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1. 2015 2 4 21 2 14 000 www sharedresearch jD Shared ese atche 06 76 R Shared Research Report 9787 LAST UPDATE 2015 07 16
2. 2 3 8 1
3. 151 119 169 4 500 439 400 326 342 76 300 5 194 204 200 138 mn ws 1 109 mwm 100 5 25 134 136 140 142 148 ESil 87 94 01 02 03 Q4 0Q1 02 03 Q4 01 02 03 Q4 0Q1 02 04 FY 2 12 FY2 13 FY 2 14 FY 2 15 SR Www sharedresearch jp Shared eseatche 40 76 R Shared Research Report 9787 gt LAST UPDATE 2015 07 16 2016 2
4. FYO02 13 FY02 14 FY02 15 alw Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Ql1 Q2 10 122 10 084 10 205 10 108 10 539 10 485 10 642 10 654 10 942 10 960 YoY 1 7 2 1 1 8 1 296 4 19 4 09 4 396 5 496 3 896 4 596 1 441 1 508 1 446 1 523 1 397 1 404 1 425 1 490 1 469 1 552 YoY 2 1 6 1 3 7 1 6 3 1 6 996 1 596 2 296 5 296 10 596 14 29 15 096 14 296 15 196 13 39 13 496 13 496 14 096 13 496 14 296 SR 2014 3 www sharedresearch jD 55 76 R Shared Research Report
5. Q1 2014 2 Q4 6 SR FMS 1 2 3
6. 2013 2 LED www sharedresearch jD Shared eSeafCh 69 76 R Shared Research Report 9787 gt LAST UPDATE 2015 07 16 1972 2011 3 1996
7. FYO02 08 FYO02 09 FYO02 10 FYO02 11 FYO02 12 FYO02 13 FYO02 14 FYO02 15 18 827 20 955 21 118 23 989 28 631 30 227 33 714 35 117 13 7 14 4 15 1 14 0 13 0 12 1 13 1 13 2 6 330 9 946 9 970 12 031 13 762 13 901 15 115 15 861 6 1 6 8 7 1 7 0 6 3 5 6 5 9 5 9 EBIT DA 9 711 11 441 11 563 13 818 16 107 16 138 17 547 18 327 EBITDA 7 1 7 9 8 2 8 1 7 3 6 5 6 8 6 9 3 2 3 3 3 9 3 8 3 1 3 0 3 2 3 3 R OA 17 3 20 3 20 3 18 1 15 5 14 4 14 2 13 4 ROE 21 0 19 9 18 9 15 5 12 5 12 5 12 3 12 0 2 9 3 0 2 9 2 6 2 5 2 6 2 4 2 2 7 394 7 502 7 330 7 298 9 047 22 366 13 223 12 534 127 7 149 8 184 4 210 0 215 5 226 9 229 9 224 0 127 6 135 8 166 6 195 4 201 0 207 6 208 9
8. FY02 13 FY02 14 FY02 15 A Ql1 Q2 Q3 Q4 Ql1 Q2 Q3 Q4 Ql1 Q2 11 081 18 884 15 767 7 339 15 888 13 929 8 254 7 559 11 858 11 133 YoY 96 4 126 8 121 7 1 396 43 49 26 296 47 796 3 0 25 4 20 1 461 796 450 502 851 764 474 491 741 754 YOY 30 69 23 69 1 796 4 49 84 69 4 096 5 39 2 2 12 996 1 396 4 296 4 296 2 9 6 8 5 4 5 59 5 7 6 5 6 2 6 8 SR LED FY02 13 FY02 14
9. BEMS o loT FM IS041000 M amp A FM IS041000 M amp A FYO2 14 FY02 15 FY02 16 Qi1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 10 622 10 848 11 198 10 790 11 228 11 642
10. 2 2015 2 1 108 3 2 2 SR 2015 2 4 2016 2 2015 2 162 945 61 196
11. www sharedresearch jD Shared eSeafCh 35 76 R Shared Research Report 9787 gt LAST UPDATE 2015 07 16 M amp A M amp A FMS BPO OC 2017 2
12. www sharedresearch jD Shared eSeafCh 59 76 R Shared Research Report 9787 gt LAST UPDATE 2015 07 16 FY02 13 FY02 14 FY02 15 o Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 02 10 122 10 084 10 205 10 108 10 539 10485 10 642 10 654 10 942 YoY 1 796 2 196 1 8 1 2 4 1 4 0 4 3 5 4 3 8 1 441 1 508 1 446 1 523 1 397 1 404 1 425 1 490 1 469 YoY 2 1 6 1 3 76 1 6 3 1 6 9 1 5 2 206 5 2 14 2 15 0 14 2 15 1 13 3 13 4 13 4 14 0 13 4 SR 2014 3
13. Ne1 204 o 00 194 150 139 a 109 100 me 47 9 134 136 140 50 33 5 6 10 20 30 40 10 20 30 40 10 20 30 40 10 FY2 12 FY2 13 FY2 14 FT2 AB SR www sharedresearch jD Shared eseatche 16 76 R Shared Research Report 9787 LAST UPDATE 2015 07 16 2017 2 300 2014 2 29 136 45 23 100
14. 5 1 4 2015 2 2016 2 GMS 2016 2 NE Me A 0 www sharedresearch jD Shared eseatche 46 76 R Shared Research Report 9787 gt LAST UPDATE 2015 07 16
15. SR 11 008 101 3 484 584 206 103 188 21 6 321 4 996 248 396 5 196 5 096 15 696 9 696 22 9 19 296 5 396 696 0 1 2 496 0 496 0 1 0 1 0 1 0 0 4 396 11 148 3 650 120 101 195 24 7 058 1 3 4 8 41 796 1 996 3 96 14 396 11 7 7 9 2 6 0 1 0 1 0 1 0 0 5 0 11 957 77 4 175 92 121 216 19 L257 396 14 496 23 396 19 896 10 896 20 896 2 896 7 0 0 0 2 496 0 1 0 1 0 1 0 0 4 296 14 868 31 5 300 251 120 268 15 8 883 24 396 59 796 26 99 172 89 0 896 24 1 21 1 22 49 6 89 0 0 2 496 0 1 0 1 0 1 0 0 4 0 16 326 80 5 897 323 90 295 18 9 623 9 8 158 1 11 396 28 796 25 0 10 1 20 0 8 396 6 69 0 0 2 496 0 1 0 0 0 1 0 09 3 9 18 599 80 5 897 323 90 295 18 11 896 13 9 19 256 3 59 296 4 2013 2
16. BPO 43 458 3 3 400 BEMS 34 242 7 37 17
17. www sharedresearch jD s Shar eSeafCh 52 76 R Shared Research Report 9787 gt LAST UPDATE 2015 07 16 4 000 16 0 3 000 10 2 3 12 70 8 39o 2 000 8 1 000 2 6 4 406 293 P09 7 7 9 163 94 30 10 30 20 10 30 10 30 1 000 FY02 12 FY02 13 FY02 14 FYO02 15 4 SR Piair 1 1 2 3 4
18. gt 42 320 4 4 121 45 630 14 0 LED LED 15 640 26 597 www sharedresearch jD Shared eseatche 62 76 R Shared Research Report 9787
19. FMS 2015 2
20. 100 150 10 000 w 20 8 000 16 2 9 4 12 89 12gw 1296 1 Ss 1 6 1 6 1 6 lt 1 4 000 8 6 7 6 6 6 8 1 i 6 2 6 3 6 2 2 000 6 1 5 8 5 8 53 2 5 5 5 3 5 5 5 1 4 0 Q1 Q3 Q1 Q3 Q1 Q3 Q1 03 Q1 Q3 Q1 Q3 FY02 11 FY02 12 FY02 13 FY02 14 FY02 15 FY02 16 SR 2016 2 2016 2 1 2
21. 2015 2 2015 2 S R 4 500 2016 2 20 1
22. CSR Corporate Social Responsibility CSR LED CO2
23. 2015 2 1 2014 7 2 66 475 0 4 3 540 4 4 3 558 4 6 2 015 8 4 1 FMS FMS 0 4 LED LED 0 4 LED www sharedresearch jD sShar
24. 1 500 3 3 300 GMS 13 96 2906 3 89 7 1 103 396 3 3 2016 2
25. 65 70 8 9 6 SM 67 M amp A M amp A 2008 10 4006 PP 2009 4 409 6 2010 9
26. Windows XP FY02 13 FY02 14 FY02 15 Q1 Q1 Q2 Q3 Q4 Ql1 6 4 7 898 7 909 7 966 8 032 8 438 8 367 8 481 8 956 8 935 8 891 YoY 3 896 1 096 0 796 0 296 6 896 5 89 6 59 11 59 5 99 6 39 601 669 656 766 642 700 761 762 695 717 YoY 13 496 3 096 5 196 2 496 6 896 4 696 16 096 0 596 8 396 2 496 7 6 8 5 8 29 9 596 7 6 8 496 9 096 8 596 7 8 8 1 SR
27. 2015 2 1 2 2016 2 2015 4 25 RM FY02 13 FYO02 14 FYO02 15 Palr Ql
28. FYO2 13 FY02 14 FY02 15 Qi Q2 Q3 Q4 Qi1 Q2 Q3 Q4 Qi1 11081 18 884 15 767 7 339 15 888 13 929 8 254 7 559 11 858 YoY 96 4 126 8 121 7 1 39 43 4 26 2 47 7 3 0 25 496 461 796 450 502 851 764 474 491 741 YoY 30 6 23 6 1 7 4 4 84 6 4 09 5 3 2 29 12 9 4 290 4 29 2 9 6 8 5 4 5 5 5 7 6 5 6 2 SR LED LED LED a Www sharedresearch jp eShart eseatrche 60 76 R Sha
