コムシスホールディングス（1721）
Contents
1. SR Inc2. sSh afedt Pb T ch lp http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved 1721 SR Research Report 2015 6 26 LTE FOMA NTT 2015 5
3. http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved 172 1 SR Research Report 2015 6 26 LTE 9 Adivanced 3G Super3G LTE co 35G HSPA 3G W CDMA 2000 2010 2020 SR LTE Advanced LTE MIMO multiple input and multiple output
4. COMSYS WAY 19 10 11 3 6 7
5. 500 600 10 3 M amp A 470 2014 9 3 95 80 2014 11 7 2015 3 3 1 3 198
6. NTT 2 KDD1 1 9503 UCOM NTT 2 7 NTT 2 2014
7. 2015 3 87 190 500 lt 600 3 23 0 1 14 5 IT
8. TOSYS 5 2003 10 Sh ared 1 ch lp http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 172 1 SR Research Report 2015 6 26 COMSYS HD TOSYS
9. IT 2014 3 3 279 8 2 3 2013 3 IT 3 313 4 4 8 NTT 2014 3 1 929 3 29
10. IT 3 250 040 2 2 220 303 0 9 16 960 4 5 17 344 4 59 10 485 2 3 3 71 6 74 6
11. 2015 1 2015 1 500kW 30
12. 2013 10 79 1 096 2011 0 296 2012 0 49 sSh afedt 1 ch lp http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 172 1 SR Research Report 2015 6 26 2014 4 2013 3
13. 2015 08 3 09 3 10 3 11 3 12 3 13 3 14 3 15 3 48 397 47 495 46 489 45 330 44 085 42 342 41 050 40 002 36 992 3 6 1 9 2 1 2 5 2 7 4 0 3 1 2 6 2 5 39 620 36 361 33 238 30 271 27 521 25 042 23 000 21 286 19 676 8 5 8 2 8 6 8 9 9 1 9 0 8 2 0 6 8 777 11 134 13 251 15 059 16 564 17 300 18 050 18 716 19 316 27 1 26 9 19 0 13 6 10 0 4 4 4 3 3 7 3 2 SR Shared Coad ch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved
14. MG VOYAGE GROUP SBS KLab
15. Sh ared hesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 172 1 SR Research Report 2015 6 26 2013 3 2014 3 57 2015 3 43 2014 3 80 103 2015 3 190 500 600 3
16. 430 10 7 403 14 3 IT 2013 10 5 13 19 7 191 69 COMSYS WAY 17 28
17. NTT NTT
18. IT 2 2015 3 7 9 7 0 2003 9 3 2005 2010
19. 2018 SR 8 000 8 2 000 0 20 30 50 60 65 40 OS NTT NTTME NTT OS NTT NTT 0S NTT 0S NTT 2 OS 3 50 60 1 NTT NTT
20. SR Inc SR Inc 3 31 12 03 5834 8787 http www sharedresearch D Email info sharedresearch Dp Sh ared hesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved
21. NTT 2 NTT Sh ared lesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 1721 SR Research Report 2015 6 26 NTT NTT 60 2013 NTT 60 2013 10 65
22. 2011 8 2012 7 5 2015 5 10KW 10KW 10KW 10KW 2009 1KW 48
23. NTT NCC NTT 1 2015 3 2015 3 Pglrl HD 328 631 27 674 8 4 300 912 18 358 6 1 HD 283 747 14 139 5 0 NDS 72 893 2 493 3 4 58 933 2 664 4 596 54 018 363 0 7 37 972 934 2 59 6 TTK 35 500 1 142 3 2 27 203 685 2 59 25 453 721 2 8 13 536 227 1 7 3 7 SR 2014 12
24. 2015 3 2016 3 5 35 3 2016 3 50 2015 3 22 M amp A NTT
25. SR Inc Shared Researchn SR Inc SR Inc SR Inc SR Inc
26. 2014 3 28 1 72 1 SR Research Report 2015 6 26 2015 3 18 HD HD 13 3 14 3 15 3 13 3 14 3 15 3 13 3 14 3 15 3 316 092 331 341 328 631 301 319 318 513 300 912 271 018 277 720 283 747 6 8 4 8 0 8 10 3 5 7 5 5 14 8 2 5 2 2 41 226 45 770 47 938 36 113 38 543 35 740 29 340 29 976 33 113 12 0 12 1 11 9 10 8 10 8 11 7 13 0 13 8 14 6 18 679 18 200 20 264 18 067 17 809 17 382 18 497 18 521 18 973 5 9 5 506 6 2 6 0 5 6 5 8 6 8 6 7 6 7 22547 27 570 27674
