多摩川ホールディングス（6838）
Contents
1. 12. 2 100m 750Kw 1 125kw 1 6 6 40 kWh 15 250 6 800 000kwh 2015 1 30 2015 1 16
3. Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 4 20 2012 6 9 GP 1
4. 92 2014 12 26 2015 7 6
5. 159 2013 55
6. Photovoltaic Power Generation P V 2013 10 79 1 0 2011 0 29 2012 0 49 2014
7. SR Inc SR Inc Shared Researcn SR Inc
8. 24 2014 32 kW 10Kw 20 40 kW 15 000Kw 15
9. 2014 5 29 14 439 1 1 000 1 7 918 114 328 002 14 439 000 2014 3 31 35 0 4 648 174 002 4 622 174 002 1 314 12 377 2 062 gt WW Sh ared esearch http
10. kW kW kW 330 70 270 10kW 2013 3 190 9 30 500kW kW 56 kW 250 280 20 250 10kW 9 30 1 790 1 760 800 10kW 1 370 9 24 390 500
11. 2014 12 2015 8 Sh aredd Mesearch http www sharedresearch jpD Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 4 20 i
12. SR 15 3 16 3 SR 3 420 3 700 4 300 5 9 8 2 16 296 1 584 1 800 4 800 68 2 13 6 166 7 5 004 5 500 9 100 20 0 9 9 65 5 412 400 430 9 1 2 9 7 5 104 400 1 150 352 29 284 6 187 59 517 800 1 580 8 4 54 7 97 5 2455 640 1030 4 2 40 7 60 9 SR
13. 30 2013 4 500kW 500KW 70 KW 30 30 30
14. 13 640m 120 2014 8 4 17 000m 1 200Kw 130 Kwh 1 kWh 36 20 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research
15. http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 4 20 GP A GP B GP C GP D 1009 153 000m 10MW 20 36 kWh 390 10 852 814 kWh 2015 3 24
16. 2 235 2 79 327 3 9 3 79 8 144 8 Ace
17. KLab J GCA
18. 40 KWh 2014 6 2012 7 2014 6 6 604 KW 2014 6 850 KW 13 24 2012 4 2013 3 10kW 400kW 2014 3
19. 900 90 Sh ared hesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 4 20 59 63 8 15 21 2 0MW 1 3MW 2015 3 3
20. 90 153 2015 1 19 2017 1 18 2 5
21. 2012 1KW 40 0 2013 36 0 2014 32 0 20 SR 1MW 1 000 1 400MWh 2012 40 0 1 0 40 0 259 0 75 50
22. 2 2014 6 26 2014 6 2 ISE
23. SR 2014 5 2012 7 Sh ared hesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 4 20 2014 12 12
24. LTE NTT 1 9437 LTE 2013 3 24 400 2014 3 55 300 2015 3 95 300 KDDI 1 9433 2014 3 3 443 2015 3 3 800 Sh aredd Mesearch http www sharedresearch jpD Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 4 20 2012 3 2013 3 2014 3 2015 3 FOMA w 700MHz 15 1 SoftB
25. 779 2 8 776 12 2 92 13 7 2014 5 2014 Sh ared hesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 4 20 2014 3 141
26. 2014 9 30 2014 2014 10 SR
27. 10 0MW 390 2016 3 Shared Gxcscarch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 4 20 uk SR 2013 3 1 6MW 24 081m 440 77 2 0MW 35 386m 637 96 4 RZ 36 1 3MW 5000m 488 56 4 2016 3 1 0MW 12 000m 299 48 2016 3 5 5MW 100 000m 238 4 wm rm
28. 2005 30 2012 3 Ace 2013 5 Ace Technologies Corp Ace Ace
29. 2015 1 16 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 4 20 10 000 2 200 1 1 960 10 000 000 1 1 000 2 200 2 184 20 2 180 1 218 2015 1 16
