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1.2.
3. 2013 6 Sh aredd esearch http www sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved 6754 SR Research Report 2014 1 30
4. Sh aredd esearch http www sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved 6754 SR Research Report 2014 1 30
5. Agilent Technologies Sh ared Gear http Www sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved 6754 SR Research Report 201471 30 JDS Ixia Rohde and Schwartz Agilent Agilent 2012 309
6. 2 2013 3 40 2 1
7. Sh aredd esearch http www sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved 6754 SR Research Report 2014 1 30 LTE WiFi WiMax
8. GCA TOKAI
9. 2011 3 22 4 51 796 8 me 2011 3 5 9 8 0 2011 3 4 6 26 5 2010 3 2010 3 2008 3 2009 3
10. 33 000 6 5 27 000 19 1 EMEA14 000 11 0 28 000 16 1 1 90 1 120 1 200 Shared esearch http www sharedresearch jp Copyright C 2012 Shared
11. SR 18 538 20 428 14 728 7 542 1 050 62 286 49 385 32 311 23 303 19 392 20 986 1 448 8 318 2 985 613 35 13 330 3 523 856 4 380 38 697 100 983 5 020 11 601 5 971 7 5 463 28 062 32 003 659 2 733 35 395 43 604 63 458 14 049 22 999 7 593 832 6 305 19 37 524 30 136 43 604 25 066 10 3 26 269 21 012 13 469 6 288 711 67 749 49 242 33 240 22 821 19 708 19 117
12. Shared esearch http www sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved Sh sfed esearch lp http Wwww sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved 6754 SR Research Report 2014 1730 EMS IFRS 09 3 10 3 12 3 13 3 wD 37 33 33 37 35 44 7 45 5 42 3 39 4 37 3 16 14 19 20 23 19 5 19 0 24 3 21 2 23 9 EMEA 15 12 11 13 13 17 7 16 9 13 7 13 4 13 3 15 14 15 24 24 18 1 18
13. 2000 3 2013 3 esearch lp http Www sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved 6754 SR Research Report 2014 1 30 IFRS 09 3 10 3 11 3 3 5 3 5 3 9 104 5 102 8 94 2
14. 2013 3 70 2009 3 Sh aredd esearch http Www sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved 6754 SR Research Report 2014 1 30 Box pedong acini pe FI inspection systems Pacas3ng macmne Metal detector
15. LTE EMEA 2012 3 14 439 1 7 829 45 4 9 014 1 7 650
16. 2008 3 2010 CFO IT NTT
17. 2013 5 50 259 259 3 5 79 12 sSh sfed esearch http www sharedresearch jp Copyright C
18. SR Inc SR Inc 3 31 12 03 5834 8787 Email info sharedresearchJjp
19. LTE 36 898 12 0 19 884 4 9 EMEA 12 549 18 1 24 253 58 3 Sh aredd esearch http Www sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved 6754 SR Research Report 2014 1 30 LTE LTE
20. 2012 3 2010 9 2012 6 68 49 2013 3 2010 9 1 IFRS 1 09 3 10 3 11 3 12 3 13 3 128 037 128 037 128 043 137 753 143 956 EPS 27 8 3
21. 2013 3 2013 3 2014 3 2013 3 1 20 2013 3 2
22. 2013 3 1 2012 7 31 2013 3 1 24 172 4 8 21 602 10 1 3 987 42 59 3 564 44 19 2 543 47 1 1
23. 20 6 6 6754 SR Research Report 2014 1 30 1 1 12 50 24 1009 SR
24. 1 20 00 10 00 2014 3 2 2013 10 30 2013 3 2 Sh ared Gear http Www sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved J 6754 SR Research Report 2014 1 30 50 552 6 9 48 053 3 9 14 070 11 849 5 774
25. 3 17 4 1 23 6 2 24 5 70 000 15 000 21 4 3 LTE Long Term Evolution 3G LTE Sh ared Gear http 7 Www sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved 6754 SR Research Report 2014 1 30
26. 2G 3G 2G 3G 2013 LTE 3G LTE 3G 3 5G GSM NTT 1 3G 3 5G