27. 2010 10 2012 10 TOSYS 2013 2 amp 2014 4 2014 4 11 2013 3 372 15 577 6 125 2014 5 1 82 66 2014 2 2014 2 6 230 2013 12 31
28. 2013 9 2010 3 2011 3 2 50 2011 3 500 2012 Sh ared hesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved sSh ared
29. SR COMSYS WAY 2012 3 2013 3 COMSYS WAY COMSYS WAY 3 2014 3 COMSYS WAY a advanced COMSYS WAY NTT NTT COMSYS WAY 1 2 IT
30. 4 Sh aredd Mesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved i 172 1 SR Research Report 2015 6 26 2014 11 6 2 2015 3 80 2014 9 3 959 470 2015 2 3 2015 1 40 2015 3 40 NTT 1 333 7 2
31. IP NTT 2005 11 IP NGN Next Generation Network NTT 2008 3 NGN Next Generation Network TIP IP NTT NGN IP NTT 2013 3 NGN PSTN NGN 2020 2025 NTT
32. 14 3 15 3 16 3 173 5 163 4 152 0 180 0 7 9 2 3 12 4 10 2 1 5 NTT 88 4 90 6 77 5 88 0 165 5 5 1 9 2 12 3 2 9 696 45 7 47 5 42 5 45 5 88 0 9 5 12 3 9 0 9 5 18 5 32 3 29 9 25 0 32 0 57 0 NCC 19 7 14 0 15 5 19 5 35 0 7 9 33 0 21 3 39 3 3 7 IT 29 1 26 0 26 5 32 5 59 0 1 6 7 4 9 0 25 0 6 9 36 2 27 5 40 0 72 5 75 496 46 096 10 4 22 3 5 296 140 6 190 8 6 144 3 184 3 131 0 200 0 331 0 6 3 3 7 2 6 3 4 9 2 8 5 0 7 NTT 85 3 108 5 83 7 99 9 72 5 100 5 173 0 1 0 1 9 1 9 7 9 13 49 0 6 5 8 42 5 55 7 40 6 51 8 38 0 52 0 90 0 10 2 14 2 9 8 12 3 8 0 11 0 19 0 30 6 36 9 32 2 34 3 25 5 36 0 61 5 NCC 19 8 24 9 17 4 18 2 15 5 20 0 35 5 32 7 4 296 12 19 26 99 11 19 9 996 0 59
33. IT 2015 3 Sh ared hesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 172 1 SR Research Report 2015 6 26 5 50 NTT 3 5GHz
34. J GCA DIC TOKAIT
35. 2015 3 No 1 SR NTT 3 M amp A IT Sh ared hesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 172 1 SR Research Report 2015 6 26
36. M amp A M amp A M amp A 2014 4 5 9
37. 2012 3 IT SR http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 1721 SR Research Report 2015 6 26 SW Strengths Weaknesses Strengths
38. LTE NTT 1 9437 LTE 2013 3 24 400 2014 3 55 300 2015 3 97 400 NTT 2015 3 6 6 618 LTE 23 4 067 KDD1 2015 3 http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 1 72 1 SR Research Report 2015 6 26 3 3 852 LTE LTE 2016 3 2016 LTE Advanced
39. 2003 2007 3 2009 3 2011 3 2010 2012 3 2013 3 COMSYS WAY 2004 3 2007 3 2004 3 2007 3 1 3 2 3 4 Sh ared hesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 172 1 SR Research Report 2015 6 26 2004 3 2007 3 4
40. TIP LTE Advanced IT 2015 3 Sh aredd Mesearch http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved i 1721 SR Research Report 2015 6 26_
41. th E 1 IT IT IT M amp A IT IT M amp A STEPO STEPI STEP2 TEP3
42. 10 2005 3 5 19 2015 3 8 49 2016 3 IT NTT 2010 4 NTT NTT 2005 3 43 2015 3 449 2014 3 IT
43. 2015 3 SR NTT NTT NTT NTT 3 NCC SR Shared Pb
44. 2 200 3 280 Sh ared hesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 172 1 SR Research Report 2015 6 26 IT COMSYS WAY
45. 105 29 96 8 101 3 101 0 6 101 09 49 79 49 09 41 89 42 49 38 49 38 59 38 3 39 19 38 19 37 6 1 1Q 15 69 13 2 38 4 38 5 1 Q NTT NCC 2 Q IT Biz 20Q
46. I IT STEP1 i TE T M amp A LTE 172 1 SR Research Report 2015 6 26 2014 3 10 2024 4 000 NTT