30. 5 5MW GP 2 100 10 5 5MW 20 36 kWh 2 5 6 790 566kwh 6MW 5 5MW 2014 8 2014 8 29 Sh ared hesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 4 20
31. RPS 2004 2005 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 4 20 2009 1 2009 2 2009 11
32. 2015 2 23 2015 3 35 386 m Kw 1 999 Kw 40 kwh 20 9 500 20 1 860 2015 2 12 2015 3 3 2015 3 3 3 amp sSh ared
33. 2014 3 2 Shared esearch lp http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 4 20 2014 1 200 2014 3 200 2014 6 100 2015 2 2 0MW 901 2014 12
34. Sh ared hesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 4 20 10 09 1KW 36 0 2013 2013 4 2014 3 1 40 2013 12 1MW 300 13 3 1 2MW 330 30 0 1 38 11 5 2014 3 10 7 20
35. 92 2014 12 2015 1 2 200 Sh aredd Mesearch http www sharedresearch jpD Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 4 20 1968 2012 3 2014 3 1
36. SR 09 3 3 870 4 299 11 1 129 68 153 0 71 128 279 9 63 408 747 9 10 3 3 389 2 803 17 3 139 227 263 3 133 224 268 7 133 570 528 8 11 3 3 110 2 640 15 1 191 286 249 9 179 284 258 8 179 351 296 3 12 3 2 980 3 106 4 2 22 30 234 9 18 24 233 0 13 37 384 6 SR Research Report 2015 4 20 13 3 14 3 3 378 3 672 8 7 69 373 441 196 65 375 476 596 60 340 466 396 4 504 4 171 7 496 493 477 3 296 488 478 2 096 449 436 2 896 2009 3 2012 3 SR
37. 2 9318 14 79 2009 2009 3 2011 3 2010 2 144 2011 3 2013 3 2 2012 3 2011 6
38. 2014 12 26 2014 12 2014 12 26 6 Sh aredd Mesearch http www sharedresearch jpD Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 4 20 2014 12 26 kW 125kW 2014 12 26
39. 5 20 1 250 2015 1 2015 3 _ 879 2015 1 2016 3 4 127 2015 1 2016 3 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Repor
40. 24 2014 8 24 1 868 kW 182 kW 270 kW 880 kW 270 kW 25 2014 8 SR Sh ared hesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved
41. Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 4 20 TAMAGAWA ELECTRONICS VIETNAM CO LTD 50 000 000 100 2014 11 18 2013 5 29 amp
42. 2014 12 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 4 20 2011 6 ACE
43. 467 179 1 32 29 3 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 4 20 2013 7 36 21 3 3 29 59 4 196
44. Ace SR Ace Sh ared GYcsea ch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 4 20 Ace 30 2014 3 4 Ace 2014 3 21 3
45. 2 738 7 8 848 15 1 317 25 6 319 32 3 305 23 2 3 60 8 64 29 4
46. ISE ISE Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 4 20 SR ISE 1 kWh 36 10 27 1 419 964 m 76 5MW 1 kWh 32 30 SR ISE 2016 3
47. SR Inc SR Inc SR Inc SR Inc SR tnc 3 31 12 03 5834 8787 http www sharedresearch jp Email info sharedresearch jp Sh aredd Mesearch http www sharedresearch
48. 2018 1 31 100 2015 2 3 36 13 11 070 m 13 650Kw 13 36 kWh 20 2015 2 3 2015 1 29
49. 2009 3 2011 3 2012 3 2013 3 36 2014 3 2012 3 100 2009 3 17 2010 3
50. 2014 5 1KW 37 10 k W 2012 7 2012 1 40 20 2013 1 36 2014 32 3