27. Sh aredd esearch http www sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved 6754 SR Research Report 2014 1 30
28. 2 3 TD LTE PGW
29. sh ared WeseaTch http www sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved 6754 SR Research Report 2014 1 30 Weaknesses NTT GSM
30. 2001 IT 6 000 4 000 2008 3 2 2013 3 3 771 IFRS 09 3 10 3 11 3 12 3 13 3 31 934 30 840 34 819 49 225 50 996 38 0 41 9 44 7 52 6 53 9 905 4 583 6 994 14 000 15 800 1 1 6 2 9 0 15 0 16 7 EBITDA 4 726 8 195 10 225 16 793 18 635 EBITDA 5 6 11 1 13 1 17 9 19 7
31. Anritsu Company e Anritsu Instruments Company Sh ared Gear http www sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved 6754 SR Research Report 2014 1730 Anritsu EMEA Ltd Anritsu S D A Anritsu Solutions S D A s Anritsu A S Anritsu Company Ltd Anritsu Electronics Co Ltd LE 7B e Anritsu Company Inc Anritsu COrDoration Ltd 2009 3 Shared esearch http www sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved 6754 SR Research Report 201471 30
32. 2013 3 2013 3 sSh afedi esearch http www sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved 6754 SR Research Report 2014 1 30 SR
33. LTE 3 10 101 1 4 281 16 5 5 853 8 8 444 69 8 1 2012 3
34. 51 701 1 79 11 355 3 29 3 50 30 20 10 3 44 4 349 3 22 2
35. Sree 40G 100G FIH FTTx IS EEL NAIR sl Ee SR LTE IT LTE
36. 2012 3 SR LTE Rohde amp Schwarz 2011 Agilent Technologies LTE Rohde amp Schwarz 2012 7 Sh aredd esearch http www sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved 6754 SR Research Report 2014 1 30
37. 9 300 2012 Sh aredd esearch http www sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved 6754 SR Research Report 2014 1 30 3 48 59 42 19 609 30 2010 9 2015 CB10 000 2012 6 68 49 3 160 2012 9 28 627 4 5 037 2013 3
38. 2013 5 LTE Rohde amp Schwarz Rohde amp Schwarz Agilent Technologies LTE 2013 5 LTE Agilent Technologies JDS
39. 1998 Oo 1998 4 2002 6 2004 4 2006 6 2007 6 2010 4 2013 3 3 771 831 41 799 17 1 96 14 66 8 14 3 43 MSCO Customer Securities 3 07 State Street Bank and Trust Company 3 05 Nomura Bank Luxembourg S A S A Nomura Multi 2 97 Currency Japan Stock Leaders Fund 1 91
40. SR Inc SR Inc Shared Researcn SR Inc SR Inc SR Inc SR Inc
41. 1 617 9 8 55 2012 3 1 115 2014 3 1 2014 3 21 9 14 596 2014 3 1 AE TDD LTE LTE Advanced 2014 3 Sh ared Gear http www sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved 6754 SR Research Report
42. SR Teradyne 2011 LitePoint 1
43. 700 600 71 232 1 0 15 048 8 7 sh ared hesearch http www sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved 6754 SR Research Report 2014 1 30 500 30 20 259 6 309 6 3096 EMEA Europe Middle East and Africa 1596 L T E
44. 5 9 77 853 52 6 6 994 6 500 LTE 3G 2011 3 10 8 124 3 LTE Sh aredd esearch http Www sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved 6754 SR Research Report 2014 1 30
45. 1895 1908 1931 1900 1903 5 1912 1916 1933 1939 1950 ARM 6074 1962 1964 1961 1968
46. Ssh ared Gear http www sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved i Sh sfed 6754 SR Research Report 2014 1 30 3 2013 3
47. 300Mbps IP 2012 2 TDD LTE 2013 TDD LTE TDD LTE 3GPP TDD TDD LTE 20 100 5 LTE 3G TDS CDMA TDD LTE TDD LTE TDD LTE
