ドン・キホーテ（7532）
Contents
1. sShared 6Qes2. SR Inc SR Tnc
3. s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 7532 SR Research Report 2014 7 10 4 200 7 2013 7
4. GMS 1 9831 1 9843
5. GCA
6. Strengths
7. 20 259
8. Shared Yesearch http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved e 7532 SR Research Report 2014 7710 2005
9. SR
10. 2000 23 259 6 2000 6 17 2013 6 23 09
11. 1 MEGA 2000
12. 2017 6 28 7 000 2012 6 29 6 500 70 5 300 51 2 500 PB 2015 6 2015 6 SR 201
13. 20
14. CV D A 1996 2000 1
15. 2007 10 D 10 da 11 56 9 95 5 32 385036 4 51 3 98 505225 3 81 3 25 3 16 2 87
16. Weaknesses MEGA sShared 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved amp w 7532 SR Research Report 2014 7710
17. ROIC 2000 2000 6 2000 6 27 2012 6 185 09 6 10 6 11 6 12 6 13 6
18. MEGA 3
19. SBS DIC KLab TOKAU
20. M amp A 556 2 MEGA M amp A 2007
21. 24 2013 6 20 1 9843 1 9989 1 8279 3 30 s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 7532 SR Research Report 2014 7 10 PB 5 000
22. MEGA MEGA 1 2008 4 Shar ed Gesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 7532 SR Research Report 2014 7710 MEGA MEGA 2 1 2 1 MEGA 5 4 5 1
23. 6 5 5 19 2 69 7 2 5 AV POSA Oe 2
24. 2005 8 s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 7 7532 SR Research Report 2014 7 10 2006 2 47 8
25. 1 1 ROI A Shar ed esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 7532 SR Research Report 2014 7710
26. 4 USA 2006 1 2013 3 5 6 M amp A 31
27. 2014 6 1 2013 11 5 2014 6 1 146 514 4 4 10 140 23 0 10 433 24 7 6 416 26 6 1 2014 6 304 000 304 000 19 500 19 000 19 800 19 200 12 300 12 000 0 3 0 4 0 7 PB
28. 2006 2007 2011 6 http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 7532 SR Research Report 2014 7710 1980 509 8
29. 8267 MEGA 2013 6 13 10 6 13 sShared 6Qesea
30. 10 3 4 31 0 6 2014 6 1 43 252 MARUKAI CORPORATION MARUKAI 14 266 1
31. 541 1 508 967 7 69 5 396 09 6 10 6 11 6 12 6 13 6 14 6 480 856 487 571 507 661 540 255 568 377 605 000 18 8 1 4 4 1 6 4 5 2 6 4 353 616 364 065 378 587 400 712 418 570 445 800 127 240 123 506 129 074 139 543 149 807 159 200 110 068 102 439 103 738 110 223 117 438 125 000 17 172 21 067 25 336 29 320 32 369 34 200 7 5 22 7 20 3 15 7 10 4 5 7 2 682 2 900 2 699 2 922 2 852 3 865 2 858 2 897 2 959 33 201 15 989 21 109 25 138 29 283 33 201 35 000 7 1 32 0 19 1 16 5 1
32. 2005 2005 3 2006 11 DIY 24 149 1 620
33. http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 7532 SR Research Report 2014 7 10 1 09 6 10 6 11 6 12 6 13 6 72 022 72 095 77 031 77 135 77 864 1 123 7 147 4 167 8 257 5 273 5 1 123 7 137 6 164 3 256 9 272 3 1 1 284 2 1 460 8 1 604 7 1 856 5 2 136 4 1 23 0 25 0 28 0 31 0 33 0 72 022 72 095 77 031 77 135 77 864 1 123 7 147 4 167 8 257 5 273 5 1 1 284 2 1 460 8 1 604 7 1 856 5 2 136 4 1 23 0 25 0 28 0 31 0 33 0
34. 2014 4 1 1 3 3 1 2