51. SR 2013 3 5 192 2014 3 618 2014 3 1 146 2008 3 2 055 2012 3 761 2012 3 1 372 2013 3 5 2013 1 2 136 4 843 2013 3 1 843 2014 3
52. 2013 3 3096 2014 3 409 2015 3 409 2015 3 TAMAGAWA ELECTRONICS VIETNAM CO LTD 25 2014 5
53. 2014 5 8 ISE ISE ISE
54. 7 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 4 20 10KW 2012 1KW 40 0 2013 36 0 2014 32 0 3 IRR 1 2 6 IRR 10KW 2012
55. 2016 3 1 534 107 59 293 37 1 18 32 2015 3 1 020 104 3 28 8 4 2015 1 3
56. 2011 8 2012 7 5 2014 5 10KW 10KW 10KW 10KW 2009 1KW 48 10
57. 4 SR 2014 3 2013 10 4 2013 3 3 000 000 13 753 000 3 2013 3
58. 1 4 6 2 7 9 2 11 2 52 1 16 3 696 67 79 Sh ared hesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 4 20 1 7 11 99 46 105 152 58 4 136
59. Sh ared hesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 4 20 2013 9 98 4 37 9 98 2014 5 1KWh 15 SR sSh ared 1 ch lp http www sharedresearch j
60. 2013 6 1MW 2014 12 GP 1 GP 6 GP A GP D 10 1MW 260 320
61. 1 999kW 20 42 kWh 9 500 20 18 6 000 4 500 20 9 5 000 2015 2 2014 5 8
62. NTT 3 480 3 520MHz 2016 10 KDD1I 3 520 3 560MHz 2016 6 3 560 3 600MHz 2016 12 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 4 20
63. DIC TOKAI
64. shared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 4 20 150 2014
65. 2012 4 2012 3 2012 2 2014 6 GPPV 201 3 3 2012 4 6 2014 6
66. 2014 100 1 2014 11 11 4MW IRR IRR 13 49 3 221 2014 12 ISE
67. 1 0MW 2 0MW Sh ared hesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 4 20 8 1 1 2013 4 Tamagawa HD Vision 2018 2018 3 10 000 2096 ROE20 SR 2017 3 9 000 1 600 1 000
68. 10MW 390 2016 3 15 61 6MW 43 6MW 14 280 Sh ared hesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 4 20 CF RGM Ni MW
69. 1 kWh 36 10 27 1 419 964 m 76 5 1 kWh 32 30 Sharedd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 4 20 ISE ISE ISE
70. 2015 3 15 000 m Kw 1 300Kw 36 kwh 20 6 000 20 1 180 2015 3 11 2015 3 5 2015 3 5 004 4 534 517 506 507 489 455 450 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 4 20
71. 9 2014 11 11 4MW SR Sh aredd Mesearch http www sharedresearch jpD Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 4 20 515 2015 2 2015 3 1 3MW 1 0MW 5 5MW 2016 3 4 2014 12 3 ISE
72. Sharedd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 4 20 1 Kw 125Kw 6 750Kw 7 875Kw 125Kw 1 7
73. 2015 3 1 584 68 3 129 308 7 1 505 69 1 109 112 7 2014 3 CSR 1 2Mw 900 535 365 79 53 3 20 20
74. 260 14 59 2 670 4 9 2 748 22 9 435 33 0 3 4 12 2015 3 370 2015 3 3 10 12 4 2015 1 3
75. SR Weaknesses 2014 2 2013 12 7
76. 5 34 0 1 8 583 116 436 320 3 38 0 2 8 325 1 655 6 850 5 185 6 33 6 14 1 4 878 975 4 920 3 945 1 36 0 24 0 8 975 1 791 6 620 4 829 15 36 1 61 6 22743 4548 18 829 14 280 SR SR 2014 3 2014 1 200 2014 3 200 2015 2 2 0MW 901
77. Etrion Corporation Etrion Etrion Etrion 130MW NASDAQO OMX 2014 12 26