29. ESCO 2016 2 2015 4 400 ESCO www sharedresearch jD Shared eseatche 47 76 R Shared Research Report 9787 gt
30. 3 2014 2 1 2015 2 2016 2 2015 2 2 2014 10 3 134 049 0 49 7 702 1 7 7 725 2 0 4380 5 6
31. 2 2013 10 1 8 540 1 574 100 528 273 115 573 1 242 325 3 591 115 34 545 312 74 747 5 722 855 38 544 109 55 177 193 34 8 423 320 31 45 006 254 51 2 922 SR SR 2016 2 g FM b II c
32. J GCA
33. MG VOYAGE GROUP SBS KLab sg SRInc SRInc
34. 3 FY02 11 FY02 12 FY02 13 FY02 14 FY02 15 FY02 15 6 Pr opl ep ek Q4 16 420 28 513 53 071 45 630 41 972 11 858 11 133 9 366 9 615 YoY 18 296 3 696 86 196 14 0 8 096 25 496 20 196 13 596 27 296 1 214 1 936 2 209 2 580 2 807 741 754 678 634 YoY 8 1 59 596 14 196 16 896 8 896 12 996 1 396 43 096 29 1 7 4 6 896 4 296 5 796 6 796 6 296 6 896 296 6 696 SR 7 10
35. Good Job Www sharedresearch jp Shared eseatch 74 76 R Shared Research Report gt 06 6260 5621 1972 11 16 HP IR www sharedresearch jD Shared 9787 LAST UPDATE 2015 07 16 542 0081 2 3 2 1 1995 9 29 2 IR http www aeondelight co jp ir esearch 75 76 R Shared Research Report SR
36. 2011 4 2012 12 A LED 6 BEMS BEMS
37. 350 300 250 200 138 1 9 109 100 47 1 134 136 140 142 50 16 22 33 6 7 8 1Q 2Q 30 40 10 20 30 40 10 20 30 40 10 20 FY2 12 FY2 13 FY2 14 FY2 15 SR 2014 2 319 2017 2 359 in 2014 4 1 FMS 2 3
38. www sharedresearch jD Shared eSeafCh 54 76 R Shared Research Report 9787 gt LAST UPDATE 2015 07 16 40 FYO02 14 FY02 15 Q1 Q2 Q3 Q4 Ql1 Q2 10 371 10 753 10 646 10 280 10 622 10 848 11 198 10 790 11 228 11 642 YoY 2 096 0 49 1 096 0 396 2 496 0 996 5 296 5 096 5 796 396 1 105 1 220 1 080 1 256 1 151 1 266 1 188 1 120 1 029 1 098 YoY 16 096 8 896 15 296 8 796 4 296 3 896 10 096 10 896 10 696 13 396 10 79 11 396 10 196 12 2 10 8 11 7 10 696 10 496 9 296 9 496 SR ne BEMS
39. 63 69 2015 2 2015 2 3 2015 1 9 199 286 2 3 p 11 303 3 0 11 339 3 2 6 383 10 0 5 3 1 2 5
40. FY02 13 FY02 14 FY02 15 4 Plg Qi1 Q2 Q3 Q4 Qi1 Q2 Q3 Q4 Qi1 Q2 Q3 9525 9 769 10 057 9 933 10 721 11023 11 542 11257 11 713 11609 12 175 YoY 5 1 4 5 7 3 11 1 12 69 12 89 14 8 13 3 9 3 5 3 5 59 273 320 381 488 573 636 533 591 464 490 436 YoY 6 2 21 8 41 6 63 2 109 9 98 8 39 9 21 1 19 0 23 0 18 29 6 2 9 3 3 3 8 4 99 5 3 5 8 4 69 5 3 4 09 4 29 3 6 SR www sharedresearch jD Shared eSeafCh 49 76 R Shared Research Report 9787 gt LAST UPDATE 2015 07 16 FYO02 13 FYO02 14 FYO02 15 e Qi1 Q2 ek Q4 Ql1 ep Q3 Q4 Q1 ep Q3 7 508 8 571 7 419 7 702 7 498 8 716 7 479 9 636 8 330 9 471 8 003 YoY 4 096 2 196 5 996 1 696 0 196 1 796 0 896 25 196 11 196 8 96 096 454 728 432 782 535 812 43
41. 5 5 2 10 8 6 www sharedresearch jD Shared eseatche 41 76 R Shared Research Report 9787 gt LAST UPDATE 2015 07 16 1 2015 2 PC 2 I 3 1 2015 2 2 3
42. 2 73 CC 73 sss Ssd SS sh os We www sharedresearch jD Shared eSeafch 02 76 R Shared Research Report gt 9787 LAST UPDATE 2015 07 16 FY02 08 FYO02 09 FYO02 10 FYO02 11 FYO02 12 FYO02 13 FYO02 14 FYO02 15 248 876 13 2 30 227 5 6 12 1 13 901 1 0 5 6 13 892 0 8 5 6 7 509 8 6 3 0 54 170 143 143 46 1 202 10 014 79 323 3 796 5 2957 12 321 100 699 24 544 10 34 955 O 1 195 36 151 64 547 257 243 3 4 33 714 11 5 13 1 15 115 8 7 9 15 092 8 6 5 9 8 161 8 7 3 2 54 170 156 155 48 1 325 12 565 90 347 4 258 5 829 11 687 112 122 26 701 O 39 306 1 500 40 806 71 316 3 7 35 117 4 2 13 27 15 861 4 9 09 15 943 5 6 6 0 8 725 6 9 S83 54 170 166 166 50 1 436 15 580 104 477 4 361 6 268 10 937 126 044 30 902 46 640 1 908 48 549 77 495 FYO02 16 266 705 280 000 5 0 17 000 7 2 6 1 17 000 6 6 6 1 9 400 1 7 3 4 179 52 137 519 YOY 23 7 18 827
43. eSeafch SR Inc SR Inc 76 76
44. 11 16 21 SO 21 23 SW Strengths WeaknesseS 31 PP 32
45. M amp A FMS 70 HH FMS Www sharedresearch jp Shared eseatch 31 76 R Shared Research Report
46. 142 111 73 45 1 47 7 FMS
47. www sharedresearch jD Shared eseatche 45 76 R Shared Research Report 9787 gt LAST UPDATE 2015 07 16 148 118 76 400 342 350 300 50 245 194 204 gp 200 150 109 39 A 47 5 148 140 142 01 02 03 04 01 02 03 04 01 02 03 04 01 02 03 04 FY2 12 FY2 13 FY2 14 FY2 15 SR 2015 2 3 2016 2 3 1 PC 2
48. 2016 2 2016 2 2015 2 2014 A FY02 13 FY02 14 FY02 15 hal Qi1 Q2 Q3 Q4 Qi1 Q2 Q3 Q4 Qi1 Q2 Q3 10 371 10 753 10 646 10 280 10 622 10 848 11 198 10 790 11 228 11 642 11 532 YoY 2 0 0 4 1 0 03 2 49 09 5 2 5 0 5 79
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50. 1 500 4 500 GMS 2015 2 3 13 96 29 8 7 1 103 39 3 3 2016 2 20
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52. FY02 13 FY02 14 FY02 15 Qi1 Q2 Q3 Q4 Qi1 Q2 Q3 Q4 Qi1 Q2 Q3 Q4 9525 9 769 10 057 9 933 10 721 11 023 11 542 11 257 11 713 11 609 12 175 12 121 YoY 5 1 4 5 7 3 11 1 12 6 12 8 14 8 13 3 9 3 5 3 5 59 7 7 273 320 381 488 573 636 533 591 464 490 436 721 YoY 6 2 21 8 41 6 63 2 109 9 98 8 39 9 21 1 19 0 23 09 18 2 22 096 2 9 3 396 3 82 6 4 9 5 3 5 8 4 696 5 326 4 096 4 2 3 6 5 9 SR PB FY02 13 FYO02 14 FYO02 15 Palr Ql1 Q2 Q3 Q4 Ql1 6 4 Q3 Q4 Ql1 0p4 Q3 Q4 7 508 8 571 7419 ZZ702 7498 8 716 Z479 9636 8 330 9471 8 003 9021 YoY 4 0 2 196 5 99 6 1 6 0 19 1 796 0 8 25 196 11 1 8 7 7 0 6 496 454 728 432 782 535 812 433
53. 2003 2006 2006 600 4 6 500 6 M amp A
54. 6 1 800 355 000 x 17 4 000 M amp A M amp A ja 0 0 FYO02 10 FYO02 11 FYO02 12 FYO02 13 FYO02 14 GMS 603 601 590 90 96 617 618 1 231 1 267 1 307 5 37 1 708 1 977 2 030 41 52 72 105 152 353 381 127 125 127 122 123 122 121 31 33 32 29 26 26 29 1 1 1 1 1 1 1 3 270 3 514 3 811 4 121 4 462 4 581 4 683 4 746 4 475 3 3
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57. 70 6 2014 2 72 69 4 2013 2 76 6 2014 2 21 0 25 56 3 LED 7 1 LED 6 LED 3 7 1 3 8 4 FMS
58. 3 1 3 4 2015 2 17 2 2015 2 2015 2 17 JA 16
59. 2015 HEMS BEMS FEMS CEMS HEMS Home BEMS Building FEMS Factory CEMS Cluster Community BEMS Ad BEMS ADIC Ad SR BEMS
60. 3 000 4 000 1 1 000 1 500 2 1 000 1 500 3 500 4 500 42 000 1 000 2 000 SR a FM b SR FM
