インフォマート（2492）
Contents
1. ASP 2003 2014 12 ASP 27 814 26 356 tt 1 458 30 3042. Weaknesses
3. Sh ared escar ch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved L 2492 SR Research Report 2015 5 13 10 1 EC
4. SR Inc SR Inc Shared Researchn SR Inc
5. FY12 09 BE 747 55 1 020 584 620 801 673 713 796 886 1 036 1 277 138 96 94 94 130 154 1 558 1 360 1 910 1 564 1 786 2 233 25 36 42 51 45 37 30 30 0 0 54 99 65 156 66 94 202 307 200 1 167 1 488 1 805 1 186 2 125 2 768 71 143 487 1 640 109 438 100 80 0 10 13 14 14 15 15 1 247 1 744 2 386 2 840 2 849 3 221 1 428 1 846 2 522 3 093 3 202 3 457 2 986 3 205 4 431 4 657 4 988 5 690 189 174 177 148 160 157 JASHTIS
6. x 1 ASP 8 10
7. LB to B Sh atrodi P escar ch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 46 69 2492 SR Research Report 2015 5 13 d 2014 12 2015 2 13 HRR 0 me 4 980 14 89 5 212 HAP 1 945 77 7 2 035 1 962 77 29 2 026 1 178 86 6 1 214 2014 12 ASP ASP 2009 12
8. FOODS Info Mart ASP ASP FOODS Info Mart ASP a P Sh ared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc Al
9. SR http www sharedresearch jD Copyright C 2013 Shared Research Inc All Rights Reserved FY12 09 FY12 10 FY12 11 FY12 12 FY12 13 FY12 14 1 934 2 069 2 246 2 478 2 849 3 835 4 473 65 6 68 0 67 6 65 5 65 7 77 0 75 2 728 606 650 815 1 095 1 945 2 283 24 7 19 9 19 5 21 5 25 2 39 1 38 4 EBITDA 1 116 1 104 1 288 1 759 2 208 2 695 2 297 EBITDA 37 9 36 3 38 8 46 5 50 9 54 1 38 6 13 8 11 6 10 9 13 1 14 5 23 7 23 6 ROA 25 7 19 5 16 9 17 9 23 0 36 8 ROE 18 5 15 0 14 4 18 2 20 6 32 3 1 04 0 98 0 87 0 83 0 90 0 93 485 539 619 738 875 1 120 254 1 214 8 169 9 106 5 105 7 1
10. Foods Info Rise 2010 1
11. ASP SR SR B to B B to B 10
12. a P Sh ared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved j 2492 SR Research Report 2015 5 13 ASP WIL UMI51035 gt ASP En dm Eet aser o 99 Eni Me
13. 18 000 1 300 T e o UL iE oss ASP ASP Web BtoB 28 000 1 I D 800 1 1 9 10 300 000 1 000 000P3 30 000 25 000 ASP Web BtoB ASP B 25 000 1 000 15 000 300 000 lt 50 000 gt ASP
14. SR ASP Web Web ASP 2010 12 ASP 2011 12 ASP
15. 2 512 88 20 8 BtoB 2015 HIT BtoB ASP 2015 4 19 24
16. Foods Info Rise 2014 12 Foods Info Rise 151 166 504 1 25 000 1 ID 500 1 800 20 2009 5
17. FOODS Info Mart FAX FAX
18. B Le A A U e e E 2015 12 2013 2014 7 2014 9
19. 331 28 9 1 475 119 ASP Al 195 17 a P Sh ared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved ua 2492 SR Research Report 2015 5 13 2 3 ASP 2 1 76 49 71 790 40 2015 12 2014 12 346
20. FAX FOODS Info Mart Medical Info Mart MEDICAL Info Mart FOODS Info Mart a P Sh ared esearch http www sharedresearch jp Copy
21. 2003 2 ASP ASP TOW 2005 FOODS GR ASP 2006 2009 2009 2011
22. 1997 B to B 1 5 1998 2 6 e ASP
23. BtoB DB FERREE dm I WE ELE EPY KR Ie Mt ETE E 00 I Wi EE T iR 7 011 2 207 186 24 260 IT IT 30 000 ID 25 000 ID
24. 71 Web ASP ASP 2014 12 ASP 186 24 260 Sh atrodi esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 2492 SR Research Report 2015 5 13 ERN GUT Eun 4 1 000