35. 3 840 2011 6 6 19 196 14 19 2010 12 2010 12 30 CCO 2010 12 15 1 8423 20 222 223 1 9 000 2011 1 27 859 17 48
36. 40 627 10 1 25 69 26 6 121 702 7 69 26 4 26 49 PB 13 3 11 3 6 7 15 1 050 0 2 20 199 2014 3 18 majica 80 6 50 20
37. sShared 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 7532 SR Research Report 2014 7710 1 7649
38. 2013 9 11 2 USA 3 3 3 35 278 811 6 4 26 7 0 4 2013 12 7 5 800
39. SKU MEGA PAW e Shared Gcseareh http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 7532 SR Research Report 2014 7 10
40. 2013 6 3 866 22 3 860 http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 7532 SR Research Report 201477710 2 432 1 079 661 318 2010 6 70 51 09 6 1 6 5 0 72 9 47 9 111 7 31 0 91 4 SR 10 6 1 6 4 9 74 6 44 1 105 1 35
41. COO 4 s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 7532 SR Research Report 2014 7 10
42. 5 9 0 1 5 069 24 0 2012 9 243 2012 6 242 2013 6 1 3 MEGA 3 2 1 1 3 12 439 2 10 2012 2 2013 6 1 2012 11 2013 6
43. MEGA 09 6 10 6 11 6 12 6 13 6 116 126 149 157 165 23 23 11 11 11 14 14 MEGA 21 27 43 49 56 11 12 16 14 13 31 17 6 5 4 1 DQ USA 4 4 3 3 3 218 220 228 242 255 150 162 169 185 200 6 14 10 21 16 4 2 3 5 1 144 149 158 164 179 9 0 5 1 5 3 4 0 5 0 1 9 4 5 3 8 3 1 0 8 0 5 9 3 8 5 1 0 3 1 3 0 4 SR
44. ME GA 2014 6 2 2014 6 2 MEGA 2013 12 3 1 MEGA
45. Shared Researcn SR Inc SR Inc SR Inc SR Inc
46. 8922 4 3 13 16 4 3 8 8 New MEGA 6 8 2013 6 2 2013 2 5 2013 6 2 2013 6 2 289 644 4 69 18 673 8 5 19 075 16 0 11 777 1 39 0 9 7 39 12 29 7 1
47. 2013 12 2 M amp A M amp A 5 s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 7532 SR Research Report 2014 7 10 2014 1 3 amp
48. 26 4 25 8 6 99 4 0 5 9 49 6 5 New MEGA
49. 5 leSearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 2014 7 10 13 6 14 6 14 6 le 2Q kie Me 1Q 2Q Eile 4Q 140 379 149 265 138 426 140 307 146 514 156 808 158 454 77 4 605 000 yoy 41 51 4 54 63 44 51 14 5 37 010 39 176 36 888 36 733 39 880 41 195 40 627 yoy 62 0 102 Z9 Z9 52 101 26 4 26 2 26 6 26 2 27 2 26 3 25 6 28 766 28 747 29 423 30 502 29 740 30 831 32 193 yoy 63 44 Z2 82 34 Z2 94 20 5 19 3 21 3 21 7 20 3 19 7 20 3 8 244 10 429 7 465 6 231 10 140 10 364 8 434 84 6 34 200 yoy 60 105 234 29 230 06 130 5 9 7 0 5 4 4 4 6 9 6 6 5 3 8 366 10 709 7 653 6 473 10 433 10 702 8 681 85 7 35 000 yoy 120 184 200 03 247 7 134 60 7 2 5 5 46 7 1 6 8 5 5 5 069 6 708 4 556 4 808 6 416 6 608 5 740 86 1 22 200 yoy 240 275 4 147 221 26 6 1 5 260 3 6 4 5 3 3 3 4 4 4 4 2 3 6 7532
50. 2 2 10 12 10 4 000 m MEGA 3 11 MEGA MEGA 5 12 MEGA MEGA 4
51. New MEGA 7 0 7 0 8 MEGA 0 9 gt SadQeweami http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 7532 SR Research Report 2014 7 10 2 8 PM2 5 rT
52. PAW 2008 6 28 PAW MEGA PAW Shared 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 7532 SR Research Report 2014 7 10 300 500 m 3 1