47. 380 2015 3 3 319 50 2015 5 11 2016 3 31 3 amp hared hesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 172 1 SR Research Report 2015 6 26 14 3 15 3 15 3 pe ce Ae 3Q 60 293 80 284 77 787 112 977i 66 555 77 732 76 016 108 328 5 7 6 8 4 1 3 5 10 4 3 2 2 3 4 1 8 032 11 273 11 442 15 023 9 728 11 706 10 793 15 711 25 6 16 0 17 2 2 296 21 19 3 8 5 7 4 6 13 396 14 0 14 7 13 3 14 6 15 1 14 2 14 5 4 401 4 278 4 312 5 209 5 208 5 081 4 978 4 997 7 5 6 5 5 7 1 196 18 396 18 8 15 4 4 1 7 3 5 3 5 5 4 6 7 8 6 5 6 5 4 6 3 630 6 995 Sl 9 814 4 519 6 625 5 816 10 714 122 2 36 196 25 59 2 8 24 5 5 396 18 496 9 296 6 0 8 7
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50. 8 8 7 COMSYS WAY IT 2015 3 5 IT 1 5 10 NTT 449 3 7 24 8 24 2
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52. 1 2 2015 5 2015 3 16 996 12 296
53. SR 2015 3 61 79 72 9 5 NTT 14 2015 3 9 99 10 09 2015 3 17 19 13 7 NCC I 2005 4 4 2015 3 6 796 6 79 TOSYS 2015 3 6 8 3 2
54. 1 72 1 SR Research Report 2015 6 26 NTT 08 3 09 3 10 3 11 3 12 3 13 3 14 3 15 3 EE EE Ei 8 350 8 850 8 459 7 796 7 841 7 549 6 907 6 266 5 900 lb 6 0 4 4 7 8 0 6 3 70 8 5 59900 5 00 4 950 5 50 5 239 4 846 4601 4 639 4 277 4 026 3 500 0 5 16 2 8 9 V6 0 9 6 3 4 7 8 SC MA 3400 3 100 3 220 2950 3040 2910 2630 2 240 2 400 4 5 8 8 3 9 8 4 3 1 4 3 9 6 14 8 Ma SR 10 20
55. IT 2015 3 3 2015 5 IT SR Weaknesses 2015 3 NTT 569 NTT NTT
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57. 2015 3 NTT 55 99 58 5 NCC 10 8 2 66 7 72 0 2015 3 IT 328 631 0 8 27 674 0 4 28 121 0 2 16 767 2 3 IT COMSYS WAYqa 3 2016 3 332 000 1 5 331 000
58. 54 7 14 7 26 2005 3 2 23 2006 3 24 2007 3 8 2006 3 2010 2010 3 2011 3 2010 3 2010 2010 2003 3 comstar 20
59. ICT IT 1 85 233 7 7 66 555 10 4 4 519 24 5 4 676 23 3 2 808 17 79 Sh aredd Mesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved i 172 1 SR Research Report 2015 6 26 10 ICOMSYS WAY
60. NTT NTT IP NTT 2014 5 TP NTT SR 2013 3 NGN 2020 NGN Sh aredd Coad ch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 172 1 SR Research Report 2015 6 26 2000
61. SW Strengths Weaknesses Sh ared hesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 1721 SR Research Report 2015 6 26 09 3 10 3 11 3 12 3 13 3 14 3 15 3 321 185 293 086 315 480 295 851 316 092 331 341 328 631 331 000 1 9 8 7 7 6 6 2 6 8 4 8 0 8 0 7 37 462 32 791 31 052 31 117 41 226 45 770 47 938 2 3 12 5 5 3 0 2 32 5 11 0 4 7 11 7 11 2 9 8 10 5 13 0 13 8 14 6 15 610 12 540 11 785 12 592 22 547 27 570 27 674 28 000 4 2 19 7 6 0 6 8 79 1 22 3 0 4 1 2 4 9 4 3 3 7 4 3 7 1 8 3 8 4 8 5 17 144 13 113 12 140 12 969 22 914 28 078 28 121 28 500 5 9 23 5 7 4 6 8 76 7 22 5 0 2 1 3 5 3 4 5 3 8 4 4 7 2 8 5 8 6 8 6 10 062 7 097 9 543 7 173 13 284 16 389 16 767 17 000 13 6 29 5 34 5 24 8 85 2 23 4 2 3 1 4 3 1 2 4 3 0 2 4 4 2 4 9 5 1 5 1 145 976 145977 9 145977 9 145977 9 1459779 145 977 9 145 977 9 EP
62. 2003 9 3 2010 4 NTT NCC IT KDDT 1 9433 1 2015 3 NTT 55 9 58 59 NCC 10 89 13 59 2 66 7
63. Carrier Aggregation 2 SR NTT LTE 3G LTE Advanced LTE Advanced 2014 12 4 LTE Advanced 3 5GHz NTT KDDI 3 NTT 3480 3520MHz KDDI 3520 gt 3560MHz 3560 3600MH 3 5GHz NTT 2016 10 KDDI 2016 6 2016 12 2015 3
64. IT DarwinMobile 9 NCC KDD 6 000 4 19 6 UQ 650 7 2 3 900 27 2 KDDI KDDI 2016 3 UO 650 NCC IT