78. 11 3 14 296 16 6 11 8 0 7 31 2 2 3 75 6 96 6 90 5 77 5 85 9 77 4 19 441 890 2215 0 101 8 0 6 12 0 21 3 a 5 52 4 299 2 803 2 640 3 106 3 672 4 171 7 1 34 8 5 8 17 7 18 2 13 6 162 292 236 63 375 480 a 497 4 28 1 53 100 4 100 7 24 54 51 5 5 14 5 10 7 5 a 20 8 5 58 3 x OSM 0 4 1 212 290 283 9 387 512 144 63 6 16 11 3 4 2 35 68 227 286 30 373 477 a 6 27 8 SR 2014 3 http www sharedresearch jp C
79. 2015 3 30 Etrion Corporation Etrion Corporation Etrion Lundin Group Lundin Group 154 11 25 Etrion Lundin Group 249 Lundin Group Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 4 20 MT UmUlTB mdin Mining Lucara Dinmomd Fortress inerals sm emisom Mimes Etrinm Corporationm a Africa Chil BlackPearl Resources a Horm Fetroleum
80. 2012 12 i 2013 2013 2014 3 1KW 36 20 2014 2014 4 2015 3 1KW 32 1KW 30 1KW 159 25
81. 2014 12 2015 1 2 200 200 300
82. 3 2015 2000 20 2005 2012 32GW 31 2010 2012 3 7GW 2012 6 2013
83. 2014 3 2016 LTE Advanced 2020 PM2 5
84. 2013 3 309 2014 3 3596 845 27 3 890 83 0 54 5 5 2013 7 52 20 12 Sh ared hesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 4 20 2014 3 3 3
85. 1 250 000kwh 2014 7 8 2013 11 5 2014 6 2014 6 30 2014 6 30 100 2014 6 30 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 4 20 1 350 2014 6 27
86. 15 000m 125 2014 11 1 300Kw 170 Kwh 1 kWh 36 20 2014 8 4
87. 2 Sh aredd Mesearch http www sharedresearch jpD Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 4 20 amp 2015 2 2015 2 6
88. 14 2 162 2008 3 90 356 096 49 2008 3 28 6 127 108 239 408 408 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 4 20 2010 3 2 803 34 8 226 68 16 6
89. 10 20 2014 LTE WiMAX Wi Fi LAN 2012 7 2015 2010 20 8 1 84 39 1 2 08
90. 2015 4 20 2015 4 7 875Kw 1 125Kw 1 2015 3 2015 4 2
91. 2013 3 390 2014 3 1 764 2009 3 451 2012 3 133 2013 3 97 564 2014 3 30 2009 3 1 3 2011 3 2 0 SR 2012 3 2014 3 1 4 2008 3 844 2012 3 30
92. 2015 3 5 004 20 0 517 8 4 507 6 0 455 4 2 2015 3 5 470 10 4 11 2 2 18 3 7 5 1 1 esearch lp http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 4 20 3 420 5 9 465 3 2
93. 500kW SR Sh ared hesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 4 20 SR
94. 1 843 2013 3 554 47 170 100 783 2014 3 450 875 sSh ared 1 ch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 4 20 1968 2005 2012 2007 2007
95. 2015 1 2 200 2013 6 PPS Power Producer and Supplier PPS 2000
96. 6838 SR Research Report 2015 4 20 10 17 5 10 4 8 0 5 4 4 6 3 4 2 6 2 596 2 4 2 3 SR 2014 3 shared esearch lp http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 03 6435 6933 1970 5 7 HP http www tmex Co jJD index html IR TIR SR Research Report 2015 4 20 105 0013 1 6 15 1 JASDAO 1999 8 31 3 IR httDp www tmex CO D ir info html IR Sh ared esear ch
97. 2014 12 26 2014 12 16 2016 3 2015 3 GP A GP B GP C GP D 100
98. 360 15 000m 1 3MW 20 36 kWh 60 1 733 518kWh 2014 11 2014 11 25 2015 3 31