53. 2015 6 SR s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w Shared1 7532 SR Research Report 2014 7 10 M amp A 09 6 10 6 11 6 12 6 13 6 480 856 487 571 507 661 540 255 568 377 100 0 100 0 100 0 100 0 100 0 18 8 1 4 4 1 6 4 5 2 52 011 51 069 56 210 56 049 55 773 10 8 10 5 11 1 10 4 9 8 0 1 1 8 10 1 0 3 0 5 96 371 103 956 108 691 117 420 125 549
54. 2 3 25 4 2015 6
55. MEGA New MEGA 2011 2 000 m 2013 9 30 Marukai 2014 6 2014 6 20 30 2014 2 10 2014 6
56. 2013 6 200 PAW 6 2012 6 242 2013 6 244 1 000 1 500 mi 4 6 SKU POP http www sharedrese
57. MEGA 9 2 25 8 2011 6 0 4 20 6 3 20 49 2011 6 5 49 2011 6 5 09 1 782 2 499 56 79 19 845 2012 6
58. 1 000 15 000 2 000 3 000 5 000 New MEGA s Shared 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 7532 SR Research Report 2014 7 10 Shared search http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 7532 SR Research Report 2014 7710 SW Strengths Weaknesses
59. sShared 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved amp w 7532 SR Research Report 2014 7710 PB 1990 2000 PAW 2006 M amp A MEGA
60. 460 majic majica majica mee NM NY MN ND Gi WI Rg 4 rm 1 3 2014 6 2014 6 605 000 596 300 34 200 34 200 35 000 34 800 22 200 21 800 7532 SR Research Report 2014 7 10 4 4 59 4 4 59 5 4 2
61. s Shared 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 7532 SR Research Report 2014 7 10 03 5725 7532 1980 9 5 HP IR http www donki com qgroup TIR 153 0042 2 19 10 1 1996 12 17 6 IR http www donki com group ir IR lt Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 7532 SR Research Report 2014 7 10 SR
62. 2 34 SR 2013 6 2013 6 64 56 gt SadQeweami http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved sy 7532 SR Research Report 2014 7 10 IR IR CFO 1 3 2 4 IR
63. 1960 SR 1990 2000 Shared Yesearch http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved e 7532 SR Research Report 2014 7710
64. 2013 6 12 1 2 2013 6 2000 6 30 09 EPS 478 2 CAGR 14 5 Shared Gcseareh http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 7532 SR Research Report 201477 10 09 6 10 6 11 6 12 6 13 6 CF A 19 513 18 885 26 029 33 962 38 270 CF B 29 855 16 497 44 789 29 794 23 293 FCF A B 10 342 2 388 18 760 4 168 14 977 CF 1
65. 0 4 2 0 1 0 4 0 3 2 10 12 11 12 2013 12 278 2013 6 255 2 49 9 48 8 0 3 New MEGA NewMEGA 2 28 39 MEGA
66. 2010 8 MEGA MEGA s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 7532 SR Research Report 2014 7 10 1 2 197 17 3 0
67. 4 876 1 49 211 22 7 211 32 0 102 19 7 1 4 4 876 1 59 2 13 6 15 8 1 89 50 3 MEGA 1 2 0 5
68. 2014 4 1 2013 6 New MEGA 2014 6 esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 7532 SR Research Report 2014 7710 2020 2013
69. 2008 6 DTIY 2006 6 18 69 2009 6 22 99 2013 6 20 79 s Shared
70. SR 2013 6 164
71. 1 2014 6 New MEGA 7 0 1 1 1 2 3 4 9 8 15 Ni New MEGA