61. 5 12 2013 2 2 2015 2 2017 2 1 FMS 2 3 IT 2014 2 2 572 151 81 6 2015 2 2 700 160 86 2017 2 3 300 210 110 2017 2 35 109 2013 2 2013 2 2 489 13 2
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66. 3 30 IT www sharedresearch jD Shared eSeafCh 20 76 R Shared Research Report 9787 LAST UPDATE 2015 07 16 1 8267 1972 2011 3 1996 1976 2001 2006
67. Ce FY02 11 FY02 12 FY02 13 FY02 14 FY02 15 FY02 15 opl ek Q4 32 088 32 235 31 805 34 242 36 622 8 935 8 891 9 305 9 491 YoY 6 496 0 596 1 396 7 7 7 0 5 9 6 396 9 796 6 0 2 764 2 823 2 692 2 865 3 102 695 717 824 866 YoY 0 9 2 1 4 696 6 496 8 396 8 396 2 496 8 396 13 696 8 696 8 8 8 596 8 496 8 596 7 8 8 1 8 9 9 1 SR 13 1 2331 2013 3 23 2 0 1 9735 34 2
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69. 2015 2 1 2 2015 175 000m 4 000 FY02 13 FY02 14 FY02 15 i Qi1 Q2 Q3 Q4 Qi1 Q2 Q3 Q4 Qi1 Q2 Q3 10 122 10 084 10 205 10 108 10 539 10 485 10 642 10 654 10 942 10 960 11 129 YoY 1 7 2 1 1 8 12 41 4 0 4 3 5 49 3 8 4 59 4 6 1441 1508 1446 1523 1397 1404 1425 1490 1469 1 552 1 592 YoY 2 1 61 3 7 1 6 3 19 6 99 1 59 6 2 2 5 2 10 5 11 7
70. www sharedresearch jD Shared eseatche 73 76 R Shared Research Report 9787 gt LAST UPDATE 2015 07 16 CSR 6 2008 6 19 1
71. 2 2021 2 1 800 M amp AI 2021 2 109 2014 2 13 56 2 2010 2
72. FMS www sharedresearch jD Shared eSeafCh 28 76 9787 R Shared Research Report gt LAST UPDATE 2015 07 16 FMS FMS FMS 1 4711 1 4781 1 9728 3
73. FM ISO41000 SR 1 2 3 www sharedresearch jD Shared eseatche 19 76 R Shared Research Report 9787 LAST UPDATE 2015 07 16 2015 2
74. 1 1 500 2 3 4 Q1 14 000 SR
75. LED LED 2013 2 260 2012 2 74 LED LED 3 7 www sharedresearch jD Shared ese atche 25 76 R Shared Research Report 9787 LAST UPDATE 2015 07 16 60 50 53 1 45 6 30 28 5 16 4 4 mm FY2 11 FY2 12 FY2 13 FY2 14 LED ED SR 2012 4 BEMS Building Energy Management System BEMS
76. 10 2 1 1 1 700 17 mm 1 600 16 1 500 15 1 400 14 1 300 13 2996 1 200 1296 10_ 2Q 30 40 10 _ 20 30_ 40 10_ 20 30 40 10 20 30_ 40 10 20 30 40 FY02 11 FY02 12 FY02 13 FY02 14 FY02 15 SR 400 6 39 60 677 9 2 900 0 54 9
77. BEMS BEMS BEMS www sharedresearch jD Shared eSeafch 58 76 R Shared Research Report 9787 gt LAST UPDATE 2015 07 16 ESCO Energy Service Company ESCO
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82. ESCO PE FY02 14 FY02 15 Q1 Q2 Q3 Q4 Qi1 Q2 Q3 Q4 Qi1 Q2 Q3 Q4 7 898 7909 7 966 8 032 8 438 8 367 8 481 8956 8 935 8 891 9 305 9491 YoY 3 8 1 09 0 7 0 2 6 8 5 8 6 5 11 5 5 9 6 3 9 7 6 0 601 669 656 766 642 700 761 762 695 717 824 866 YoY 13 4 3 09 6 5 19 2 4 6 8 4 6 16 0 0 5 8 3 2 4 8 3 13 6 7 6 8 5 8 2 9 5 7 6 8 4 9 0 8 5 7 8 8 1 8 9 9 1 SR 2015 2 7 0 8 3
83. 2017 2 35 2014 2 310 2017 2 359 40 FMS 2014 2 IT www sharedresearch jD Shared eseatche 17 76 R Shared Research Report 9787 LAST UPDATE 2015 07 16 FMS
84. 9 4 7 5 ie 2 084 5 000 2013 12 2015 2 www sharedresearch jD 71 76 R Shared Research Report 9787 gt LAST UPDATE 2015 07 16 DD 10 42 94 NN 1 98 1 61 2 1 27 1 20 1 11 UFJ 1 01
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86. 50 2016 2 4 6 FM Q1 SR 2015 Long Bien SR 500 China Malaysla Vietnam 439 446 400 76 li 245 204 1 mp 138 39 5 47 109 191 100 mn 1 a EE a a ME 87 94 6 7 8 se pm jl 01 01 01 01 FY 2 12 FY 2 13 FY 2 14 FY 2 15 FY2 16 SR Www sharedresearch jp Shared eseatche 07 76 R Shared Research Report 9787
87. 5 703 3 899 2 268 2015 2 y 46 7 y 10 4 4731 2 895 UI www sharedresearch jD Shared ese atche 72 76 R Shared Research Report 9787 gt LAST UPDATE 2015 07 16
88. FMS FMS PP 2013 2 100 M amp A 5 000 Weaknesses
89. 2014 800 JR A FM IS041000 2015 FM ISO41000 ISO FM ISO41000 ISO18480 SLA ISO41000 ISO18480
90. d PB FM 2015 4 400 ESCO 444 2015 2015 2 GMS 618 77 SM
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95. LAST UPDATE 2015 07 16 1 2 LED ESCO 2016 2 2015 2 LED M amp A CN
96. LAST UPDATE 2015 07 16 2014 2 43 33 Q1 15 14 FYO2 14 FYO02 15 FYO02 16 Paj Ql1 Q2 Q3 Q4 Ql1 Q2 Q3 Q4 Ql1 6 4 Q3 10 721 11 023 11 542 11 257 11 713 11 609 12 175 12 121 12 080 YoY 12 6 12 8 14 8 13 3 9 3 5 396 5 596 7 7 3 1 573 636 533 591 464 490 436 721 568 YoY 109 9 98 8 39 99 21 1 1 19 0 23 096 18 296 22 09 22 4 5 3 5 8 4 6 5 3 4 0 4 2 3 6 5 9 4 79 SR PB
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100. LAST UPDATE 2015 07 16 FY02 14 FY02 15 FY02 16 e Q1 Q2 Q3 Q4 Qi1 Q2 Q3 Q4 Qi1 Q2 Q3 Q4 8438 8 367 8481 8956 8 935 8891 9305 9491 9 306 YoY 6 8 5 8 6 5 11 5 5 9 6 3 9 79 6 0 4 2 642 700 761 762 695 717 824 866 696 YoY 6 8 4 6 16 0 0 596 8 3 2 49 8 39 13 6 0 1 7 6 84 9 0 8 5 7 8 8 1 8 99 9 1 7 5 SR 5 35 2015 FY02 14 FY02 15 FY02 16 4 Plg Qi Q2 Q3 Q4 Qi1 Q2 Q3 Q4 Qi1 Q2 Q3 10 539 10 485 10 642 10 654 10 942 10 960 11 129 11 256 11 656 YoY 4 1 40 4
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102. 7 2013 2 M amp A www sharedresearch jD Shared eSeafCh 66 76 R Shared Research Report 9787 gt LAST UPDATE 2015 07 16 e FYO2 09 FYO02 10 FYO02 11 FYO02 12 FYO02 13 FYO02 14 FYO02 15 6 991 7 964 13 098 9 707 10 014 12 565 15 580 18 025 16 284 28 246 31 240 44 673 37 420 40 055 188 122 226 657 144 290 166 28 20 1 476 1 527 2297 2 504 3 361 2 500 3 000 18 920 27 320 18 020 32 420 41 326 2 794 2 880 3 010 3 349 4 523 5 728 4 303 30 150 30 026 64 524 72 486 79 323 90 347 104 477 762 1 165 1 234 1 217 1 089 1 046 1 009 343 305 265 246 274 239 2 1 91
103. 2014 2 1 500 1 8 SR AD AEON Delight SR 2013 11 2013 11 28
104. 70 33 7 2014 2 FMS 2013 2 12 642 15 129 13 727 26 484 11 956 5 609 3 720 89 270 SR 4 42 050 31 805 40 519 53 071 39 284 31 200 10 823 248 756 30 48 34 50 30 18 34 36 65 8 6
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107. 421 0 2 318 1 3 405 1 79 90 LED 74 2013 2 260 531 86 19 393 7 0 312 3 296
108. 2012 2 2014 2 30 17 2014 3 2015 2 100 53 2012 2 2014 2 5 3 www sharedresearch jD Shared eS atche 24 76 R Shared Research Report 9787
109. 2015 2 2 LED ASEAN www sharedresearch jD Shared eseatche 50 76 R Shared Research Report 9787 gt LAST UPDATE 2015 07 16 4 5 2015 2 2 1 9 30 9