99. 2013 3 http www sharedresearch D Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 4 20 09 3 10 3 11 3 12 3 13 3 14 3 820 665 493 56 390 1 764 1 033 915 663 864 1 345 1 112 345 275 328 299 328 347 47 63 45 74 52 197 2 245 1 918 1 530 1 293 2 114 3 421 162 132 94 80 87 114 88 36 5 1 58 87 1 151 997 959 899 884 908 451 295 205 133 564 718 251 69 23 8 14 19 16 20 7 9 13 19 267 89 30 18 27 38 25 25 1 19 22 14 12 47 39 1 31 765 423 235 150 593 788 3 010 2 341 1 766 1 445 2 709 4 210 511 443 430 364 386 474 108 39 31 48 108 86 g 507 433 203 30 40 323 99 111 220 156 173 247
100. MCAInc http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 4 20 2014 3 449 28 28 13 3 P j 5 3 155 3 233 1 924 1 422 26 1 44 09 504 905 79 69 28 0 727 906 24 6 28 0 SR 60 40 1990
101. 2013 7 3 6 23 13 50 2014 3 2013 3 3 671 18 2 373 29 374 23 339 37 3 155 31 1 374
102. 187 26 8 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 4 20 5 414 320 9 47 22 2
103. 2014 1 2014 1 24 2014 2 28 2014 3 1 1 3 13 753 000 41 259 000 SR 2013 12 sSh ared lesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved
104. 21 2 32 85 2 10 25 2015 3 25 10 7 sSh ared 1 ch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved shared 6838 SR Research Report 2015 4 20 2015 3 14 3 15 3 1 820 2 351 4 171 3 080 5 004 1 274 1 699 2 973 547 652 1 198 30 0 27 7 28 7
105. 497 4 2012 7 486 19 41 24 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 4 20 74 89 0 30 47 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 4 20 09 3 10 3 11 3 12 3 13 3 4 299 2 803 2 640 3 106 3 672 4 171 7 1 34 896 5 89 17 7 18 2 13 6
106. 32 kW 10Kw 20 40 kW 15 000Kw 15 2014 12 2015 8 kW 125kW 200 1MW IRR 16 IRR 13 2012 7
107. 1 226 1 026 884 598 708 1 130 216 67 151 294 101 86 83 85 100 148 318 153 83 85 251 442 724 500 203 30 192 618 1 544 1 179 967 683 959 1 572 1 029 1 102 1 102 1 102 1 387 1 625 1 024 1 096 1 096 1 096 1 381 1 620 619 983 1 335 1 372 991 555 1 466 1 162 799 761 1 751 2 638 867 747 562 800 1 287 986 724 500 203 30 192 618 96 165 290 26 198 1 146 SR 2014 3 81 29 2014 3 51 6 32 59 shared esearch lp http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 4 20
108. 32 50 9 30 13 19 2012 7 1 150 1 260 600 970 50kW 9 30 shared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 4 20
109. mmm SR 1MW 1 200MW AN kW SR SR 2014 11 2008 3 5 2013 1 901
110. 436 2013 1 477 2 638 Sh ared hesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 4 20 09 3 10 3 11 3 12 3 13 3 14 3 6 Pl 1 259 1 68 32 36 764 2 17 12 93 77 454 265 FCF 1 2 242 11 162 255 418 499 194 82 299 168 783 875 A 217 76 20 14 22 84 B 82 22 12 446 254 C 122 120 186 238 488 301 FCF NI A B C 394 397 152 272 5 2 568 SR
111. 2013 2014 0 32 5 KW 28 0 KW 27 5 KW 0 15 KW 0 15 KW 150 m 150 m 1 69 1 69 _ 149 149 0 8 KW RR 8 SR 2007