72. 350 20 9 0 1 s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 7532 SR Research Report 2014 7 10 35 10 0 1989 1 3 1
73. 90 1 175 m 4 169 m 2007 6 Do It Yourself DIY Do It Myself SR Shared Gcsearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 7532 SR Research Report 2014 7 10 2008 6 2007 10 2000 18 55 6881 86 133 30 100 369 1
74. 1997 6 7 2000 6 27 2001 6 2006 6 15 PARO Purchase Amusement Rambling Oasis PAW 2002 6 2 PAW 3
75. M amp A M amp A Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 7532 SR Research Report 2014 7 10 2014 6 14 6 13 6 289 644 278 733 568 377 303 322 301 678 605 000 4 6 5 9 52 4 7 82 6 4 213 458 205 112 418 570 222 247 223 553 445 800 76 186 73 621 149 807 81 075 78 125 159 200 6 1 8 7 7 4 6 4 6 1 6 3 26 3 26 4 26 4 26 7 25 9 26 3 57 513 59 925 117 438 60 571 64 429 125 000 19 9 21 5 20 7 20 0 21 4 20 7 18 673 13 696 32 369 20 504 13 696 34 200 8 5 13 2 10 4 9 8 00 5 7 6 4 4 9 5 7 6 8 4 5 5 7 19 075 14 126 33 201 21 135 13 865 35 000 16 0 10 1 13 4 10 8 1 8 5 4
76. 346 559 6 1 19 685 14 4 19 387 1 7 768 49 1 124 377 2 9 748 2010 6 1 881 Don Quijote USA 15 226 11 8 754 5 0 s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 7532 SR Research Report 2014 7 10 15 7 MEGA 3 4 WR1 7 1 1 2 MEGA 1 WR1 2011 6 8 2011 6 228 2010 6 220 2011 6 MEGA 9 2010 6 2010 8 18 2010 6
77. gt Shared Research http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved SB Shared 7532 SR Research Report 2014 7 10 39 880 7 8 27 2 26 4 2011
78. 80 27 2 2013 6 1 79 2014 6 2 1 99 4 408 2013 6 3 866 554 2013 6 237 310 s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 7532 SR Research Report 2014 7 10 1 165 D E 0 63 12 0 24 MEGA MEGA
79. ABL 2013 11 REIT 3 4 4 5 SR esearch http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 7532 SR Research Report 2014 7710
80. 4 19 507 661 3 4 3 1 0 3 9 8 20 3 25 336 1 894 682 5 379 2010 6 2010 6 5 156 1 388 2010 6 892 23 7 12 663
81. 0 7 21 09 1 9 0 5 1 4 3 69 4 39 211 22 7 26 6 5 1 4 0 42 6 19 7 102 2010 6 228 MEGA s Shared 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 7532 SR Research
82. AV gt SadQeweami http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 7532 SR Research Report 2014 7710 4 8 5 19 11 2 8 59 37 010
83. 2 10 12 2020 2 3 10 20 sShared 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved amp w 7532 SR Research Report 2014 7 10 2 3 033 4 7
84. 30 10 6 13 s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 7532 SR Research Report 2014 7 10 2013 6 3 2013 5 7 2013 6 3 2013
85. 4 6 5 19 2011 4 NEW MEGA 5 69 8 59 2 P B 13 49 2020 2014 6
86. PB M amp A M amp A 2013 GMS 2013 10 PLAY BOY 500 230
87. A s Shar ed Gesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 7532 SR Research Report 2014 7 10 SR 159 ROE 20 ROIC 09 6 10 6 11 6 12 6 13 6 Plg
88. 3 GMS 15 10 6 GMS 10 1
