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3. Sh atrodi escar ch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 3360 SR Research Report 2015 8 14 zoo6 0 5 10 15 20 25 M io MEE 75 N 7 A gt TU M c7 as H NNNM ss 30 1 M lt i a 10 4
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146. 3 16 3 188 840 29 0 10 133 66 935 ADA 14 8 6 147 ADA 26 7 9 29 2011 3 HH 8 396 92
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158. 2 156 1 882 250 232 51 19 589 953 1 179 414 577 191 249 559 820 1 146 1 367 1 756 1 597 1 972 1 847 29 16 38 84 106 122 143 154 127 132 YoY 19 0 2 1 9 6 21 7 57 3 37 8 29 0 23 8 10 5 1 9 8 8 4 996 4 8 31 5 39 9 18 1 27 3 26 7 48 3 2 8 4 9 16 0 64 996 0 2 37 5 92 796 19 396 26 896 3 196 20 6 12 7 8 6 62 9 3 012 8 61 8 23 7 64 8 39 2 66 9 124 6 46 696 39 896 19 296 28 596 9 0 23 4 6 3 70 6 121 3 26 8 14 8 17 8 7 6 17 7 3 9 5 2 4 296 2 896 3 196 4 196 4 896 5 496 5 696 5 396 5 096 4 9 10 1 8 896 5 696 7 996 7 696 8 396 9 296 11 496 9 896 9 796 2 7 3 3 2 1 1 1 1 8 1 8 2 0 1 7 1 8 1 5 3 596 7 2 1 1 0 4 8 6 12 4 9 1 2 2 3 1 1 0 VALUE 4 2 5 2 7 0 9 1 10 8 11 696 8 896 9 096 8 396 4 096 2 0 4 1 7 1 9 6 10 7 12 1 12 6 10 7 9 6 502 789 1 150 1 062 1 325 1 644 1 652 1 497 1 347 1 169 404 443 1 084 926 883 650 533 451 451 855 3 327 3 643 3 046 3 761 6 142 8 850 11 252 13 590 14 754 13 910 15 100 YoY 32 396 9 5 16 4 23 5 63 3 44 1 27 1 20 8 8 6 5 7 8 6 5 3 4 6 2 9 3 2 4 4 5
159. 28 5 9 0 23 4 6 3 2 9 121 3 26 8 14 8 17 8 7 6 17 7 3 9 3 1 4 1 4 8 5 4 5 6 5 3 5 0 4 9 7 9 7 6 8 3 9 2 11 4 9 8 9 7 10 1 1 196 1 8 1 8 2 0 1 7 1 8 1 5 1 5 0 4 8 60 12 4 9 1 2 2 3 1 1 0 1 0 7 0 9 1 10 8 11 6 8 8 9 0 8 3 8 3 7 1 9 6 10 7 12 1 12 6 10 7 9 6 89 0 66 8 61 7 60 7 72 1 67 6 12 396 11 696 17 596 21 496 18 596 18 296 14 296 15 696 13 896 15 596 0 5 10 3 12 1 11 6 3 3 4 2 1 4 1 4 22 6 20 1 17 4 17 3 12 7 14 2 13 6 12 8 2 3 1 9 1 6 1 4 1 2 0 9 1 0 REIR OSRE 16 000 14 000 6 12 000 a 10 000 La 5 9 8 000 x Pd 6 000 PA 4 e 2 714 3 230 4000 i610 am 2 000 8598s 396 1 863 3 061 3 210 E RM NEM NE m Em 2 000 296 FY03 04 FY03 06 FY03 08 FY03 10 FY03 12 FY03 14 FY03 16 Em m wmm
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164. 5 0 21 1 5 9 8 4 11 7 14 2 4 6 28 1 1 6 2 2 1 096 15 196 12 396 15 096 8 5 12 1 115 9 30 6 13 1 11 7 3 226 3 810 4 851 6 147 9 114 9 369 9 826 10 600 39 9 18 1 27 3 26 7 48 3 2 8 4 9 7 9 7 9 7 6 8 3 9 2 11 4 9 8 9 7 10 1 35 25 30 30 38 39 39 43 1 444 795 661 676 740 34 3 35 8 35 9 35 4 35 5 37 1 37 2 35 0 89 0 66 8 61 7 60 7 72 7 67 6 72 3 71 6 SR
165. 5 5 10 5 9 1 11 3 10 1 1 6 1 8 1 4 1 9 1 4 1 6 1 8 2 2 1 4 2 0 1 5 1 8 1 7 5 9 1 196 3 1 1 2 1 9 3 8 3 0 3 5 0 0 0 8 1 9 6 6 2 7 8 796 9 596 7 296 9 9 7 5 8 0 10 8 9 696 4 996 10 596 9 096 4 696 7 3 15 2 15 2 15 0 6 8 15 0 13 4 5 6 12 4 14 190 11 2 12 8 3 460 3 824 2 282 4 023 2 779 2 534 2 859 6 582 1 538 4 694 2 708 6 060 51 8 15 000 YoY 30 9 66 8 15 9 11 7 19 7 33 7 25 3 63 6 44 7 85 2 SN TIAN 1 7 2 149 2 257 1 390 2 793 1 597 1 377 1 615 43 934 570 2 623 1 335 4 272 42 8 8 800 YoY 31 0 65 1 6 4 10 2 25 7 39 0 16 2 40 8 64 3 90 5 17 3 8 60 3 3 SR 60 669 AAH 22 1 EETM 5 571 E 27 2 50 000 5 15 13 12 13 yo 9 R 11 a 2 1196 40 000 A Tm 165 1096 1096 10 d m Ta 0 10 i pd m 12 909 M og 30 000 i R AN A PTN 8 A e a S896 896 7f s n w 9 as 694 v Y Z ad e A 20 000 t4 9 p wg v M 6 ES i L 7 L I oe Cg 2 816 2 830 Midi 8 317 foz 3 B E Bo PUE Bo pes 2 458 652 1 258 g20 2 1201 432 922 1 3662 4282 195 2 916 274 8301 7381 2801 361 LI 8 2 0 0 10 000 3 QI 02 Q3 04 Ol Q2 Q3 Q4 Q1 Q2 Q3 Q4 Ol Q2 Q3 O4 Q1