112. 756 2 507 2014 3 2 2 1 820 14 5 547 35 7 332 7 3 18 2 1 2 215 129 2 218 163 0 190 108 7 1 382 2 5
113. CE GPPV Wi 2014 12 8 10KW 20
114. 3 106 17 7 29 286 0 7 2011 3 172 39 23 284 3 3 37 351 Sh ared hesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved Shared esearch 6838 e
115. 67 09 5 47 45 93 2 16 13 2015 3 1 2015 3 1 835 8 7 57 35 8 56 40 8 26 71 1
116. 100 100 GP 1009 GP 2 100 GP 3 100 GPp 3 A 100 GP 5 100 GP 6 100 GP A 1009 GP B 1009 GP C 1009 GP D 100 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 4 20
117. 665 493 56 390 1 764 1 918 1 530 1 293 2 114 3 421 295 205 133 564 718 89 30 18 27 38 39 1 31 2 341 1 766 1 445 2 709 4 210 443 430 364 386 474 433 203 30 40 323 1 026 884 598 708 1 130 67 151 294 153 83 85 251 442 1 179 967 683 959 1 572 1 162 799 761 1 751 2 638 500 203 30 192 618 1 68 332 36 764 12 93 77 454 265 82 299 168 783 875 ROA 21 3 17 1 2 396 16 49 12 696 ROE 43 49 35 8 4 79 27 1 19 9 49 6 45 396 52 796 64 6 62 796 SR Shared esearch lp http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 4 20
118. 3 348 2 412 2 314 2 516 2 623 2 973 951 392 326 590 1 049 1 198 22 1 14 0 12 3 19 0 28 69 28 7 1 020 619 612 619 675 721 23 7 22 1 23 296 19 99 18 4 17 3 68 227 286 30 373 477 9 27 8 1 696 8 1 10 8 1 0 10 2 11 4 45 16 18 14 19 9 105 14 16 8 17 8 128 224 284 24 375 478 27 6 3 0 8 0 10 8 0 8 10 2 11 5 52 0 45 1 2 341 346 109 0 0 7 1 3 6 36 44 1 696 0 1 0 8 20 9 9 69 9 1 408 570 351 37 340 436 28 5 9 596 20 396 13 396 1 296 9 3 10 5 SR 2009 3 4 299 7 1 68 118 800MHz
119. 153 000m 10MW 20 36 kWh Sh ared SEHT ch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 4 20 390 10 852 814 kWh 2014 12 12 GP 5 1 3MW 1 7752 511
120. 2014 3 1MW 2012 7 1MW 1 000MKWh 4 5 5MWh 1MW 300 1MW 15 000 m 47 000 m
121. 1 ch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 4 20 14 3 15 3 15 3 PlcD 46 IEc16 46 IEc16 Ee 914 1 820 2 738 4 171 835 1 924 3 101 62 0 5 004 23 9 14 5 7 8 13 6 8 7 5 7 13 3 20 0 253 547 848 1 198 261 617 996 51 0 35 7 15 1 14 3 3 0 12 8 17 4 27 7 30 0 31 0 28 7 31 2 32 1 32 1 164 332 532 721 204 405 624 10 2 7 3 9 7 6 8 24 0 22 0 17 49 17 9 18 29 19 49 17 3 24 496 21 0 20 1 89 215 317 477 57 212 372 72 0 517 371 9 129 2 25 6 27 8 35 8 1 39 17 6 8 49 9 8 11 8 11 6 11 4 6 9 11 0 12 0 10 3 95 219 319 478 56 210 364 71 9 507 847 7 163 09 32 3 27 6 40 8 4 1 14 2 6 0 10 4 12 0 11 6 11 5 6 8 10 9 11 7 10 1 90 191 305 436 26 120 261 57 49 455 939 09 108 79 23 2 28 5 71 196 36 99 14 59 4 2 9 8 10 5 11 1 10 5 3 1 6 3 8 49 9 1 14 3 15 3 PlcD
122. 2015 3 0 7 875Kw 1 125Kw 1 7 2016 3 250 2015 3 2 2015 3 2 1 924 5 7 212 1 3 210 4 1 120 36 9 1 769 8 3 1 741 26 0 257 36 8
123. Ace 2014 3 4 2015 3 2015 3 InterOpto 2014 2014 3 10 40 2015 3 40
124. 2001 EU 2004 2007 2007 25 179 2006 102MW 2008 2 708MW http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 4 20 2008 9 2009 17MW 20 6