89. PB PB 2013 6 PB 119 4 5 30 309 1 9983 PB 2020
90. VTR 24 24 25 2013 6 16 7 New MEGA 8 1 4 3 255 26 49 0 6
91. SR 2010 6 1 209 1 6 4 MEGA 5 69 2009 6 69 2010 6 1 881 2009 6 25 5 6 SR 2008 4 MEGA
92. 1989 1 POP 30 409
93. SR Pan Pacific International Holdings Pte Ltd 2013 7 9 2 9 2014 6 Marukai 2016 6 2 9 M amp A SG amp A 125 000 6 4 20 6 0 1 10 000 0 3 34 200 5 7 5 79 22 200 3 7 2013 6
94. 112 233 2013 11 2012 11 2 319 58 2 51 49 3 3 59 150 200 30 409 2013 10
95. MARUKAI 2012 6 145 369 4 281 31 893 100 2013 9 30 2013 12 2 2013 5 2013 5 7 2013 4 2013 4 8 2013 4 8 C O 0 C E O CEO C 1 0 CO00 2013 4 8 7532 SR Rese
96. sShared 6Qesearch http www sharedresearchjp Copyright C 2013 Shared Research Inc All Rights Reserved amp w 7532 SR Research Report 2014 7 10 CEO 1 2005
97. 40 5 GMS 35 MEGA MEGA 35 2011 7 2012 6 MEGA 35 2010 7 2011 6 8 9 22 6 21 596 19 0 18 996 3 6 2 69 2012 6 242 2011 6 228 2012 6 21 11 1 Essence3 MEGA 6 7 2 2 1 Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 7532 SR Research Report 2014 7710 MEGA 1 2011 6 2011 8 18 2011 6
98. 25 4 2010 6 25 3 0 19 1 2 3 4 3 4
99. 22 19 9 8 28 59 http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 7532 SR Research Report 2014 7 10
100. 6 4 3 69 6 2 8 79 7 2013 12 Pan Pacific International Holdings Pte Ltd 7 9 2 9
101. 31 2011 11 2011 11 4 2012 6 1 2012 6 2 2011 9 2011 9 22 100 2011 9 22 2012 9 21 Shared Yesearch http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved e s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 7532 SR Research Report 2014 7 10 2011 5 2011 5 31
102. 2013 6 MEGA 2 M amp A M amp A 2013 3 1 9304 724 1 9 52 2013 2 1 8245 333 2 2 55 sShared 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 7532 SR Research Report 2014 7710 3 USA 2013 7 Pan Pacific Internationa
103. 20 4 9 1 159 200 6 3 26 3 26 49 26 6 0 1 4 http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 7532 SR Research Report 2014 7 10
104. 16 6 CV D A 2013 11 2014 4 New MEGA
105. KK OR 61 i Ra 62 BC 62 0UNEM 66 2 70 70 0 71 72 1 Shared Wesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved e gt Shared 7532 SR Research Report 2014 7 10 10 6 11 6 12 6 13 6 14 6 480 856 487 571 507 661 540 255 568 377 605 000 18 8 1 4 4 1 6 4 52 6 4 127 240 123 506 129 074 139 543 149 807 159 200 17 0 2 9 4 5 8 1 74 6 3 26 5 25 3 25 4 25 8 26 4 26 3 17 172 21 067 25 336 29 320 32 369 34 200 7 5 22 7 20 3 15 7 10 4 5 7 3 6 43 50 5 4 5 7 5 7 15 989 21 109 25 138 29 283 33 201 35 000 7 1 32 0 19 1 16 5 13 4 5 4 3 3 43 50 5 4 58 58 8 554 10 238 12 663 19 845 21 141 22 200 8 1 19 7 23 7 56 7 6 5 5 0 18 2 1 2 5 3 7 3 7 3 7 72 022 72 095 77 031 77 135 77 864 EPS 123 7 147 4 167 8 257 5 273 5 283 4 BPS 1 284 2 1 461 1 605 1 856 2 136 DPS 23 0 25 0 28 0 31 0 33 0 33 0
