490 1 880 1 620 1 980 3 530 3 080 2 152 2 715 3 085 2 598 11 7 14 5 67 6 55 8 26 4 SR 2011 3 TOKAI 2014 3 LP 2014 1 30 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved TOKAI 3167 SR Research Report 2015 3 2 10 3 11 3 12 3 13 3 14 3 TOKAI TOKAI 11 084 8 622 2 602 4 235 3 182 1
117. 26 09 1 1 10 3 11 3 12 3 13 3 14 3 TOKAI TOKAI 75 750 70 845 155 199 155 199 155199 EPS 43 5 30 5 27 2 29 9 22 7 EPS 43 4 30 5 DPS 8 0 8 0 12 0 12 0 12 0 BPS 195 4 210 8 262 9 289 3 325 8 SR 2011 3 TOKAI Shared csear ch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved TOKAI 3167 SR Research Report 2015 3 2 10 3 11 3 12 3 13 3 14 3 TOKAI TOKAI 1 21 915 23 521 28 584 25 713 22 806 2 25 665 14 601 10 037 9 983 9 664 FCF 1 2
118. 252 Sh ared Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved TOKAI 3167 SR Research Report 2015 3 2 2014 3 2014 5 8 2014 3 2014 3 188 987 4 0 7 392 17 3 7 013 13 0 L P 2014 1
119. 342 3 TOKAI WiLL WiLL We Will Link Life 4 378 16 7 2 107 1 029 21 122
120. 8 320 18 6 3 740 44 09 3 SR LP 3 LP CATV SW Strengths Weaknesses Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved TOKAI 3167 SR Research Report 2015 3 2 10 3 11 3 12 3 13 3 14 3 15 3 TOKAI TOKAI
121. LP a 0 mm LP 6 7 LP 0 7 15 2 9 396 LP 2 509 469 LP 6 LP 2012 Sh ared Gcsearch http www sharedresearch jp Copyrig
122. 3 0 7 1 196 TLC 7 6 ee 66 964 0 3 1 807 35 1
123. LP 2013 3 1 2012 7 31 2013 3 1 2013 3 2 43 339 3 9 1 718 0 6 1 494 0 7 549 62 2 CATV 2013 3 2 2013 3 2 84 400 86 400 1 320 320 700 300 810 1 210 2013 3 187 200 189 200 7 990 6 990
124. 1 ch lp http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved TOKAI 3167 SR Research Report 2015 3 2 27 25 2014 3 12 2017 3 18 11 CATV CATV FTTH 2014 3 19 2017 4 22 8 8 2 7 2014 3 128 gt 2017 3 366 2 9 3 35 16 LP 3 15 9 25 2015 3 2017 3 3 52
125. 1985 CATV 1988 1996 2001 2006 amp 2014 11 2014 11 27 L P TOKAI LP LP LP LP 2015 3
126. 73 2 519 2012 12 TLC 201 306 TLC WAON 97 229 2 9 4 520 13 19 575 L P
127. JASDAQ3625 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved TOKAI 3167 SR Research Report 2015 3 2 TOKAI COM IT TOKAI COM
128. 2015 3 2 2014 10 30 2015 3 2015 3 196 900 4 2 8 870 20 0 8 320 18 6 3 740 44 0 11 4 4 2 CATV 2
129. 309 17 129 2014 3 1970 2 2010 4 JR Fes 6196 TTOKAI WILL 2012 4 60
130. amp Sh aredd Mesearch http Wwww sharedresearch jp Copyright C Shared Research Inc All Rights Reserved TOKAI 3167 SR Research Report 2015 3 2 14 3 15 3 15 3 phe cle phe cle 43 038 41 277 48 644 56 028 44 302 42 972 48 707 60 919 0 7 2 5 2 9 10 3 2 9 4 1 0 1 8 7 15 842 14 906 17 897 19 696 16 513 15 272 17 772 3 5 3 5 0 4 3 8 4 2 2 5 0 7 36 8 36 1 36 8 35 2 37 3 35 5 36 5 15 194 15 143 15 112 15 500 14 855 15 114 14 721 3 4 3 8 1 7 1 5 2 2 0 2 2 6 35 3 36 7 31 1 27 7 33 5 35 2 30 2 648 237 2 785 4 196 1 657 159 3 050 4 004 62 3 10 7 29 3 155 7 9 5 4 6 1 5 5 7 7 5 3 7 0 4 6 3 6 6 549 246 2 656 4 054 1 547 38 2 932 3 803 63 2 4 9 30 1 181 8 10 4 6 2 1 3 5 5 7 2 3 5 0 1 6 0 6 2 149 503 1 274 1 678 713 488 1 594 1 921 72 7 11 3 27 3 378 5 25 1 14 5 0 3 2 6 3 0 1 6 3 3 3 2 4 HH 4 43 038 84 315 132 959 188 9