48. Ssh ared Gear http www sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved 6754 SR Research Report 2014 1 30 16 950 12 3 4 006 38 6 52 38 27 1 2196 11 23 6 2012 3 3 1 2
49. Agilent
50. LTE 3G No 3 50 No 3 30 40 70 A CN 2012 3 30 25 EMEA 15 30 i IP EE EE fj 3
51. 3G LTE 82 ha 50 23 mm AGALTE a i 19 3GAN CDMA Exabytes vonth CDMA 0 6 1 8 40G 00G 2 LTE 2G 3G 5 LTE
52. L T E E M S
53. SR 12 3 39 596 23 471 14 770 160 947 78 944 15 441 1 466 2 497 323 1 386 173 10 972 84 32 342 111 287 9 279 20 820 1 794 6 417 5 799 44 109 9 293 8 998 2 068 20 359 30 113 64 468 17 105 26 332 4 881 852 648 46 818 28 962 30 113 9 483 SR Research Report 2014 1 30 115 089 8 189 2 472 1 997 6 735 6 567 25 960 16 945 5 586 2 063 24 594 19 417 50 554 19 052 28 110 15 946 867 2 294 64 535 31 853 19 417 18 273 6 http Wwww sharedresearch jD Copyright C 2012 Shared Research Inc All Rights Reserved 6754 SR Research Report 2014 1 30 2012 3
54. 2012 3 70 531 31 99 13 735 172 096 45 2011 3 34 30 36 25 30 LTE LTE LTE 2012 3 80
55. 2012 3 2012 4 26 2012 3 2010 4 GLP2012 2013 3 1 20 2 93 586 106 1 14 414 305 153 5 13 593 2 252 2005 NetTest A S 897 225 8 10 180 2001 3 9 635 2
56. IP EMEA WiFi WiMax 2 857 1 1 15 2012 3 1 30
57. 2013 3 LTE 2012 3 3G 30 4096 2012 9 1 LAN LTE FDD W CDMA HSPA CDMA2000 LAN Bluetooth
58. LTE LTE 3G LTE LTE LTE 1 LTE LTE 2 2
59. 2013 3 2 2012 10 31 2013 3 2 2013 3 47 308 5 5 46 262 3 5 8 749 Sh aredd esearch http www sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved 6754 SR Research Report 2014 1 30 16 5 8 103 24 6 6 900 46 7 2 35 358
60. 0 59 2007 3 26 2 2008 3 2009 3 2009 3 2000 3 2002 3 SDH SONET 2003 3 2004 3 3G IT 2008 3 NGN Sh ared Gear http Www sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved 6754 SR Research Report 2014 1780 1 em IFRS 09 3 10 3 12 3 13 3 14 3
61. 14 221 15 49 528 19 896 3 275 20 5 104 2011 3 69 5 557 30 1 842 49 196 2011 3 2011 3 2011 4 27 2011 3 LTE Ni KPI
62. 1 794 5 6 117 84 3 1 DIE IFRS 2012 4 1 a IFRS 1 2 3
63. 8 167 13 1 630 33 4 3 374 8 4 23 56 3 2 2014 3 47 19 37 29 2 TD LTE LTE Advanced 2014 3 1 2013 7 31 2014 3
64. 3G LTE 509 6 Ssh med csearch http www sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved 6754 SR Research Report 2014 1 30 1 000 1 100 700 800 R amp D 200 300 3G LTE a 3G Market share a B50 40 rr Market share 50 1998 2000 2005 2010 2015 _ LTE 3G 1 3G NTT
65. 10 8 53 462 124 3 5 050 34 15 36 5 30 6 10 000 LTE 8 000 3596 159 IP 45 59 20 5 LTE
66. SR 09 3 10 3 11 3 83 940 16 5 57 449 21 0 68 4 12 980 4 5 155 13 511 16 1 905 83 1 1 1 791 119 2 596 26 8 4 6 1 100 8 1 73 548 12 4 48 270 16 0 65 6 11 641 10 3 15 8 13 636 0 9 18 5 4 583 406 4 6 2 2 251 384 6 4 7 610 2 3 5 2 1 720 56 4 12 6 77 853 5 9 3 462 10 8 68 7 12 325 5 9 15 8 12 064 11 5 15 5 6 994 52 6 9 0 5 050 124 3 9 4 659 8 0 5 9 1 284 25 3 10 6 IF RS 12 3 13 3 93 622 10 556 75 4 14 200 15 2 8 866 9 5 14 000 15 0 13 841 19 6 570 4 0 411 4 6 T 94 685 1 1 71 232 1 0 75 2 14 439 1 7 15 2 9 014 1 7 9 5 15 800 12 9 16 7 15 048 8 7 21 1 829 45 4 5 7 7 81 3 0 9 3 esearch lp http www sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved Shared esearch lp http www sharedresearch jp Copyright
67. 5 000 6 000 3 5 1 2 7 20 20 ICT Information and Communication Technology ICT esearch lp http Wwww sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved 6754 SR Research Report 2014 1730