25. Foods Info Mart 2011 12 Sh atrodi escar ch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved L 2492 SR Research Report 2015 543 30 1 2 3
26. 2006 8 2006 9 2006 8 2007 11 2013 12 2013 12 65 3 E1733 1 743 755 895 1 284 1 710 1 878 2 655 888 31 311 1 482 1 186 1 145 FCF 1 2 89 133 416 198 524 733 113 53 892 241 491 555 A 388 499 638 944 1 113 749 B 553 891 1 277 1 487 1 182 1 136 C 79 54 80 119 137 245 FCF M A B C 162 93 358 166 425 546 REFIR O SR EDX
27. A BtoB BtoB BtoB 1 2 3 7 000 8 800 200 000 11 100 000 25 000 100 Sh ared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 2492 SR Research Report 2015 5 13 250 10096 200 809
28. SR Inc SR Inc SR Inc SR Inc SR Inc 3 31 12 tBadtr 03 5834 8787 http
29. 114 2 2 496 2012 10 31 10 45 126 ASP ASP 2011 12 5 744 31 479 ASP 1
30. 1998 2 BtoB FOODS Info Mart 6 le 2000 7 JF FOODS Info Mart 10H 1 8058 UFJ ICG 11 2001 6 7 R JSSA FOODS Info Mart 4R NSAJ FOODS Info Mart 7 The business mall
31. B to B 2000 1 8058 ICG ICG tb 2000 2001 GR 2000 e
32. SaaS 2 000 25 000 Saas 1 000 15 000 SaaS 5 000 100 5 000 1 2 000 BtoB 2014 4 SaaS SaaS 2014 6 IFOODS Info Mart 2014 100 2014 6 1 9
33. ASP ASP ASP 3 000 24 20 4 e 2 500 7 896 o 17 696 17 696 dii 16 8 P 16 8 a 15 0 16 0 __e 2 MIL E 2 000 EEE NEM 13 8 N25 M7 5 135 404 296 16 13 0 13 1 5 138 x 1 3 B n g 1 500 MN E E eli 2 404 2 369 1 000 v B E Re GN M GE u 206 80 l 1 a OO ilc 126s 1898 1995 1852 199 an E TP 500 10092 p 4 0 0 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 FY12 09 FY12 10 FY12 11 FY12 12 FY12 13 FY12 14 e YoY SR ASP 2014 10 ASP fJ 36 000 11 ASP
34. 1 8031 Infomart International Ltd ETONG Gb WARA ETONG a P Sh ared Mesearch http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved j w 2492 SR Research Report 2015 5 13 AWARA 100 BtoB SaaS SaasS ASP SaaS ASP 2011 7
35. ASP 2013 6 28 Sh atrodi escar ch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved L 2492 SR Research Report 2015 5 13 2 2014 12 2014 11 27 1 6 2014 12 292 tt AmE EDE 357 fl 5 762 746 404
36. TT SaaS ASP 3 000NT 300NT 11 500NT 15 000NT 196 30 000NT SaaS ASP 15 000NT 40 000NT P F 2 sh ared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 38 69 2492 SR Research Report 2015 5 13 2 ASP
37. FY12 09 FY12 10 FY12 11 FY12 12 FY12 13 FY12 14 2 945 3 043 3 324 3 785 4 339 4 980 5 948 YoY 3 396 9 2 13 9 14 7 14 8 19 4 1 206 1 463 1 596 1 663 1 754 1 890 2 190 686 833 887 947 1 010 1 103 1 260 16 16 17 26 31 28 70 146 229 135 126 133 141 195 106 131 111 113 127 167 MEME 86 100 112 126 146 143 16 13 9 9 14 11 256 166 305 317 308 337 499 YoY 21 375 9 196 4 296 5 5 7 1 15 9 21 496 6 596 6 8 6 6 9 2 14 2 21 2 12 5 0 9 4 1 5 7 18 2 40 9 48 196 48 096 43 996 40 496 37 9 36 8 23 3 27 4 26 7 25 0 23 3 22 1 21 2 0 5 0 5 0 5 0 7 0 796 0 6 1 2 5 096 1 596 4 196 3 396 3 1 2 8 3 3 3 5 4 0 2 9 2 6 2 5 2 8 2 9 3 3 3 4 3 3 3 4 2 9 0 6 0 4 0 3 0 2 0 3 0 2 8 7 5 4 9 2 8 4 71 1 6 8 8 4 SR Sh atrodi escar ch http www sharedresearch