65. 2013 3 930 12 4 248 9 9 LTE 712 6 6 1 938 1 5 NCC 391 16 5 KDD1 KDD1 LTE 447 9 2 Sh ared hesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 172 1 SR Research Report 2015 6 26 IT 528 4 7 524 7 1
66. LTE PDC 2 NTT mova 3G 3 NTT FOMAJ 2016 LTE Advanced NTT 700MHz NCC 2015 3 10 8 13 596 NTT KDDI KDDI 2015 5 LTE
67. 2015 3 2014 5 2003 9 3 2010 4 2003 3 200 610 49 455 24 130
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71. 3 1 3 18 10 30 96 6 95 3 95 49 95 3 93 29 NCC 121 164 36 Sh ared hesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reser
72. LTE NTT KDD1 5 LTE 8 10
73. 3 4 2014 3 IT 28 2015 3 18 NTT NTT M amp A Sh ared hesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 172
74. 4 275 7 22 3 280 7 22 5 163 8 23 4 sSh ared lesearch http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved w 1721 SR Research Report 2015 6 26_ 1951 12 1952 8 1 1 1972 11 1 1972 12 15 1982 8 1990 7 2003 9 2005
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76. 197 7 9 119 496 174 12 1 108 996 IT 291 1 6 104 09 197 3 3 86 0 362 75 4 105 1 233 56 1 88 1 2015 3 1 2014 8 5 2015 3 1 LTE LTE Advanced VoLTE
77. 172 1 SR Research Report 2015 6 26 2015 3 LTE ICT M amp A IT 2015 3 336 970
78. NTT IT 2014 IT DarwinMobile 2015 3 596 2016 3 1009 IT 20 Sh ared hesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved Shared lesearch lp http www sharedresearch jp Copyright
79. NCC IT NTT NTT 2 NTT 230 7 250 3 19 NTT 318 6 300 NTT CP NTT NTT 2
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81. M amp A NTT SR NTT sSh ared Pb T ch http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved w 1 72 1 SR Research Report 2015 6 26
82. Pb T ch lp http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved 172 1 SR Research Report 2015 6 26 COMSYS WAY 2012 3 2013 3 2012 3 COMSYS WAY COMSYS WAY 3 en 2012 3 2011 3 21 IT 5 2 2013 3 64 10 3 2
83. 2015 3 NTT 5 51 499 12 1396 37 38 0 Es 5 TOSYS NTT sSh ared 1 ch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 1721 SR Research Report 2015 6 26
84. 1990 70 2015 3 3 9 3 9 Sh aredd 5 HLT ch http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 1721 SR Research Report 2015 6 26 SR 1999 70 2010 2 1 2014 3 9 EE a 2010 10
85. 399 5 7 21 7 19 59 NCC 98 8 4 26 5 23 1 84 3 6 22 3 18 3 IT Sh aredd Mesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved i 1721 SR Research Report 2015 6 26 a 135 2 2 23 9 25 0 83 2 6 15 0 16 3 169 66 2 22 7 23 79 97 70 2 14 5 14 3 Sh ared CC ch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 172 1 SR Research Report 2015 6 26 2016
86. 1 9296 30 2014 2 7 2014 3 31 shared hesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 172 1 SR Research Report 2015 6 26 10 aa 9 25 5 88 4599 BNP 2 16 1 77 1 65 CHASE MANHATTAN BANK GTS CLIENTS ACCOUNT ESCROW 1 42 HSBC ASIA EQUITY FINANCE JAPAN EQUITIES TRADING 0 24 1 05 STATE STREET BANK AND TRUST COMPANY 5050 1 05 SR 2015 3 Shared esearch lp http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 172 1 SR Research Report 2015
87. TOSYS 2015 5 NTT NTT j 0 SR 2020 YWP 2012 3 2012 4 2012 7 FECES