110. 2009 2 FYO02 09 FYO02 10 FY02 11 FYO02 12 FYO02 13 FYO02 14 8 2 8 2 7 7 7 4 6 6 6 3 6 9 44 7 44 6 47 6 49 4 55 7 58 2 53 0 6 565 0 4 965 8 196 4 127 3 116 2 94 3 78 7 0 1 0 1 1 9 2 9 3 1 3 9 4 6 12 0 12 2 9 4 8 3 9 1 8 7 8 0 30 5 29 9 39 0 44 1 40 3 41 8 45 4 14 3 14 8 10 4 8 2 18 5 20 3 12 3 SR 2010 9
111. 4 8 9 1 2 2 www sharedresearch jD Shared eSeafCh 18 76 R Shared Research Report 9787 LAST UPDATE 2015 07 16 3 93 2015 2 2016 2 1
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113. 2015 2 7 2016 2 10 5 2017 2 9 2015 2 2
114. 108 35 696 www sharedresearch jD Shared eSeafCh 63 76 R Shared Research Report 9787 gt LAST UPDATE 2015 07 16 Va 7 LED 302 5 6 LED 12 1 13 0 163 9 8 2013 2 139 1 1 LED
115. 22 14 1 15 18 5 5 223 1 2013 2 0 5 9 75 8 6 2013 2 M amp A 2012 10 www sharedresearch jD Shared eSeafCh 64 76 R Shared Research Report FY02 08 137 519 40 202 35 848 41 098 16 777 3 591 YoY 23 7 118 692 18 827 YoY 18 1 13 7 10 496
116. 2011 2 M amp A 20 2014 2 30 99 2015 2 30 506 www sharedresearch jD Shared eSeafCh 68 76 R Shared Research Report 9787 gt LAST UPDATE 2015 07 16 FY02 09 FYO2 10 FYO2 11 FYO2 12 FYO2 13 FYO2 14 1 6 668 7 031 6 808 9 639 4 358 21 359 17 234 2 2 087 1 966 3 000 10 051 7 086 16 632 11 365 FCF 1 2 4 581 5 065 3 808 412 2 728 4 727 5 869 5 255 4 169 1 321 7 2 257 2 475 2 594 A 1 495 1 593 1 787 2 345 2 237 2 432 2 466 B 707 912
117. 2015 2 1 2 3 4 1 4 2016 2 BPO FMS
118. FYO2 13 FY02 14 FY02 15 Qi1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 epi Q2 Q3 Q4 11 081 18 884 15 767 7339 15 888 13 929 8 254 7 559 11 858 11 133 9 366 9 615 YoY 96 4 126 8 121 7 1 396 43 4 26 2 47 7 3 09 25 496 20 1 13 59 27 2 461 796 450 502 851 764 474 491 741 754 678 634 YoY 30 6 23 6 1 79 6 4 4 84 6 4 0 5 3 2 2 12 9 1 3 43 0 29 1 4 2 4 296 2 9 6 8 5 496 5 5 5 7 6 5 6 2 6 8 7 2 6 6 SR LED 8 0 LED LED 8 8 ep 2016 2 www sharedresearch jD Shared eseatche 43 76 R Shared Research Report 9787 gt LAST UPDATE 2015 07 16
119. LAST UPDATE 2015 07 16 2015 AEON MALL 99 300m lt 218 000m lt AEON MALL 63 800m2 lt 153 300m2 AEON MALL 51 400m lt 172 900m2 AEON MALL 153 000m2 162 000m2 AEON MALL 94 800m2 176 000m2 AEON MALL 129 900m2 274 600m2 ASEAN AEON MALL Long Bien 96 000m2 110 000m lt AEON MALL Binh Tan 46 800m2 114 000m2 2016 AEON MALL 84 000m2 175 000m2 AEON MALL 46 200m2 120 900m2 AEON MALL 84 500m2 187 700m2 lt 2 ASEAN SR 1
120. 9787 gt LAST UPDATE 2015 07 16 10 2 1 1
121. FY02 14 FY02 15 FY02 16 hal Qi1 Q2 Q3 Q4 epi Q2 Q3 Q4 Qi1 e Q3 7498 8 716 7479 9 636 8 330 9471 8 003 9 021 8 107 YoY 0 1 1 7 0 8 25 1 11 1 8 7 7 0 6 49 2 7 535 812 433 1288 551 894 506 1 014 450 YoY 17 8 11 5 0 2 64 7 3 0 10 1 16 996 21 3 18 396 7 1 9 3 5 8 13 4 6 6 9 4 6 3 11 2 5 6 SR 3 PB PB _FYO2 14 FY02 15 FY02 16 4 Pl Qi1 ep Q3 Q4 Q1 ep ek Q4 Q1 ep ek 3002 3473 3660 3 583 3466 3870 3726 4470 4215 YoY 44 7 56 696 2 89 16 0 15 59 11 496 1 89 24 8 21 6 154 410 395 201 352 420 179 252 355 YoY 100 0 76 7 5 99 240 796 128 6 2 496 54 796 25 496 0 9 5 196 11 8 10 89 5 6 10 2 10 9 4 8 5 6 8 4
122. SR Inc SR Inc a SR Inc
123. 006 0 93 SR 2015 2 6 1954 1971 1985 2002 2006 2012 2013 2015 2 12 087
124. 2016 2 17 000 1 139 2 RE 2 000 3 000 21 000 SR M amp A 2 000 1 2 3 4 3 000 4 000 PAM 1 000 2 000 www sharedresearch jD sSharedd eSeafch 11 76 R Shared Research Report 9787 gt LAST UPDATE 2015 07 16
125. FMS FMS 2020 FM FMS 2014 2 42 320 16 5 5 716 25 5 13 50 6 2021 2 1 800 M amp A 1 3 109 1 2
126. SR Q2 48 296 2 02 SR www sharedresearch jD Shared eSeafCh 10 76 R Shared Research Report 9787 LAST UPDATE 2015 07 16 e FYO02 14 FYO02 15 FYO02 16 133 552 123 691 257 243 134 049 132
127. ISS SODEXO 2017 2 3 4 000 2017 2 3 4 000 SC FMS FMS 1 2 FMS
128. SR 2016 2 GMS 2016 2 20 Q1 www sharedresearch jD sShared eS atche 09 76 R Shared Research Report 9787
129. 14 296 15 0 14 2 Sl 0 13 396 13 49 13 4 14 0 13 4 14 2 14 3 SR 3 5 3 1 4
130. 2 2015 2 2 NR 59 000 30 500 14 000 12 000 40 350 10 000 300 8 000 WM _ 200 6 000 150 4 000 100 51 136 151 2 000 50 16 16 3 FYO02 12 FY02 13 FY02 14 FY02 15 FY02 12 FY02 13 FY02 14 FY02 15 FY02 16 Est SR FY02 13 FY02 14 FY02 15 a Ql1 0p4 Q3 Q4 Q1 6 Q3 Q4 Q1 6 4 Q3 Q4 10 371 10 753 10 646 10 280 10 622 10 848 11 198 10 790 11 228 11 642 11 532 11 437 YoY 2 096 0 49 1 096 0 39 2 4 0 9 5 296 5 096 5 796 396 3 0 6 096 1 105 1 220 1 080 1 256 1 151 1 266 1 188 1 120 1 029 1 098 1 074 1 016 YoY 16 0 8 896 15 2 8 7 4 296 3 89 10 09 6 10 89 6 10 696 13 39 6 9 69 6 9 3 10 796 11 3 10 196 12 296 10 8
131. 2 030 101 GMS 3 SR 2016 2 2015 2 2015 2 www sharedresearch jD Shared eseatche 13 76 R Shared Research Report 9787 LAST UPDATE 2015 07 16 60 709 6 2016 2 80
132. 2014 2 3 1 2 3 FMS 2011 5 BEMS
133. 2014 2 47 20 2011 24 365 200 2014 2
134. ESCO 2 ESCO 100 2016 ESCO ESCO ESCO in 10 15 2013 2 6 2 113 kWh 22 kWh 465
135. 2016 2 www sharedresearch jD Shared eseatche 48 76 R Shared Research Report 9787 gt LAST UPDATE 2015 07 16 FYO2 13 FY02 14 FY02 15 4 PlcD Qi1 Q2 ek Q4 Qi1 Q2 ek Q4 Qi1 Q2 ek 11081 18 884 15 767 7 339 15 888 13 929 8 254 7 559 11 858 11 133 9 366 YoY 96 4 126 8 121 7 1 3 43 4 26 2 4 79 3 0 1 25 496 20 196 13 596 461 796 450 502 851 764 474 491 41 54 678 YoY 30 696 23 696 1 7 4 49 84 6 4 096 5 396 2 296 12 996 1 39 43 096 4 296 4 296 2 996 6 896 5 496 5 596 5 796 6 596 6 296 6 896 296 SR LED 3 15 0 LED 11 3 LED 4 0 2016 2
136. www sharedresearch jD Shared eSeafCh 70 76 R Shared Research Report 9787 gt LAST UPDATE 2015 07 16 amp 2012 2 CO2 1 4 90 1 500 1 16 500 x 1 8 x 365 x 0 55 x90 550 1 000 1 1 8 1 12 SR 60kg 5kg 2014 2
137. FM 3 4 5 IS041000 Q1 Q1 1 2 4
138. LAST UPDATE 2015 07 16 FY02 11 FYO02 12 FYO02 13 FYO02 14 FY02 15 FY02 15 e Ql1 Q2 Q3 Q4 41142 39 852 40 519 42 320 44287 10 942 10 960 11129 11256 YoY 8 7 96 1 796 4 496 4 696 3 8 4 596 4 696 5 7 5 937 5 882 5 918 5 716 6 289 1 469 1 552 1 592 1 676 YOY 2 796 0 996 0 696 3 496 10 096 5 296 10 596 11 796 12 596 14 4 14 8 14 69 6 13 5 14 2 13 496 14 296 14 3 14 9 SR 1 2 8 lt 9 209 25 8