125. 2012 3 2013 3 455 97 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 4 20 352 2014 3 2009 3 2012 3 2013 1 2 136 4 843 2013 3
126. 10 7 2011 7 GPPV SOLAR PTE LTD GPPV 2014 2 GPPV PV SBS 1009 GPPV 2011 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 4 20 GPPV EL GPPV GPPV EL EL
127. 2014 3 4 171 13 6 477 27 8 478 27 6 436 28 5 3 495 7 3 3 233 2 59 2013 3 1 422 26 5 905 79 6 1 293 36 6 480 28 1
128. 292 2009 5 90 2 224 127 199 135 570 408 2011 3 2 639 5 9 286 226 2 389 11 8 250 284 224 95 351 570 2012 3
129. 4 2013 3 2020 13 5 1 414 kWh 2010 6 2030 2030 2 2 140 Po 2013 12 JPEA Japan Photovoltaic Energy Association JPEA PV OUTLOOK 2030 2020 49GW 2030 102GW 2014 2013
130. SR Research Report 2015 4 20 6838 sr_inquiriesQsharedresearch jp 6838 SR Research Report 2015 4 20 4 TE OO GO a 4 i 8 i 21 ss 21 2 AG
131. E 14 29 10 1 89 126 101 161 57 155 160 371 996 68 09 5 99 32 5 35 8 23 2 57 6 82 106 139 153 93 164 178 88 696 1 3 16 5 156 1 13 7 54 5 27 9 25 23 15 19 10 5 13 496 9 49 8 6 8 1 10 6 0 8 5 8 0 99 123 116 173 93 175 165 10 3 15 13 36 20 5 SR 2015 3 3 2015 3 3 3 101 13 3 372 17 6 364 14 2 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 4 20 260 14 8
132. Sharedd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 4 20 2014 5 30 ISE ISE 1ISE 2014 5 2014 5 15 2 901
133. io lO 3 5G HSPA 3G W CDMA 2000 2010 2020 SR LTE Advanced LTE MIMO multiple input and multiple output Carrier Aggregation 2 SR NTT LTE 3G LTE Advanced NTT LTE Advanced 2014 12 19 4 LTE Advanced 3 5GHz NTT KDDI 3
134. 3Q 914 1 820 2 738 4 171 835 1 924 3 101 23 9 14 5 7 8 13 696 8 796 5 7 13 3 692 1 382 2 235 3 230 777 1 741 2 748 0 1 2 596 2 796 2 39 12 296 26 0 22 996 222 415 467 890 33 137 293 320 9 179 1 101 8 85 296 67 0 37 1 23 36 52 25 45 60 8 93 3 63 9 89 215 317 477 57 212 372 371 996 129 296 25 6 27 8 35 8 1 396 17 696 82 188 327 480 93 257 435 88 696 26 89 3 996 28 19 13 79 36 896 33 096 25 48 32 51 10 6 19 5 59 8 8 8 14 21 20 10 16 16 5 8 0 99 222 338 512 93 268 432 10 22 35 36 55 60 C 914 906 918 1 433 835 1 089 1 178 23 9 6 3 3 4 26 7 8 7 20 1 28 396 692 690 853 994 777 964 1 007 0 1 4 796 3 296 16 096 12 296 39 8 18 0 222 193 52 424 33 104 157 144 49 24 69 54 6 85 296 46 096 202 49 23 13 15 25 20 14
135. 6838 SR Research Report 2015 4 20 2014 11 SR
136. http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 4 20 SR MG VOYAGE GROUP SBS
137. jp Copyright C Shared Research Inc All Rights Reserved
138. 2 5 3 5GW Sh aredd Mesearch http www sharedresearch jpD Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 4 20 2012 7 2012 6 90 KW 2012 7 2014 6 850 KW 2014 11 2014 9 2012 7 2014 9