88. 9 Sh ared hesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 172 1 SR Research Report 2015 6 26 NTT 884 5 1 102 896 837 1 9 100 396 NCC
89. SR 1 http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved 172 1 SR Research Report 2015 6 26 IT 2015 3 16 396 15 89 IT LAN WAN 1
90. T ch http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved w 172 1 SR Research Report 2015 6 26 3 SR ii SR 2003 NTT NTT NTT
91. 81 198 300 84 174 262 356 93 996 380 24 6 32 7 18 996 3 6 12 196 12 5 20 39 15 096 IT 85 204 318 83 197 326 96 996 555 13 4 4 896 7 396 2 6 3 3 2 4 2 6 5 9 57 149 242 97 233 357 554 82 2 675 3 096 12 996 14 4 70 296 47 7 37 796 67 49 602 1 405 1836 95 3 3 450 4 19 5 796 6 396 596 10 496 1 NTT 624 500 7 596 6 5 7 0 8 4 NCC 74 84 71 42 40 6 17 196 29 0 31 296 IT 157 198 189 119 6 6 8 9 3 1 13 2 256 313 310 319 26 9 37 8 72 9 1120 1 133 _ J SR TT 1 790 7 2 98 996 1 836 5 3 99 896 CC 337 13 8 91 296 356 20 3
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101. www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 172 1 SR Research Report 2015 6 26 17 1 03 3448 7100 1 2003 9 29 2003 9 29 HP http www comsys hd co jp index php 3 IR IR http www comsys hd co jp ir index index php IR IR Sh aredd KWeSGaT ch http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved 1721 SR Research Report 2015 6 26 SR
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103. 0 7 28 000 1 2 28 500 1 3 17 000 1 4 2015 3 SR 3
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105. 20 2013 1 36 2014 32 2015 6 29 7 27 3 7 2014 9
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107. 63 9 65 9 58 59 64 49 58 89 64 79 58 39 65 59 NTT NCC NTT IT 3
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109. ILTE Advanced 22 2015 KDDI 2015 LTE Advanced LTE Advanced ITU 4 LTE 1Gbps 100Mbps International Telecommunication Union
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115. 6 26 NGN Next Generation Network IP IP 700 900MHz Wi FI LAN LAN Wi Fi LAN WAN Wide Area Network LAN Sh ared hesearch http
116. C 2013 Shared Research Inc All Rights Reserved 1 72 1 SR Research Report 2015 6 26 Egg IT Darwin Darwin 2012 2 2014 3 2015 3 Darwin Mobile Darwin Mobile 1 1 a 1 ee Darwin Mobile
117. NTT NTT IT M amp A IT NTT 2018 10 2019 2020
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119. anced VoLTE ICT Sh aredd Mesearch http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved i 172 1 SR Research Report 2015 6 26 IT 173 500 7 9 144 287 2 6 11 144 4 9 11 308 3 1 6 865 11 49 NCC
120. ved 1721 SR Research Report 2015 6 26 22 14 15 3 i 40 2Q 3Q 4Q NTT 466 931 1437 449 15 3 1 790 98 996 1 810 8 2 4 4 2 696 3 796 5 196 7 296 7 2 6 2 NCC 90 182 283 98 197 272 337 91 296 370 39 3 26 396 18 096 8 496 7 9 3 996 13 89 5 596 IT 132 286 413 135 291 551 97 796 565 6 3 12 196 7 796 2 296 1 6 4 396 6 8 101 206 310 169 362 689 92 596 745 44 396 24 196 22 196 66 2 75 49 60 2 73 196 1607 445 852 2 500 3 369 96 696 3 490 2 2 396 696 7 7 2 2 6 496 NTT 378 853 1 322 399 837 1256 1 836 99 8 1 840 1 3 1 0 1 1 5 7 1 9 5 096 5 3 5 196 NCC
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