131. LP 7 969 8 000 7 897 5802 7 827 lt 7 933 7 710 7 603 7 404 7 500 7 312 7 153 7 134 7 000 6 811 6 500 6 000 5 500 5 000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 LP SR 2015 1 1 LP 1 2 gt mm 6 000 S441 4 706 4 957 5 029 5 060 5 044 5 000 6 4 104 29 4 000 3 0o0 a 2 000 2 0 1990 1995 2000 2005 2010 2015 a z SR http www sharedresearch jp Copyright C Shared Research Inc All Rights
132. 1 2 LP CP Contract Price CIF Cost Insurance and Freight CP LP CP CIF CIF Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved TOKAI 3167 SR Research Report 2015 3 2 LP F CFP EMI CIF
133. 3167 SR Research Report 2015 3 2 2011 4 2011 2012 2013 2014 AM j H 150 100 2 SR
134. TOKAI 6 2013 3 2014 3 2014 3 6 79 LP 7 3 LP 2008 3 3 6 2010 3 10 3 7 8 2008 3 CP 2010 3
135. 6 750 5 750 2 380 1 980 2 1 ADSL FTTH 2 LP 3 LP 2013 3 LP CP Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved TOKAI 3167 SR Research Report 2015 3 2 LP CP 2
136. BSN AGS TOKAI 1 3167 a EA S1 700 2014 3 5 600km 90 10 2013 4 1
137. 2012 3 181 931 4 0 10 923 1 6 9 818 3 5 2 715 26 2 1 600 CH 11 4 LP 300 LP 98 316 2 7 6 857 37 943 9 3 5 544 28 6
138. 3 Sh ared hesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved TOKAI 3167 SR Research Report 2015 3 2 1 065 502 500 253 429 2014 3 68 229 1096 2014 3 2014 3 19 245 10 1 386 19 NN RE ee
139. 3 3 2015 2 19 TOKAI TLC Total Life Concierge LP CATV LP TOKAI Web 2015
140. 4 1 2015 2 18 TOKAI Apps Apps TOKAI 2015 2 18 TOKAI sm 2015 1 30 2015 3 3 2015 3 3 3
141. esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved TOKAI 3167 SR Research Report 2015 3 2 a TOKAI FT SR 1950 LP 1959 LP 1979
142. www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved TOKAI 3167 SR Research Report 2015 3 2 2 503 3 190 7 250 10 8 38 137 TOKAI WiLL WiLL We Will Link Life 2 102 9 0 1 378 454
143. 1 3 IR http tokaiholdings co D ir index html TOKAI 3167 SR Research Report 20153 2 SR MG SBS
144. 2014 3 5 142 4 3 10 1 7 2013 8 3 2014 3 4 2014 3 3 2014 1 30 2014 3 3 2014 3 3 132 959 1 6 LP
145. 3 750 8 920 18 547 15 730 13 142 7 253 11 278 24 255 14 051 14 125 A 13 035 15 545 17 903 17 447 17 571 B 21 179 13 567 10 963 10 720 9 819 C 260 753 642 529 80 FCF NI A B C 4 804 4 883 10 291 10 341 10 270 SR 2011 3 TOKAI 2010 3 5 8 2014 3 2 5 2011 3 shared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved TOKAI 3167 SR Research Report 2015 3 2 1950
146. 786 2 207 21 868 22 183 22 183 2 239 651 1 780 4 225 5 436 2 700 135 11 224 8 313 8 191 112 278 327 324 318 5 637 6 432 578 584 588 19 549 21 589 27 181 34 011 38 329 17 990 17 237 16 595 16 066 16 146 127 686 122 156 104 238 92 707 85 340 116 602 113 534 101 636 88 472 82 158 SR 2011 3 TOKAI http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved TOKAI 3167 SR Research Report 2015 3 2 2011 3 193 239 TOKAI 2014 3
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