106. LED 16 21 141 6 5 2013 6 255 2012 6 242 2013 6 4 4 6 3 1 New Mega 1 1 4 4 6 4 0 6 5 2 8 6 3 2 Shared Yesearch http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved e 7532 SR Research Report 2014 7 10 1 09 3 4 4 49 4 79
107. 2 10 12 606 5 3 20 096 0 1 13 7 6 MEGA 2 MEGA 3 3 3 7 22 2 1 6 23 8
108. 2013 6 MEGA 56 3 30 ROI 2013 6 MEGA 8 MEGA 3 000 9 000 m MEGA 24 6 50 69 27 49 6 MEGA 17 1 2013 6 MEGA Essence 2012 6
109. 6 69 22 796 7 49 22 8 2 2 s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 7532 SR Research Report 2014 7 10 9 3 3 39 2014 6 2 303 322 4 796 PB 2 10 12 26 3 26 29 2 26 7 26 39 81 075
110. 19 2002
111. 4 1 DIY 2013 6 13 24 2 800 m 2 3 SR MEGA 2013 6 4 2013 6 SC SC SC
112. 5 196 6 79 5 9 2 2014 6 2014 6 596 300 596 300 34 200 33 500 34 800 34 000 21 800 21 500 2015 6 2014 2 12 13 20 NB Ep Shared esearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 7532 SR Research Report 2014 7710 PB
113. 0 8 10 0 10 5 2 9 http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved SadQeweami http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 7532 SR Research Report 2014 7 10 3 15 1 2013 9 MARUKAI CORPORATION MARUKAI 11 2014 3 280 2013 6 255 3 1 3
114. 42 563 41 734 35 031 34 237 31 698 4 612 4 045 4 585 4 889 5 371 70 651 74 452 81 582 83 641 85 997 123 802 128 198 134 515 138 816 143 391 297 527 302 029 341 300 362 651 386 622 41 062 42 670 42 430 44 793 48 036 126 725 116 244 133 580 133 342 126 506 207 555 195 269 216 058 216 916 216 444 92 096 107 407 127 087 146 590 167 233 19 513 18 885 26 029 33 962 38 270 29 855 16 497 44 789 29 794 23 293 14 316 5 475 7 274 4 637 9 510 ROA 2 9 3 4 3 7 5 5 5 5 ROE 9 3 9 5 10 0 14 9 13 7 31 0 35 6 37 2 39 5 43 0 SR eSsearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved Shared Wesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved e 7532 SR Research Report 2014 7 10 2014
115. 300 m 1 000 m 10 000 20 000 2013 6 3 SR PAW DVD PAW
116. 500 4 4 1 4 1 1 500 2014 6 2 2014 2 5 2014 6 2 2014 6 2 10 12 156 808 5 1 10 364 0 6 10 701 0 1 6 608 1 59 2 10 12
117. 7 MEGA 10 3 267 6 1 1 09 1 59 5 19 3 8 0 2 2009 6 4 79 2010 6 5 396 172 81 79 2 3
118. M amp A M amp A 1 9983 1 8227
119. 13 6 New Mega 7 3 3 1 3 0 19 4 2 1 New Mega 2 s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 7532 SR Research Report 2014 7 10 2014 6 14 2013 5 20 22 2013 6 16 6 New Mega 4 2013 6 3 EPS Plg 563 000 31 300 31 800 20 200 261 0 562 00
120. 2 000 2013 1 036 2 1 2013 2014 10 5 000 10 000 2014 5 SR 5 5 109 7 109
121. 22 2 37 6 20 3 19 8 11 8 7 2 6 5 5 9 6 1 5 9 6 2 7 1 53 70 93 107 122 135 148 150 162 169 185 200 1 4 1 8 2 4 2 0 2 9 0 4 3 3 0 5 1 5 3 4 0 5 0 1 1 2 0 5 2 8 0 3 0 4 0 7 2 2 4 5 3 8 3 1 0 8 0 5 2 3 0 4 1 7 3 3 1 1 1 2 3 8 5 1 0 3 1 3 0 4 31 48 70 89 104 117 123 144 149 158 164 179 18 5 29 4 17 1 17 0 12 2 4 0 2 7 4 8 3 6 5 1 2 2 0 5 22 6 37 4 15 1 15 5 12 9 10 4 8 2 9 8 9 1 7 9 6 7 7 9 27 7 42 0 25 6 23 1 9 2 5 1 10 9 20 8 14 4 4 5 7 3 8 9 28 0 48 1 25 6 23 4 14 0 7 0 6 3 0 0 1 7 4 3 11 9 11 2 10 6 24 8 18 6 14 1 7 2 13 3 5 5 4 1 5 5 8 2 2 0 8 3 8 9 28 1 6 0 19 4 7 8 1 3 0 1 10 4 21 7 29 7 10 9 22 6 SR 2014 6 6 0 5 3 2