68. 2013 3 3G 3 5G 3G 3 5G TD SCDMA 3G LTE SR 3G 70 LTE 500 2013 3
69. 1 LTE 2 LTE TD SCDMA TD LTE TIT TD LTE LTE Advanced 3 2013 2 TIP
70. 784 2012 6 6 3 099 2012 5 2012 5 30 7 650 1 6701 Ssh ared Gear http www sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved 6754 SR Research Report 2014 1 30 2011 3 2011 3 2 725 2011 3 2 3 07 2011 2 2011 2 23 19 200 000
71. 5 231 10 6 257 41 3 1 2014 3 102 000 102 000 14 300 17 000 14 300 16 500 9 500 11 500
72. SR 2013 3 2013 4 25 2013 3 96 037 6 3 72 748 7 59 14 615 4 59 2011 3 3 10 2013 3 4 20 157 2008 3 2 94 685 1 1 15 800 12 9 16 225 23 9 13 942 74 9
73. 70 2013 3 3G 3 5G 1 1 3G 3 5G 3G 3 5G 3G LTE
74. 2010 2015 2020 SR LTE 2010 3 LTE 1 40 2011 3 LTE 100 2012 3 160 2013 3 180 3G W CDMA 3G 2000 3 4 2006 3 3G 2006 3 250 3G NTT 3G LTE NTT
75. NetTest A S Anritsu A S5 TIT Sh ared Gear http www sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved 6754 SR Research Report 201471 30
76. 2013 3 24 2 23 1 22 3 26 5 96 0 18 9 17 5 16 2 20 2 72 7 3 3 3 7 3 4 4 2 14 6 1 9 1 9 2 7 2 1 8 7 21 6 24 7 21 4 27 0 94 7 17 0 18 4 16 3 19 5 71 2 2 9 4 4 2 9 4 3 14 4 1 8 1 9 2 2 3 2 9 0 2014 3 25 3 25 2 26 5 4 9 8 9 19 0 19 6 18 1 20 1 3 5 3 7 24 4 4 0 4 5 3 9 19 5 23 1 13 4 1 8 2 5 2 5 6 3 29 7 6 7 22 4 25 7 21 4 3 5 4 2 0 1 17 8 18 8 16 1 4 7 1 9 1 7 3 0 5 2 3 1 4 7 18 6 6 3 1 6 1 8 2 2 9 9 7 1 3 0 SR 2013 3 2014 3 3 2014 1 30 2014 3 3 77 049 10 7
77. ROA A 9 5 0 4 1 6 10 8 11 8 B 2 51 2 88 3 02 2 48 2 06 ROE A x B 23 9 1 2 4 8 26 8 24 3 SR 10 Agilent Technologies 2005 ROE Agilent Technologies ROA SR ROA Aqgilent Technologies 2012 ROE 259 ROA 12 2020VISION 2012 SW Strengths Weaknesses S
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79. TD LTE LTE Advanced LTE
80. 1977 2Gb s 1982 1986 5GHz Shared hesearch http www sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved 6754 SR Research Report 2014 1 30 1990 2001 43 5 GHz 4 Ch 3G 2003
81. Shared esearch http www sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved Sh sfed esearch http www sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved 6754 SR Research Report 2014 1730 ARPU Average Revenue Per User 1 NTT Verizon 2010 LTE 1 AT amp T 2011 Softbank
82. 83 940 73 548 77 853 93 622 94 685 102 000 16 5 12 4 5 9 1 1 7 7 52 005 42 707 43 033 44 397 43 688 31 934 30 840 34 819 49 225 50 996 38 0 41 9 44 7 52 6 53 9 31 029 26 257 27 825 23 065 24 295 37 0 35 7 35 7 9 640 10 148 905 4 583 6 994 109 311 83 1 406 4 52 6 2 628 1 064 1 1 6 2 9 0 14 000 15 800 17 000 522 314 259 12 9 7 6 1 257 1 319 1 891 150 16 7 16 7 170 3 578 5 362 112 1 268 2004 7 49 9 1 034 875 0 2 4 9 6 9 15 31 1 334 351 8 13 094 16 225 16 500 3 741 16 1 132 23 9 1 7 1 304 3 527 1 168 140 17 1 16 2 58 3 90 1 27 6 5 121 2 283 3 540 385 3 069 7 972 13 942 11 500 697 1 74 9 17 5 0 5 3 9
83. NTT sh ared hesearch http www sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved 6754 SR Research Report 201471 30
84. 2G 3G 1 2G 3G 3 5G LTE 3G LTE 2 3 1 Tier1
85. Automatic weighers uy Com Crewe xX L 2012 3 2013 3 EC
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88. 2015 9 28 1009 2012 9 28 20 1309 1009 1 3 1 LTE 4 000 2 2 000 3 Ssh ared Gear http www sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved 6754 SR Research Report 2014 1 30 Shared esearch http www sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved 6754 SR Research Report 2014 1 30 2010 4 1