139. 47 58 58 250 204 Fo 6 194 150 139 Em 109 100 ice 47 134 136 140 a 6 7 8 10 20 30 40 10 20 40 40 10 FY2 12 FY2 13 FY2 15 SR 7ZE FY02 14 FY02 15 4 Pl Q1 Q2 ek Q4 Q1 02 0Q3 Q4 Q1 02 10 371 10753 10 646 10 280 10 622 10 848 11198 10 790 11228 YoY 2 09 6 0 4 1 0 0 3 2 4 0 9 5 2 5 0 5 796 1 105 1 220 1 080 1 256 1 151 1 266 1 188 1 120 1 029 YoY 16 0 8 8 15 29 8 7 4 296 3 8 10 0 10 8 10 6 10 7 11 3 10 1 12 2 10 8 11 7 10 696 10 4 9 2 SR BEMS BEMS BEMS
140. 7 6 8 330 YoY 49 496 6 1 8 186 YoY 49 296 6 0 45 896 4 379 YoY 46 196 3 2 SR 2010 2 40 740 145 690 42 253 36 670 42 403 18 515 5 846 5 996 5 196 2 396 3 296 100 0 124 735 20 955 11 3 14 496 11 008 7 696 9 946 19 496 6 8 134 9 812 19 996 6 796 830 44 896 4 876 11 3 3 396 FY02 10 140 299 41 666 34 281 45 050 13 889 5 412 3 796 1 496 6 596 6 296 119 180 21 118 0 8 15 196 11 148 7 9 9 970 0 2 7 1 58 9 912 1 096 7 196 223 45 696 5 466 12 1 9 2011 2 www sharedresearch jD Shared FY02 11 170 905 40 019 32 088 41 142 16 420 18 718 17 188 SA 56 21 896 4 096 6 496 8 796 18 296 146 916 23 989 13 696 14 096 11 957 7 0
141. FM FM BPO GSI GSI GSI SR FM 2015
142. gt LAST UPDATE 2015 07 16 1 12 5 000 400 x 12 2010 3 1 335 141 397 2012 2 35 5 500 G5 5 x 1335 17 4 000
143. 6 0 6 7 7 1 7 1 6 3 5 6 5 9 5 9 6 0 6 1 4 379 4 876 5 466 6 495 6 912 7 509 8 161 8 600 8 725 9 400 YoY 46 1 11 3 12 1 18 8 6 4 8 6 8 7 5 4 6 9 7 7 3 2 3 3 3 9 3 8 3 1 3 0 3 2 3 2 3 3 3 4 FY02 08 FYO2 09 FYO2 10 FYO2 11 FYO2 12 FYO2 13 FYO2 14 FYO2 15 FY02 16 E E E E E E E E 137 519 145 690 140 299 170 905 219 797 248 876 257 243 270 000 266 705 280 000 40 202 42 253 41 666 40 019 42 147 42 050 43 458 45 839 35 848 36 670 34 281 32 088 32 235 31 805 34 242 36 622 41 098 42 403 45 050 41 142 39 852 40 519 42 320 44 287 16 777 18 515 13 889 16 420 28 513 53 071 45 630 41 972 18 718 36 730 39 284 44 543 47 618 17 188 32 280 31 200 33 329 34 825 3 591 5 846 5 412 5 271 7 980 10 823 13 551 15 522 56 57 119 167 17 YoY 23 7 5 9 3 7 21 8 28 6 13 2 3 4 5 0 3 7 5 0 5 1 1 4 4 0 5 3 0 2 3 3 5 5 2 3 6 5 6 4 0 5 1 3 7 7 7 0 3 2 6 2 8 7 3 1 1 7 4 4 4 6 10 4 25 0 18 2 73 6 86 1 14 0 8 0 96 2 7 0 13 4 6 9 87 8 3 3 6 8 4 5 62 8 7 4 2 6 51 4 35 6 25 2 14 5 8 330 9 946 9 970 12 031 13 762 13 901 15 115 16 000 15 861 17 00
144. 9787 LAST UPDATE 2015 07 16 2012 10 2011 2011 4 2012 3 3 7 130 3 1 2 2009 2 4 500
145. 461 461 461 460 458 449 443 42 145 645 647 02 TL 373 72 110 149 173 205 165 166 1 456 545 1 260 1 597 1 922 28 079 31 364 52 887 58 182 64 547 71 316 77 495 7 502 7 330 7 298 9 047 22 366 13 223 12 534 1 744 111 55 56 15 5 7 747 10 653 31 963 36 971 28 019 44 980 56 906 54 1 64 2 62 3 61 9 62 6 62 0 59 8 SR 2009 2 15 8 2014 2 2013 2 200
146. BEMS BEMS BEMS CO2 SPC 2015 2 SR www sharedresearch jD s Shar eSeafch 26 76 R Shared Research Report 9787 gt LAST UPDATE
147. gt LAST UPDATE 2015 07 16 y 44 543 13 4 37 1 8 922 gt 33329 66 8 4 800 p 13 551 25 2 50 9
148. BEMS BEMS BEMS LAN www sharedresearch jD Shared eSeafCh 36 76 R Shared Research Report 9787 LAST UPDATE 2015 07 16
149. 12 031 20 7 7 0 58 12 089 22 0 7 1 980 41 5 6 495 18 8 3 8 FY02 12 219 797 42 147 32 235 39 852 28 513 36 730 32 280 7 980 5 28 696 5 396 0 596 3 196 7 3 696 96 296 87 8 51 496 1 896 191 166 28 631 19 496 13 0 14 868 6 8 13 762 14 4 63 22 13 784 14 0 6 396 807 45 7 6 912 6 496 3 196 FY02 13 248 876 42 050 31 805 40 519 53 071 39 284 31 200 10 823 119 13 296 0 296 1 396 1 796 86 196 7 0 3 39 35 6 108 8 218 648 30 227 5 69 12 19 16 326 6 6 13 901 1 0 5 696 9 13 892 0 8 5 69 27 45 396 7 509 8 696 3 0 9787 LAST UPDATE 2015 07 16 FY02 14 257 243 43 458 34 242 42 320 45 630 44 543 33 329 13 551 16 3 496 3 396 7 7 4 496 14 096 13 49 6 8 25 2 40 3 223 528 33 714 11 596 13 196 18 599 7 2 15 115 8 796 5 9 nad 15 092 8 6 5 9 501 42 496 8 161 8 7 3 296 266 705 45 839 36 622 44 28 41 972 47 618 34 825 15 522 4 3 7 5 59 7 0 4 696 8 096 6 99 4 596 14 59 89 896 231 588 35 117 4 296 13 2 19 256 7 2 15 861 4 9 5 996 82 15 943 5 69 6 09 42 42 896 8 725 6 9 3 3 2010 9 eSeafch 65 7
150. 2 730 2014 2 M amp A 2014 2 730 1 000 1 3 M amp A M amp A 1 3 1 3 1 3 1 3 1 3 1 3 500
151. LAST UPDATE 2015 07 16 FYO02 13 FYO02 14 FYO02 15 e Qi1 Q2 ek Q4 Q1 ep Q3 Q4 Q1 ep Q3 7 898 7 909 7 966 8 032 8 438 8 367 8 481 8 956 8 935 8 891 9 305 YoY 3 8 1 0 0 7 0 296 6 896 5 896 6 596 11 596 5 996 6 396 9 796 601 669 656 766 642 700 761 762 695 717 824 YoY 13 496 3 096 5 196 2 496 6 896 4 696 16 096 0 596 8 396 2 496 8 396 696 8 596 8 296 9 596 696 8 496 9 096 8 596 896 8 196 8 996 SR 3 7 3 6 3 SR
152. 2 ASEAN E SR Www sharedresearch jp Shared eSeafCh 15 76 R Shared Research Report 9787 LAST UPDATE 2015 07 16 2014 4 2017 2 2017 2 3 300 210 6 4 359 109 29 1 FMS 2 3 a b 2015 2 2016
153. 7 2 7 7 9 2 8 5 7 1 2 0 4 7 6 1 7 1 29 9 28 9 25 9 23 2 21 0 18 5 18 1 15 6 14 4 13 4 12 8 13 6 38 3 33 5 30 0 29 5 25 5 27 6 8 8 6 8 9 9 11 0 11 5 12 3 3 5 6 3 7 3 10 4 9 3 8 3 11 9 11 9 13 7 13 0 2 1 0 8 2 5 3 7 4 9 SR 1 8905 Shared eSeafch 23 76 www sharedresearch jD R Shared Research Report 9787 LAST UPDATE 2015 07 16 FY02 11 FY02 12 FY02 13 FY02 14 FY02 15 FY02 15 e 1 Q1 ep Q3 Q4 40 019 42 147 42 050 43 458 45 839 11 228 11 642 11 532 11 437 YoY 4 09 5 396 0 296 3 396
154. M amp A 2012 11 50 2012 11 www sharedresearch jD Shared eSeafCh 22 76 9787 R Shared Research Report gt LAST UPDATE 2015 07 16 8 FY02 08 FYO2 09 FYO2 10 FYO2 11 FYO2 12 FYO2 13 FYO2 14 FYO2 15 FYO2 16 137 519 145 690 140 299 170 905 219 797 248 876 257 243 266 705 280 000 40 202 42 253 41 666 40 019 42 147 42 050 43 458 45 839 35 848 36 670 34 281 32 088 32 235 31 805 34 242 36 622 41 098 42 403 45 050 41 142 39 852 40 519 42 320 44 287 16 777 18 515 13 889 16 420 28 513 53 071 45 630 41 972 18 718 36 730 39 284 44 543 47 618 17 188 32 280 31 200 33 329 34 825 3 591 5 846 5 412 271 7 980 10 823 13 551 15 522 56 57 119 167 17 YoY 23 7 5 9 3 7 21 8 28 6 13 2 3 4 3 7