122. 866 1 10 23 49 3 000 2013 1 500 2020 2 000 2012 837 2010 861 2 3 MARUKAI 2016 6 2 9 M amp A PB
123. 6 6 5 1 5 8 7 0 4 6 5 8 11 777 9 364 21 141 13 024 9 176 22 200 1 3 18 4 6 5 10 6 2 0 5 0 SR 2014 6 605 000 6 4 24 0 196 0 0 3 4 3 4 99 4 4 5 4 4 5 5
124. 1 3 1 19 6 0 4 8 10 0 6 0 New MEGA 16 333 2 7 2013 3 252 2012 6 242 2013 6 3
125. 448 000 497 000 510 000 528 900 560 000 480 856 487 571 507 661 540 255 568 377 7 3 1 9 0 5 2 1 1 5 17 000 18 000 23 000 27 000 30 500 17 172 21 067 25 336 29 320 32 369 1 0 17 0 10 2 8 6 6 1 18 000 17 800 22 000 26 800 30 300 15 989 21 109 25 138 29 283 33 201 11 2 18 6 14 3 9 3 9 6 10 300 10 000 11 600 14 000 20 000 8 554 10 238 12 663 19 845 21 141 16 9 2 4 9 2 41 8 5 7 SR http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 7532 SR Research Report 201477 10 09 6 10 6 11 6 12 6 13 6 42 563 41 734 35 031 34 237 31 698 4 612 4 045 4 585 4 889 5 371 70 651 74 45
126. 7 2013 11 1 2 2013 MARUKAI s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 7532 SR Research Report 2014 7 10 233 2013 11 3 3 59 150 200
127. 26 5 25 3 25 4 25 8 26 4 22 9 21 0 20 4 20 4 20 7 3 6 4 3 5 0 5 4 5 7 3 3 4 3 5 0 5 4 5 8 1 8 2 1 2 5 3 7 3 7 09 6 10 6 11 6 12 6 ROA 2 9 3 4 3 7 5 5 5 5 ROE 9 3 9 5 10 0 14 9 13 7 SR 2007 2005
128. 2003 6 2009 4 2004 6 7532 79 EPS 500 3 3 000 2 20 2005 6 2004 12 2 3 8
129. 6 2 26 4 0 6 1 PB 9 6 3 5 3 49 OEM 6 3 2013 6 1 3 2012 6 4 2012 6 29 3
130. 0 20 Sa 5 21 30 21 30 8 0 21 30 1 OO 31 40 7 31 40 31 40 9 6 41 50 41 50 10 5 41 50 41 gt 50 ESSWWPYYY14 3 51 5 5 1 51 40 51 5 8 0 5 10 15 20 25 30 10 15 20 25 30 MEGA 29 9 70 1 MEGA 25 30 SR 5 3 11 777 1 3 2012 12 249 2012 6 242 2013 6 2 9 1 esearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 7532 SR Research Report
131. 6 4 2 PB 13 4 11 2017 6 30 PB 1 9983 60 571 5 3 13 760 60 900 2014 6 2 20 504 9 8 21 135 10 8 13 024 10 6
132. Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 7532 SR Research Report 2014 7 10 09 6 10 6 11 6 12 6 13 6 G 2 590 424 602 725 637 867 684 400 719 695 3 5 2 1 5 8 7 3 5 2 239 180 270 019 290 064 335 010 385 399 11 0 12 9 7 4 15 5 15 0 580 304 596 575 620 296 661 134 702 048 38 9 2 8 4 0 6 6 6 2 227 370 254 600 280 042 312 537 360 205 17 2 12 0 10 0 11 6 15 3 829 817 818 817 810 14 5 1 4 0 1 0 2 09 219 207 208 211 213 15 7 5 6 0 5 14 1 1 30 35 41 44 46 22 6 19 3 15 7 8 6 40 122 125 132 127 122 24 5 2 5 54 3 8 3 2 304 311 358 359 363 22 9 2 3 15 1 0 3 1 1 1 355 1 283 1 238 1 178 1 095 9 6 5 3 3 6 4 8 7 1 338 322 308 298 285 11 0 4 6 4 5 3 0 4 6 64 68 70 68 65 15 8 5 5 40 3 8 3 7 219 209 200 191 175 18 8 4 7 4 4 4 4 8 7 SR