89. 30 409 LTE LTE Long Term Evolution 3 9G LTE LTE 3 1 3G LTE IP 2 100Mbp 50Mbp TIP 3 3 5G GSM CDMA LTE LTE
90. Vodafone 2012 LTE LTE IT TIT SR 2014 2013 3 2013 3 SR 2016 3 6754 SR Research Report 2014 1 30
91. Agilent Technologies Rohde sh ared hesearch http www sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved 6754 SR Research Report 2014 1 30 amp Schwarz 80 2G 3G 1 2G 3G 3 5G LTE 3G LTE 2 3
92. is 27 ci 35 36 49 Eo 50 es 52 i 54 ooo 4 amp ii 55 eo 58 ii 58 58 i 59 IR Mii 59 iii 60 Sh ared esearch http www sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved 6754 09 3 10 3 11 3 83 940 73 548 77 853 16 5 12 4 7 3 31 934 30 840 34 819 27 4 3 4 9 0 38 0 41 9 44 7 905 4 583 6 994 83 1 406 4 672 8 1 1 6 2 9 0 170 3 578 5 362 2004 7 3054 1 0 2 4 9 6 9 3 540 385 3 069 186 7 0 5 3 9 128 037 128 037 128 043 EPS 27 8 3 0 24 1 EPS 2 8 22 1 DPS 3 5 0 0 7 0 BPS 294 3 295 5 313 1 18 538 26 269 27 993 14 728 13 469 15 762
93. 12 9 9 5 15 0 16 7 14 0 13 094 16 225 14 300 23 9 11 9 14 0 17 1 14 0 7 972 13 942 9 500 74 9 31 9 8 5 14 7 9 3 1 137 753 143 956 2 EPS 62 2 98 8 66 3 EPS 56 3 97 4 DPS 15 0 20 0 20 0 BPS 341 4 450 3 39 596 37 690 14 770 16 159 78 944 79 946 15 441 17 274 1 466 1 340 2 497 2 329 111 287 115 089 9 279 8 189 20 820 2 472 44 109 25 960 9 293 16 945 64 468 50 554 46 818 64 535 30 113 19 417 16 143 11 771 2 174 5 030 2 264 10 035 ROA 7 6 12 3 ROE 18 4 25 0 42 1 56 1
94. 54 7 54 6 52 2 53 8 53 0 55 3 54 6 7 843 8 722 8 341 10 334 9 391 10 350 10 026 2 2 5 5 7 6 10 4 19 7 18 7 20 2 36 3 35 4 39 0 38 2 42 0 40 3 43 5 3 966 4 740 2 824 4 206 2 466 3 859 2 563 62 2 14 300 41 8 0 6 35 2 96 9 37 8 18 6 9 2 8 2 18 4 19 2 13 2 15 6 11 0 15 0 11 1 14 0 3 543 4 517 3 423 4 678 2 681 3 885 2 726 65 0 14 300 43 2 12 2 18 1 93 8 24 3 14 0 20 4 2 2 16 4 18 3 16 0 17 3 12 0 15 1 11 8 14 0 2 528 4 337 2 479 4 545 1 621 2 675 1 770 63 9 9 500 46 2 45 7 41 2 200 8 35 9 38 3 28 6 17 2 11 7 17 6 11 6 16 8 7 2 10 4 7 7 9 3 SR 2014 3 Sh sfed esearch lp http Wwww sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved 6754 SR Research Report 2014 1 30 a
95. 2013 3 309 5096 IP 20 6754 SR Research Report 2014 1730 70 2013 3 TIP 2005
96. LTE IP LTE Sh ared Gcsearch http www sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved 6754 SR Research Report 2014 1 30 LTE Advanced LTE Advanced ITU 4 LTE 1Gbps 100Mbps 1 2013 Signalion LTE Advanced 1
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104. LTE 2010 2015 2020 2010 2015 2020 esearch lp http Wwww sharedresearch jp Copyright C 2012 Shared Research Inc All Rights Reserved Shared 6754 SR Research Report 2014 1730 EMS i mm mL ia 1 F 40G 40G 100G a SDHSONET G7 00G A BERTWave 40G 10C
105. 3 430 3G 4 LTE 3G 250 SR 3G 3G 2010 LTE Verizon cdma2000 W CDMA Verizon Agilent Technologies Rohde amp Schwarz LTE 3G Verizon Verizon
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118. 2012 Shared Research Inc All Rights Reserved 6754 SR Research Report 2014 1730 209 GLP2014 2020 2020VISION 2020VISION 2020VISION M amp A 20
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