155. 1 1 7 0 8 25 1 11 1 8 7 7 0 6 4 2 7 44 7 56 6 2 8 16 0 15 5 11 4 1 8 24 8 21 6 3 390 4 185 3 395 4 145 3 540 4 162 3 601 4 558 3 625 45 3 8 000 21 3 17 000 1 151 1 266 1 188 1 120 1 029 1 098 1 074 1 016 1 045 642 700 761 762 695 717 824 866 696 1 397 1 404 1 425 1 490 1 469 1 552 1 592 1 676 1 482 851 764 474 491 741 754 678 634 932 573 636 533 591 464 490 436 721 568 535 812 433 1 288 551 894 506 1 014 450 154 410 395 201 352 420 179 252 355 yD 2 7 7 0 7 2 81 140 28D 5289E 521921 2 2 26 205 3288 26 26 3803 OS 47 S00 3 O74 3 O08 A 0 YoY 9 6 4 1 3 2 18 5 4 4 0 5 6 1 10 0 2 4 4 2 3 8 10 0 10 8 10 6 13 3 9 6 9 3 1 6 6 8 4 6 16 0 0 5 8 3 2 4 8 3 13 6 0 1 3 1 6 9 1 5 2 2 5 2 10 5 11 7 12 5 0 9 84 6 4 0 5 3 2 2 12 9 1 3 43 0 29 1 25 8 109 9 98 8 39 9 21 1 19 0 23 0 18 2 22 0 22 4 17 8 11 5 0 2 64 7 3 0 10 1 16 9 21 3 18 3 100 0 76 7 5 9 240 7 128 6 2 4 54 7 25 4 0 9 5 1 6 3 5 5 6 6 5 3 6 2 5 5 6 8 5 1 10 8 11 7 10 6 10 4 9 2 9 4
156. 11 532 11 437 12 103 YoY 2 4 0 9 5 2 5 0 5 7 7 3 3 0 6 0 7 8 1151 1266 1188 1120 1029 1098 1 074 1016 1045 YoY 4 2 3 8 10 0 10 8 10 69 13 3 9 69 _ 9 3 1 69 10 896 11 796 10 69 6 10 4 9 296 9 496 9 396 8 996 8 696 SR BEMS FM www sharedresearch jD Shared eseatche 08 76 R Shared Research Report 9787
157. 2 SR Windows XP 5 7 10 69 9 29 10 89 1 6 1 Windows XP PC
158. 2015 07 16 FYO2 11 FY02 12 FY02 13 FY02 14 FY02 15 FY02 15 Qi1 Q2 ek Q4 18 718 36 730 39 284 44 543 47 618 11 713 11 609 12 175 12 121 YoY 96 296 7 0 13 496 6 996 9 396 5 396 5 596 7 7 627 1 234 1 462 2 333 2 111 464 490 436 721 YoY 96 8 18 59 59 696 9 596 19 09 23 09 18 296 22 09 3 396 3 496 3 7 5 296 4 49 4 096 4 296 3 696 5 996 SR OO i Rt 7 8 FYO02 11 FY02 12 FY02 13 FY02 14 FY02 15 FY02 15 6 Pc5 opl ep2 Q4 17 1
159. 4 000 3 500 3 000 2 500 SR 9 600 2011 4 17 2 LED LED 2011 2 020 2012 3 700 2020 4 500 LED 260 7 400 2013 4 www sharedresearch jD sShared eS atche 32 76 R Shared Research Report 9787
160. 656 266 705 138 000 142 000 280 000 YoY 5 3 1 3 3 4 0 4 7 2 3 7 2 9 7 0 5 0 116 570 106 958 223 528 116 771 114 817 231 588 16 981 16 733 33 714 17 278 17 839 35 117 YoY 13 3 9 8 11 5 1 7 6 6 4 2 12 7 13 5 13 1 12 9 13 4 13 2 9406 9 193 18 599 9 575 19 256 7 0 7 4 7 2 7 1 2 7 575 7 540 15 115 7 702 8 159 15 861 8 000 9 000 17 000 YoY 6 5 11 1 8 7 1 7 8 2 4 9 3 9 10 3 7 2 5 7 6 1 5 9 5 7 6 2 5 9 5 8 6 3 6 1 7 571 7 521 15 092 7 725 8 218 15 943 8 000 9 000 17 000 YoY 6 3 11 1 8 6 2 0 9 3 5 6 3 6 9 5 6 6 5 7 6 1 5 9 5 8 6 2 6 0 5 8 6 3 6 1 4 147 4 014 8 161 4 380 4 345 8 725 4 500 4 900 9 400 YoY 5 1 12 6 8 7 5 6 8 2 6 9 2 7 12 8 7 7 SR 2016 2 2016 2 1 2 FM
161. 792 1 184 1 607 1 999 1 903 C 108 172 32 1 749 13 319 9 143 689 FCF NI A B C 5 556 6 319 7 522 6 324 5 180 17 737 9 977 SR 2013 2 LED 44 M amp A
162. eSeafch 57 76 R Shared Research Report 9787 gt LAST UPDATE 2015 07 16 2 2 2 FMS ee 140
163. 0 4 507 5 115 5 084 4 661 4 725 4 217 2 738 2 764 2 823 2 692 2 865 3 102 5 780 5 937 5 882 5 918 5 716 6 289 1 321 1 214 1 936 2 209 2 580 2 807 627 1 234 1 462 2 333 2 111 1 480 2 330 2 396 3 068 2 965 375 156 504 829 1 108 748 215 156 237 331 189 mil25 5 698 5 843 6 180 7 334 6 929 YoY 49 4 19 4 0 2 20 7 14 4 1 0 8 7 5 9 4 9 7 2 13 5 0 6 8 3 1 4 10 8 0 9 2 1 4 6 6 4 8 3 2 7 0 9 0 6 3 4 10 0 8 1 59 5 14 1 16 8 8 8 96 8 18 5 59 6 9 5 57 4 2 8 28 0 3 4 58 4 223 1 64 5 33 7 6 1 6 8 7 1 7 0 6 3 5 6 5 9 5 9 5 9 6 1 10 8 12 8 12 1 11 1 10 9 9 2 8 0 8 6 8 8 8 5 8 4 8 5 12 8 14 4 14 8 14 6 13 5 14 2 9 5 7 4 6 8 4 2 5 7 6 7 3 3 3 4 3 7 5 2 4 4 8 6 7 2 7 7 9 2 8 5 7 1 2 0 4 7 6 1 7 1 29 9 28 9 25 9 23 2 21 0 18 5 18 1 15 6 14 4 13 4 12 8 13 6 38 3 33 5 30 0 29 5 25 5 27 6 8 8 6 8 9 9 11 0 11 5 12 3 3 5 6 3 7 3 10 4 9 3 8 3 11 9 11 9 13 7 13 0 2 1 0 8 2 5 3
164. 05 3 424 3 664 3 853 3 932 67 180 266 418 562 756 689 395 386 401 460 527 641 698 1 621 1 549 1 410 1 383 1 394 1 519 1 640 12 153 12 183 11 324 12 190 T3217 14 440 15 022 1 53 56 59 62 137 148 42 44 45 107 115 122 130 93 97 101 166 177 259 278 SR Www sharedresearch jp Shared eSeafCh 33 76 R Shared Research Report gt ASEAN 9787 LAST UPDATE 2015 07 16 La 4 GMS 42 18 18 78 SR FYO02 10 FYO02 11 FYO2 12 FYO02 13 FYO02 14 52 54 61 69 77 25 44 61 95 101 22 23 24 2 033 2 294 2 370 2 532 37 55 61 42 24 27 29 29 30 236 279 302 339 25 41 95 180 101 2 456 2 862 3 044 3 325 70906 60
165. 1 288 551 894 506 1 014 YoY 8 5 9 896 5 99 9 8 17 896 11 5 0 2 64 79 3 096 10 19 6 16 996 21 3 6 0 8 59 5 8 10 2 7 1 9 3 5 8 13 4 6 6 9 4 6 3 11 2 SR 2014 2 65 www sharedresearch jD Shared ese atche 44 76 R Shared Research Report 9787 gt LAST UPDATE 2015 07 16 FYO2 13 FY02 14 FY02 15 Q1 ep ek Q4 Q1 Q2 ek Q4 Q1 Q2 ek Q4 2 072 2 218 3 509 3 024 2 964 3 433 3 604 3 550 3 460 3 859 3 735 4 468 YoY 23 0 13 596 62 496 38 7 43 196 54 8 2 7 17 496 16 7 12 4 3 696 25 996 40 191 293 20 323 312 117 308 369 179 252 YoY 33 296 92 596 69 19 6 596 300 096 14 296 42 696 115 496 1 9 8 62 8 3 0 796 2 6 9 496 8 796 3 3 6 8 99 6 9 62 4 8 5 6 SR
166. 1 Q2 Q3 Q4 Ql1 ep4 Q3 Q4 Ql1 6 4 Q3 Q4 10 122 10 084 10 205 10 108 10 539 10 485 10 642 10 654 10 942 10 960 11 129 11 256 YoY 1 796 2 19 1 896 1 296 4 196 4 096 4 396 5 49 3 8 4 596 4 696 5 7 1 441 1 508 _ 1446 1 523 1 397 1404 1425 1490 1469 1552 1592 1676 YOY 2 19 6 1 3 796 1 69 6 3 196 6 99 6 1 59 6 2 296 5 2 10 5 11 7 12 5 14 296 15 0 14 296 15 1 13 3 13 4 13 496 14 0 13 496 14 296 14 3 14 9 SR www sharedresearch jD Shared eseatche 42 76 R Shared Research Report 9787 gt LAST UPDATE 2015 07 16 5 SR
167. 11 796 10 696 10 4 9 296 9 49 9 3 8 9 SR BEMS TE 2016 2 2015 4 400 ESCO