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169. 7 132 YoY 19 0 2 1 9 6 21 7 57 3 37 8 29 0 23 8 10 5 1 9 8 8 4 9 4 8 31 5 39 9 18 1 27 3 26 7 48 3 2 8 4 9 16 0 64 9 0 2 37 5 92 7 19 3 26 8 3 1 20 6 12 7 8 696 62 9 3 012 8 61 8 23 7 64 8 39 2 66 9 124 696 46 6 39 8 19 2 28 5 9 0 23 4 6 3 70 6 121 3 26 8 14 8 17 8 7 6 17 7 3 9 5 296 4 2 2 8 3 1 4 1 4 8 5 4 5 6 5 3 5 0 4 9 10 1 8 8 5 6 7 9 7 6 8 396 9 296 11 496 9 8 9 7 2 1 3 3 2 1 1 1 1 8 1 8 2 0 1 7 1 8 1 5 3 5 7 2 1 1 0 4 8 6 12 4 9 1 2 2 3 1 1 0 VALUE 4 2 5 2 7 0 9 1 10 8 11 6 8 8 9 0 8 3 4 0 2 0 4 1 7 1 9 6 10 7 12 1 12 6 10 7 9 6 507 789 1 150 1 062 1 325 1 644 1 652 1 497 1 347 1 169 404 443 1 084 926 883 650 533 451 451 855 3 327 3 643 3 046 3 761 6 142 8 850 11 252 13 590 14 754 13 910 15 100 YoY 32 3 9 5 16 4 23 5 63 3 44 1 27 1 20 8 8 6 5 7 8 6 5 396 4 696 2 996 3 2 4 4 5 4 6 0 6 1 5 7 5 1 5 0 1 1 636 331 2 182 659 389 164 112 4 63 10 164 4 536 1 576 1 069 1 100 315 213 191 253 1 639 2 430 2 378 2 068 2 308 2 074 3 902 4 157 5
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173. 90 2 2 3 4 1 896 1 496 2 896 FY03 14 FY03 15 FY03 16 FY03 16 GAMA Q1 Q2R QIR Q4X Q1 Q2 GE Q1 Q2 X 55 330 109 586 167 923 259 189 51 504 125 356 186 658 273 327 65 192 91 190 300 000 17 303 32 942 49 675 96 059 11 461 42 910 60 669 101 574 19 439 18 5 105 000 27 866 56 140 86 916 121 196 29 583 601 334 93 730 128 112 34 481 26 2 131 500 4 643 9 357 14 100 18 872 4 864 9 828 14 889 19 994 4 975 22 696 22 000 5 318 10 714 16 386 21 867 5 402 10 848 16 622 22 273 5 914 26 996 22 000 200 432 845 1 192 191 433 746 1 370 381 YoY 8 196 1 690 4 596 15 5 6 9 14 4 11 2 5 596 26 6 9 896 3 4 16 7 7 9 20 6 33 8 30 3 22 1 5 7 69 6 3 4 13 190 10 5 10 1 13 5 6 2 9 3 7 890 5 796 16 696 2 696 ALYP 0 5 1 0 1 2 2 1 4 8 5 0 5 6 5 9 2 3 10 0 39 9 40 3 25 8 19 9 1 6 1 3 1 4 1 990 9 5 1 2 3 0 15 9 0 6 2 7 4 5 0 2 11 7 14 9 99 5 2 511 4 844 7 469 13 857 1 267 5 781 68 374 13 597 2 018 13 6 14 800 YoY 19 6 28 3 15 4 10 5 49 5 19 3 12 196 1 9 59 396 8 8 1 738 3 018 4 379 9 369 632 3 949 5 571 9 826 1 174 11 1 10 60
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179. R 240 1 6 1 080 7 1 260 2013F 3 4 5 6 3 4 2 4 1994 2006 2010 2015 4 6 2018 3 3 6 SR http www sharedresearch jp 804 663 267 502 3 Copyright C 2013 Shared Research Inc All Rights Reserved 2012 2011 2013 2013 8 14 11
180. e a SR 2016 3 1 Q1 1 TPP 2 2015 3 M amp A TPP 8 TPP 2015 8 2018 3 5 FY03 14 FYO3 15 FYO3 16
181. esearch Inc All Rights Reserved 3360 SR Research Report 2015 8 14 2016 3 2016 3 1 5 IF REIT 2 M amp A 3 2015 3 4
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