133. 1 SR s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 7532 SR Research Report 2014 7 10 2012 6 2012 8 17 2012 6 540 255 6 4 29 320 15 7 29 283 16 5 19 845 56 7 0 5 0 896 1 3
134. 3 amp Shared 7532 SR Research Report 2014 7 10 5 2 8 2 4 3 5 1 4 9 5 4 5 2 3 5 23 5 1 8 8 2 6 2 200 201 200 203 208 211 212 212 212 215 216 217 0 5 1 8 0 6 0 0 0 0 0 9 1 3 2 3 16 7 4 5 0 7 0 5 0 0 1 1 2 5 0 4 0 1 0 5 0 5 2 4 5 7 2 7 2 4 0 9 0 5 0 6 2 0 0 4 0 1 0 5 0 8 0 1 10 4 1 8 1 6 1 4 184 185 185 186 187 189 192 191 193 195 195 194 0 9 3 7 2 4 0 6 0 5 4 1 0 4 5 0 14 9 11 5 0 9 2 1 5 7 10 0 4 1 8 2 6 2 8 0 5 9 5 4 30 2 1 5 9 2 5 9 6 6 9 6 3 3 5 1 6 8 9 4 8 6 9 9 36 5 7 2 21 0 18 8 5 4 9 1 1 8 4 4 4 4 4 2 3 9 0 0 12 9 3 2 0 3 1 7 8 6 6 8 0 4 4 9 5 5 6 9 7 0 2 7 11 2 1 8 6 8 1 4 13 3 12 0 103 4 7 9 5 7 8 3 5 1 7 2 2 9 91 8 12 8 0 2 02 03 04 05 06 07 08 09 10 11 12 13
135. 20 0 21 3 21 4 21 7 22 1 21 8 7 9 4 6 8 0 6 9 123 390 140 209 143 569 154 385 161 871 25 7 28 8 28 3 28 6 28 5 45 9 13 6 2 4 7 5 4 8 114 617 105 685 107 833 119 246 130 476 23 8 21 7 21 2 22 1 23 0 15 6 7 8 2 0 10 6 9 4 24 573 26 240 29 564 30 728 33 022 5 1 5 4 5 8 5 7 5 8 12 0 6 8 12 7 3 9 7 5 DIY 20 814 16 020 16 668 17 798 17 193 4 3 3 3 3 3 3 3 3 0 21 4 23 0 4 0 6 8 3 4 18 056 16 967 15 226 12 940 13 731 3 8 3 5 3 0 2 4 2 4 8 9 6 0 10 3 15 0 6 1 12 408 10 042 10 113 11 325 9 314 2 6 2 1 2 0 2 1 1 6 46 0 19 1 0 7 12 0 17 8 15 909 15 737 15 669 15 453 16 370 3 3 3 2 3 1 2 9 2 9 37 7 1 1 0 4 1 4 5 9 2 707 1 646 4 117 4 911 5 078 0 6 0 3 0 8 0 9 0 9 47 8 39 2 150 1 19 3 3 4 SR
136. 1989 1 1 3 2001 12 1 1 1 6 11 s
137. 6 3 428 070 4 8 26 138 12 3 26 728 17 19 16 333 2 79 7 0 7 1 0 0 3 113 074 7 4 26 4 9 25 8 3 1 3 9 6
138. w Shared Yesearch http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved e 7532 SR Research Report 2014 7 10 amp 2013 7 2013 7 26 Pan Pacific International Holdings Pte Ltd PPI PPI Pan Pacific International amp Co PPI 11 MARUKAI MARUKAI
139. 180 s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w Shared 7532 SR Research Report 2014 7 10 350 24 2014 6 33 11 7 12 19 2013 12 JAM amp 2013 12 JAM
140. SR Tnc SR Inc http www sharedresearch jp Email info sharedresearch jp 3 31 12 03 5834 8787 Shared GYesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved
141. 1 2012 11 6 2013 6 1 2013 6 1 140 379 4 19 8 244 6 0 8 366 13 0 5 069 24 09 1 6 1 6 0 1 7 5 49 MEGA 0 4 3 99
142. 13 2012 8 PAW 10 15
143. 7 10 2014 6 2014 6 27 7 1 CEO CEO COO COO 2014 6 10 2014 5 2014 5 20 2014 5 9 2014 4 2014 5 7 2014 6 3 2014 6 3
144. 8 620 2010 9 15 2010 10 29 500 500 2011 2004 1 26 2011 1 26 17 000 1 821 2010 6 2010 6 11 2 422 500 Deutsche Bank AG London branch 2010 6 11 6 14 2 367 2 466 4 019 6 5 675 190 750 2010 6 8 632
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