168. 13 FY02 14 FY02 15 Palw Ql1 Q2 Q3 Q4 Ql1 4 Q3 Q4 Ql1 Q2 7 508 8 571 7 419 7 702 7 498 8 716 7 479 9 636 8 330 YoY 4 0 2 1 5 9 1 6 0 1 1 7 0 8 25 1 11 1 454 728 432 782 535 812 433 1 288 551 YoY 8 596 9 8 5 9 9 8 17 8 11 5 0 2 64 7 3 0 6 0 8 596 5 896 10 296 7 1 9 3 5 896 13 496 6 696 SR 2014 2 4 FY02 13 FY02 14 FY02 15 6 Pb Q1 ep ek Q4 opl ep ek Q4 opl Q2 2 072 2 218 3 509 3 024 2 964 3 433 3 604 3 550 3 460 YoY 23 0 13 5 62 4 38 7 43 1 54 8 2 7 17 4 16 7 40 191 293 20 77 323 312 117 308 YoY 33 2 92 5 69 1 6 5 300 0 1 996 8 696 8 3 0 7 2 6 9 4 8
169. 2 SR FM SR 2015 2 JA 17 JA 2014 3 111 61 www sharedresearch jD Shared eseatrche 12 76 R Shared Research Report 9787 LAST UPDATE 2015 07 16
170. 2 623 11 924 49 035 48 670 10 551 8 974 1 688 80 20 131 16 281 56 31 824 1 024 20 956 17 306 28 079 31 364 6 668 7 031 2 087 1 966 5 255 4 169 1 744 111 20 3 20 3 19 9 18 9 54 1 64 2 Shared 170 905 219 797 21 8 28 6 23 989 28 631 13 6 19 4 14 0 13 0 12 031 13 762 20 7 14 4 7 0 6 3 12 089 13 784 22 0 14 0 7 1 6 3 6 495 6 912 18 8 6 4 3 8 3 1 54 170 54 170 143 132 142 132 39 40 1 006 1 096 13 098 9 707 64 524 72 486 3 756 3 7 73 4 766 4 276 11 577 12 272 84 624 92 809 22 424 23 720 49 41 30 724 33 643 6 IUo 1 012 983 31 737 34 626 52 887 58 182 6 808 9 639 3 000 10 051 321 2 722 55 56 18 1 15 5 15 5 12 5 62 3 61 9 eSeafcHh lt 4 358 7 086 2 257 15 14 4 12 5 62 6 21 359 16 632 2 475 5 14 2 12 3 62 0 17 234 11 365 2 594 13 4 12 0 59 8 03 76 R Shared Research Report 9787 gt LAST UPDATE 2015 07 16 2015 7 16 2015 7 8 2016 2 1 2016 2 1 2015 5 1
171. 207 5 CF 29 4 31 3 38 6 29 0 30 0 12 7 57 5 40 1 40 7 27 6 34 6 60 4 63 5 43 4 63 1 73 4 CF 26 0 31 8 40 6 21 5 27 8 12 1 52 3 35 5 14 0 14 3 14 8 10 4 8 2 18 5 20 3 12 3 966 108 172 32 l 749 13 319 9 143 689 SR www sharedresearch jD Shared eSeafCh 29 76 R Shared Research Report gt mm 9787 LAST UPDATE 2015 07 16 6 7 FY02 08 FY02 09 FY02 10 FYO02 11 FY02 12 FY02 13 FYO02 14 6 a YOY
172. 3 54 3 8 4 5 4 69 5 7 6 5 1397 1 404 1425 1490 1469 1552 1 592 1 676 1 482 YoY 3 1 6 9 1 59 2 2 5 29 10 5 11 7 12 5 0 9 13 3 13 4 13 49 14 0 13 49 14 29 14 3 14 99 12 7 SR 20 FYO02 14 FY02 15 FY02 16 4 Plgb Qi1 Q2 Q3 Q4 Qi1 Q2 Q3 Q4 Qi e Q3 15 888 13 929 8 254 7 559 11 858 11 133 9 366 9615 13 059 YoY 43 4 26 2 47 79 6 3 0 25 4 20 19 6 13 5 27 2 10 1 851 764 474 2491 741 754 678 634 932 YoY 84 6 4 0 5 3 2 29 12 9 1 396 43 0 29 196 25 89 5 4 5 5 7 6 5 6 2 6 8 7 2 6 6 1
173. 3 1 288 551 894 506 YoY 8 596 9 896 5 996 9 896 1 896 11 596 0 296 64 796 3 096 10 196 16 996 6 09 8 596 5 896 10 296 196 9 396 5 896 13 496 6 696 9 496 6 396 SR 2014 2 3 FYO2 13 FY02 14 FY02 15 e Qi1 ep Q4 Qi1 Q2 ek Q4 Qi Q2 ek 2 072 2 218 3 509 3 024 2 964 3 433 3 604 3 550 3 460 3 859 3 735 YoY 23 0 13 5 62 4 38 7 43 1 54 8 2 7 17 4 16 7 12 4 3 6 40 191 293 20 77 323 312 117 308 369 179 YoY 33 2 92 5 69 1 6 5 300 0 14 2 42 696 1 9 8 6 8 396 0 7 2 696 9 496 8 7 3 3 8 9 9 6 4 896 SR 51 29
174. 5 0 5 1 1 4 4 0 5 3 0 2 3 3 5 5 2 3 6 5 6 4 0 5 1 3 7 7 7 0 3 2 6 2 8 7 3 1 1 7 4 4 4 6 10 4 25 0 18 2 73 6 86 1 14 0 8 0 96 2 7 0 13 4 6 9 87 8 3 3 6 8 4 5 62 8 7 4 2 6 51 4 35 6 25 2 14 5 8 330 9 946 9 970 12 031 13 762 13 901 15 115 15 861 17 000 4 507 5 115 5 084 4 661 4 725 4 217 2 738 2 764 2 823 2 692 2 865 3 102 5 780 5 937 5 882 5 918 5 716 6 289 1 321 1 214 1 936 2 209 2 580 2 807 627 1 234 1 462 2 333 2 111 1 480 2 330 2 396 3 068 2 965 375 156 504 829 1 108 748 215 156 237 331 189 2 5 698 5 843 6 180 7 334 6 929 YoY 49 4 19 4 0 2 20 7 14 4 1 0 8 7 4 9 7 2 13 5 0 6 8 3 1 4 10 8 0 9 2 1 4 6 6 4 8 3 2 7 0 9 0 6 3 4 10 0 8 1 59 5 14 1 16 8 8 8 96 8 18 5 59 6 9 5 57 4 2 8 28 0 3 4 58 4 223 1 64 5 33 7 6 1 6 8 7 1 7 0 6 3 5 6 5 9 5 9 6 1 10 8 12 8 12 1 11 1 10 9 9 2 8 0 8 6 8 8 8 5 8 4 8 5 12 8 14 4 14 8 14 6 13 5 14 2 9 5 7 4 6 8 4 2 5 7 6 7 3 3 3 4 3 7 5 2 4 4 8 6
175. 5 596 5 796 396 3 096 6 096 5 115 5 084 4 661 4 725 4 217 1 029 1 098 1 074 1 016 YoY 13 596 0 696 8 396 1 496 10 896 10 696 13 396 9 696 9 396 12 896 12 196 11 19 10 996 9 296 9 296 9 496 9 396 8 996 SR 24 365 SC 15 11
176. 6 R Shared Research Report 9787 gt LAST UPDATE 2015 07 16 FY02 08 FYO02 09 FYO02 10 FYO02 11 FYO02 12 FYO02 13 FYO02 14 FYO02 15 FYO02 16 Pelg 120 000 145 000 150 000 181 000 213 000 260 000 260 000 270 000 280 000 137 519 145 690 140 299 170 905 219 797 248 876 257 243 266 705 14 6 0 5 6 5 5 6 3 2 4 392 1 196 1 29 9 100 10 100 12 050 14 300 16 600 15 500 16 000 17 000 8 330 9 946 9 970 12 031 13 762 13 901 15 115 15 861 9 326 1 32 6 0 29 3 826 16 32 6 2 59 6 0 9 6 800 9 000 9 900 12 105 14 300 16 600 15 500 16 000 17 000 8 186 9 812 9 912 12 089 13 784 13 892 15 092 15 943 20 4 9 0 0 1 0 1 3 6 16 3 2 6 0 42 3 600 4 600 5 200 6 470 7 600 8 700 8 300 8 600 9 400 4 379 4 876 5 466 6 495 6 912 7 509 8 161 8 725 21 6 6 0 5 1 0 4 9 1 13 7 1 72 1 5
177. 6 3 7 18 1 4 6 0 0 6 0 12 0 2 6 3 3 6 6 6 5 1 6 2 5 6 6 6 5 4 6 2 5 5 6 8 5 2 a 5 8 6 1 1 858 2 289 1 657 2 357 2 015 2 365 2 003 2 342 2 078 46 2 4 500 22 1 9 400 YoY 4 0 6 1 6 1 17 6 8 4 3 3 20 9 0 6 3 1 5 2 7 7 7 2 8 3 4 2 7 3 8 3 0 3 5 3 1 3 5 2 9 a 3 3 3 4 sp P Ql Q2 er Q4 ojl Q2 Q3 Q4 el Ce 66 711 66 841 61 256 62 435 66 475 67 574 65 237 67 419 70 529 51 1 138 000 25 2 280 000 10 622 10 848 11 198 10 790 11 228 11 642 11 532 11 437 12 103 8 438 8 367 8 481 8 956 8 935 8 891 9 305 9 491 9 306 10 539 10 485 10 642 10 654 10 942 10 960 11 129 11 256 11 656 15 888 13 929 8 254 7 559 11 858 11 133 9 366 9 615 13 059 10 721 11 023 11 542 11 257 11 713 11 609 12 175 12 121 12 080 7 498 8 716 7 479 9 636 8 330 9 471 8 003 9 021 8 107 3 002 3 473 3 660 3 583 3 466 3 870 3 726 4 470 4 215 YoY 13 9 2 0 6 7 10 5 0 4 1 1 6 5 8 0 6 1 2 4 0 9 5 2 5 0 5 7 7 3 3 0 6 0 7 8 6 8 5 8 6 5 11 5 5 9 6 3 9 7 6 0 4 2 4 1 4 0 4 3 5 4 3 8 4 5 4 6 5 7 6 5 43 4 26 2 47 7 3 0 25 4 20 1 13 5 27 2 10 1 12 6 12 8 14 8 13 3 9 3 5 3 5 5 7 7 3 1 0
178. 7 3 3 8 9 SR 2 5 2014 2 2014 4 8 2014 2 www sharedresearch jD 61 76 R Shared Research Report 9787 gt LAST UPDATE 2015 07 16 2014 2 4 10 257 243 3 4 p 15 115 8 7 gt 15 092 8 6 p 8 161 8 7 3