139. 332 390 P 18 29 16 69 17 39 215 262 477 305 517 11 8 11 1 11 4 9 9 10 3 219 259 478 297 507 12 0 11 0 11 5 9 6 10 1 191 246 436 335 455 10 5 10 5 10 5 10 9 9 19 SR 15 3 14 3 15 3 P 1 820 2 351 4 171 1 923 3 081 5 004 20 0 1 382 1 848 3 230 1 741 1 679 3 420 5 9 437 504 941 181 1 403 1 584 68 3 136 1 369 1 505 69 1 34 79 53 3 215 262 477 305 517 8 4 257 208 465 3 2 119 129 308 7 6 115 109 112 7 4 20 7 28 95 355 21 76 SR
140. Inc All Rights Reserved 6838 SR Research Report 2015 4 20 2014 7 2014 7 22 49 1 2014 7 22 1 1303 1 GP 3 A 100 22 112 m 1 40 kWh 20 5 000
141. Ne 46 cie Te Ne P46 E6 1 6 914 906 918 1 433 635 1 089 1 178 23 9 6 3 3 4 26 7 8 7 20 1 28 3 253 293 301 350 261 356 379 51 0 24 796 9 6 12 2 3 0 21 3 25 8 27 7 32 4 32 8 24 4 31 2 32 7 32 2 164 167 200 190 204 201 220 10 29 4 596 14 1 0 7 24 0 20 0 9 7 17 9 18 5 21 8 13 2 24 496 18 59 18 6 89 126 101 161 57 155 160 371 9 68 0 35 99 32 5 35 896 23 2 57 6 9 8 13 9 11 0 11 2 6 9 14 2 13 6 95 124 100 159 56 154 154 847 7 69 1 36 6 19 1 40 8 24 1 54 5 10 49 13 79 10 9 11 1 6 8 14 1 13 19 90 101 114 131 26 94 141 939 0 22 0 26 89 42 6 71 19 6 6 22 9 9 8 11 1 12 5 9 2 3 1 8 7 11 9 SR http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 14 3 15 3 Plgb 1 2Q 1 3Q 1 2Q 1
142. ank EV 4 cenet yi a A XGP 2 5GHz EE SR SR 2015 LTE LTE Advanced LTE Advanced LTE Advanced ITU 4 LTE 1Gbps 100Mbps International Telecommunication Union http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 4 20 LTE Advanced 3G SuUDef3G ITE
143. ji 34 er 44 45 es 50 so 53 ii 55 i 57 OS GS 5 amp 0 58 OM 70 1 i 72 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 4 20 10 3 11 3 12 3 13 3 14 3 15 3 2 803 2 640 3 106 3 672 4 171 5 004 34 896 5 896 17 7 18 2 13 6 20 0 392 326 590 1 049 1 198 58 8 16 8 81 1 77 8 14 396 14 09 12 396 19 09 28 696 28 796 227 286 30 373 477 517 27 8 8 4 8 196 10 8 1 0 10 29 11 496 10 396 224 284 24 375 478 507 27 6 6 0 8 0 10 8 0 8 10 2 11 596 10 196 570 351 7 340 436 455 28 596 4 296 20 39 13 396 1 296 9 396 10 596 9 1 6 774 6 774 6 774 10 753 41 259 EPS 35 1 17 8 1 9 15 7 11 7 11 0 EPS 14 8 10 6 DPS 1 0 BPS 58 9 40 6 38 6 54 3 64 8
144. m andin Fatroleum MINING SECTOR m nhnlaram Fatr Ug 2 me 222 NOGEx Resources 5888 million 2 2 MN Lundin Mining 3 32 billion Lucara Diamond 744 million DD Fortress Minerals 52 million 7 2 Denison Mines S635 million ll 15 4 billion sees OIL SECTOR ts 9 0 Afriea Ol 9 39 billion BlackPear Reanurces 758 millinn i Harn Petmnleum 29 million a Se Lundin Petrnleum E G bilhnn ShaMaran Petrnleum 28 million 2015 3 30
145. opyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 4 20 2014 3 77 4 100 79 100 1968
146. p Copyright C Shared Research Inc All Rights Reserved 6838 SR Research Report 2015 4 20 SW Strengths Weaknesses Strengths OEM SR
147. t 2015 4 20 21 2015 1 2015 8 904 2015 1 2017 1 ISE 2014 5 30 ISE ISE ISE ISE 3 ISE
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