179. 7 4 9 SR www sharedresearch jD Shared eSeafch 39 76 R Shared Research Report 9787 gt LAST UPDATE 2015 07 16 5 2015 2 1 2 5 3 70 60 2014 2 72 69 4 2013 2 76 6 4 2015 2 27 69 SR 2015 2
180. 7 3 3 0 1105 1220 1080 1256 1151 1266 1 188 1120 1029 1 098 1074 YoY 16 0 8 8 15 2 8 7 42 3 8 10 0 10 8 10 69 13 3 9 6 10 7 11 3 10 1 ZZ96 10 8 NG 10 6 10 4 9 2 9 4 9 396 SR BEMS 3 5 3 11 29 1 2015 2 PC 2 PR 3 1 2015 2 2 3
181. 8 2 079 2 487 2 516 475 284 284 284 282 278 278 13 15 1 009 35 182 108 72 209 345 2 602 2 741 3 756 3 773 3 796 4 258 4 361 11 974 E205 10 546 11 249 10 601 10 078 9 069 649 629 1 031 1 023 1 520 1 609 1 867 12 623 11 924 11 577 12 272 12 321 11 687 10 937 1 730 2 050 2 983 2 577 2973 3 897 3 768 34 289 278 406 288 254 284 1 566 1 779 1 701 1 51 7 2 196 1 97 7 2 KS0 172 141 196 224 200 SY SD 3 658 3 977 4 766 4 276 5 257 5 829 6 268 18 885 18 644 20 100 20 322 21 375 21 775 21 567 49 035 48 670 84 624 92 809 100 699 112 122 126 044 10 551 8 974 22 424 23 720 24 544 26 701 30 902 g 1 688 80 49 41 10 5 7 892 2271 8 251 9 882 10 401 12 600 5 38 20 131 16 281 30 724 33 643 34 955 39 306 46 640 6 31 6 5 5 768 993 1 006 968 1 190 1 500 1 908 824 1 024 1 012 983 1 195 1 500 1 908 20 956 17 306 31 737 34 626 36 151 40 806 48 549 3 238 3 238 3 238 3 238 3 238 3 238 3 238 2 963 2 964 18 741 T8793 18 770 18 818 18 850 20 652 25 366 050S 35 285 40 539 46 235 52 388
182. 88 32 280 31 200 33 329 34 825 8 330 9 471 8 003 9 021 YOY 87 8 3 396 6 896 4 596 11 19 8 7 7 0 6 496 1 480 2 330 2 396 3 068 2 965 551 894 506 1 014 YoY 57 4 2 896 28 09 496 3 096 10 196 16 996 21 39 8 696 296 7 7 9 296 8 596 6 696 9 496 6 396 11 296 SR 4 11 2014 2 7 3 2010 9 66 4 FYO02 11 FYO2 12 FY02 13 FY02 14
183. 9 3 5 896 13 49 6 696 9 49 SR 2014 2 FY02 13 FY02 14 FY02 15 6 Pb Q1 ep Q3 Q4 Ql1 ep Q3 Q4 Ql1 Q2 2 072 2 218 3 509 3 024 2 964 3 433 3 604 3 550 3 460 3 859 YoY 23 0 13 5 62 4 38 7 43 1 54 8 2 7 17 4 16 7 12 4 40 191 293 20 77 323 312 117 308 369 YoY 33 2 92 5 69 1 6 5 300 0 14 2 1 9 8 6 8 3 0 7 2 6 9 4 8 7 3 3 8 9 9 6 SR 400 6 3 677 9 2 900 54 9
184. 9 3 8 9 8 6 7 6 8 4 9 0 8 5 7 8 8 1 8 9 9 1 7 5 13 3 13 4 13 4 14 0 13 4 14 2 14 3 14 9 12 7 5 4 5 5 5 7 6 5 6 2 6 8 7 2 6 6 7 1 5 3 5 8 4 6 5 3 4 0 4 2 3 6 5 9 4 7 7 1 9 3 5 8 13 4 6 6 9 4 6 3 11 2 5 6 5 1 11 8 10 8 5 6 10 2 10 9 4 8 5 6 8 4 21 7 21 1 22 8 18 8 19 4 18 5 20 3 16 4 18 9 12 1 11 7 14 6 12 8 13 1 12 1 15 6 14 0 12 6 26 3 23 4 27 4 25 1 27 7 26 2 30 1 27 1 26 8 16 0 12 8 9 1 8 3 14 0 12 7 12 8 10 3 16 9 10 8 10 6 10 2 9 9 8 8 8 3 8 2 11 7 10 3 10 1 13 6 8 3 21 7 10 4 15 1 9 6 16 4 8 1 2 9 6 8 7 6 3 4 6 6 7 1 3 4 4 1 6 4 SR Www sharedresearch jp Sharedd eSeafch 05 76 R Shared Research Report 9787 LAST UPDATE 2015 07 16 2016 2 1 2015 7 8 1 Q1 70 529 6 1 3 625 2 49
185. AST UPDATE 2015 07 16 SPP 227 HP www sharedresearch jD Shared ese atche 38 76 R Shared Research Report gt LAST UPDATE 2015 07 16 2015 2 2015 4 9 FY02 08 FYO2 09 FYO2 10 FYO2 11 FYO2 12 FYO2 13 FYO2 14 FYO2 15 FY02 16 137 519 145 690 140 299 170 905 219 797 248 876 257 243 270 000 266 705 280 000 YoY 23 7 5 9 3 7 21 8 28 6 13 2 3 4 5 0 3 7 5 0 18 827 20 955 21 118 23 989 28 631 30 227 33 714 35 117 YoY 18 1 11 3 0 8 13 6 19 4 5 6 11 5 4 2 13 7 14 4 15 1 14 0 13 0 12 1 13 1 13 2 10 496 11 008 11 148 11 957 14 868 16 326 18 599 19 256 YoY 1 2 4 9 1 3 7 3 24 3 9 8 13 9 3 5 7 6 7 6 7 9 7 0 6 8 6 6 7 2 7 2 8 330 9 946 9 970 12 031 13 762 13 901 15 115 16 000 15 861 17 000 YoY 49 4 19 4 0 2 20 7 14 4 1 0 8 7 5 9 4 9 7 2 6 1 6 8 7 1 7 0 6 3 5 6 5 9 5 9 5 9 6 1 8 186 9 812 9 912 12 089 13 784 13 892 15 092 16 000 15 943 17 000 YoY 49 2 19 9 1 0 22 0 14 0 0 8 8 6 6 0 5 6 6 6
186. FY02 15 Qi1 Q2 Q3 Q4 Qi1 Q2 Q3 Q4 Qi1 Q2 9 525 9 769 10 057 9 933 10 721 11 023 11 542 11 257 11 713 11 609 YoY 5 1 4 5 7 39 6 11 1 12 6 12 8 14 8 13 3 9 3 5 3 273 320 381 488 573 636 533 591 464 490 YoY 6 2 21 89 41 69 63 2 109 9 98 8 39 996 21 19 6 19 0 23 0 2 9 3 3 3 8 4 9 5 3 5 8 4 6 5 3 4 0 4 2 SR www sharedresearch jD s Shar eSeafCh 56 76 R Shared Research Report 9787 gt LAST UPDATE 2015 07 16 FYO02 13 FYO02 14 FY02 15 Palw D Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Ql1 Q2 7 508 8 571 7 419 7 702 7 498 8 716 7 479 9 636 8 330 9 471 YoY 4 0 2 196 5 996 1 696 0 196 1 796 0 896 25 196 11 1 8 796 454 728 432 782 535 812 433 1 288 551 894 YoY 8 596 9 896 5 996 9 8 17 896 11 59 0 296 64 796 3 096 10 196 6 096 8 596 5 896 10 296 7 196
187. FY02 15 FY02 15 PlcD Q1 ep4 Q3 Q4 5 271 7 980 10 823 13 551 15 522 3 460 3 859 3 735 4 468 YoY pg28590 51 4 35 696 25 296 14 596 16 796 12 496 3 6 25 996 3 5 156 504 629 1 108 308 369 179 252 YoY 58 4 223 1 64 5 33 7 300 0 14 2 42 69 115 4 7 1 2 0 4 7 6 1 7 1 8 9 9 6 4 8 5 6 SR BPO Business Process Outsourcing M amp A BPO www sharedresearch jD sShared eS atche 27 76 R Shared Research Report 9787 LAST UPDATE 2015 07 16 BtoBtoC FMS
188. LAST UPDATE 2015 07 16 9787 Research Report by Shared Research Inc sr_inquiries sharedresearch jp R Shared Research Report 9787 LAST UPDATE 2015 07 16
189. YoY 18 1 13 7 8 330 YoY 49 4 6 1 8 186 YoY 49 2 6 0 4 379 YoY 46 1 3 2 41 400 EPS 110 EPS DPS 25 BPS 567 7 673 28 764 1 885 3 411 13 356 47 418 10 293 g 22 533 2 395 24 929 22 512 6 472 2 190 6 094 ROA 17 3 ROE 21 0 47 4 SR Www sharedresearch jp 145 690 140 299 5 9 3 7 20 955 21 118 11 3 0 8 14 4 15 1 9 946 9 970 19 4 0 2 6 8 7 1 9 812 9 912 19 9 1 0 6 7 7 1 4 876 5 466 11 3 12 1 3 3 3 9 41 400 41 400 123 138 123 138 22 27 669 788 6 991 7 964 30 150 30 026 2 602 2 741 3 658 3 977 1
190. red Research Report 9787 gt LAST UPDATE 2015 07 16 FYO02 13 FY02 14 FY02 15 a Q1 Q2 ek Q4 Q1 Q2 0Q3 Q4 Q1 Q2 9 525 9769 10 057 9933 10 721 11 023 11 542 11 257 11 713 YoY 5 1 4 596 7 3 11 1 12 6 12 8 14 8 13 3 9 396 273 320 381 488 573 636 533 591 464 YoY 6 2 21 896 41 6 63 2 109 99 6 98 896 39 9 21 1 1 19 0 299 390 690 4 990 5 3 5 8 4 6 5 3 4 0 SR 9 3 19 FY02

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