38. ASP 30 1ID 10 000 500 a i sh ared esearch z http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved j 2492 SR Research Report 2015 5 13 FY12 09 GEDA 2 945 3 043 3 324 3 785 4 339 4 980 5 948 YoY 3 3 9 2 13 9 14 7 14 8 19 4 1 012 974 1 079 1 306 1 490 1 145 1 475 1 934 2 069 2 246 2 478 2 849 3 835 4 473 YoY 7 096 8 596 10 496 15 096 34 696 16 696 65 6 68 0 67 6 65 5 65 7 77 0 75 2 REA 1 206 1 463 1 596 1 663 1 754 1 890 2 190 40 9 48 1 48 0 43 9 40 4 37 9 36 8 728 606 650 815 1 095 1 945 2 283 YoY 16 8 7 3 25 5 34 3 77 7 17 4 24 7 19 9 19 5 21 5 25 2 39 1 38 4 0 3 2
39. BtoB to B FOODS Info Mart 2013 23 Jk 9 046 0 30 7 Jk 1 714 2014 12 13 696 FOODS Info Mart ASP
40. 10 L SET J gt 5 000 1 1 000 150 000 100 1001 2 000 300 000F3 101 1 0004t 40 2001 1 001 30 5 001 1 10 5 100 lm mmm X X mm l ASP 2 945 ADH 11 9 2 847 ADA 1 475 ANA 21 8 1 342
41. DIC TOKAL
42. 2014 8 2016 100 ID 100 ASP 2014 2015 3 2015 2 6 253 121 374 164 202 865 ID 2 Sh aredi esearch http www sh
43. 350 140 300 120 250 100 200 8096 150 47 39 t 60 SNL 22 1915 i lE g ji En 1911 iti 50 I E H H 20 0 il ii 11 58 28 28 PR 0 50 20 100 40 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 FY12 10 FY12 11 FY12 12 FY12 13 FY12 14 FY12 15 88 mee zt A SR ASP Ta m E E z DB i B I 1 T 3E X T d K zB JE s E mom s pe
44. 2015 12 ASP 900 90 800 80 600 53 0 53 6 52 4 53 2 52 6096 48 196 48 0 49 6 50 7 50 096 49 796 7 49 4 48 4 47 8 sgo 26 8 45 9s 44 9 47 4 47 3 47 5 47 1 47 7 8 A69 50 400 40 7 300 umm 3096 200 I LB 2 e 5 20 0 0 Q1 Q1 Q1 Q1 Q1 Q3 Q1 Q3 FY12 09 FY12 10 FY12 11 FY12 12 FY12 13 FY12 14 mm HF a aa 9 AME SR ASP GSP 3 000 2496 2 500 18 196 20 m rur ul E 159 Im 16 8 2000 6 169 000 E oo 13 3 lt 4143 g 6 w e 11856 w ud 1 500 12 2822 1 000 Ea Wo 896 B C LUN NS NC Nm ua i 1 266 1274 500 1 092 1486 4 0 0 Q3 Q1 Q3 Q1 Q3 5 EU FY12 11 EE i FY12 14 mum ASP e YoY d REFIR O SRIF ASP 742 ANA 26 7 737 222 ADH E 308 3 181 2013 2014 7
45. BtoB 2015 ASP HEK ASP IASP 1 2015 ASP ASP 2014 10 ASP BtoB BtoB 50 2014 12 1 19 38 Sh atrodi esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 2492 SR Research Report 2015 543 1998 BtoB
46. Bto B amp 2012 12 ASP A 1 082 3 000 2011 23 475 30 6 JE 9 142 2012 12 E FOODS Info Mart 7 394 10 7 ASP ASP 2012 12 1 2011
47. 2013 12 9 272 80 ASP 335 ADA 24 79 123 ADA 259 ADA ASP BEAUTY Info Mart MEDICAL Info Mart 2013 12 231 204 458 124 4 2014 12 90 639 272
48. a P Sh ared Mesearch http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved ua Sh atrodi esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 2492 SR Research Report 2015 5 13 ASP Web Web ASP ASP ASP ASP 2015 2016 ES 2016 ES 2015 12 4 ASP ASP 2 FOODS Info Mart ASP
49. 10 5 2014 12 1 006 IS 10 ASP ESKA
50. 2014 9 Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 2492 SR Research Report 2015 5 13 g 2015 12 1 ASP 2 2013 6 28
51. MM BICA OBS X Jvcx amp o1t Sh atrodi escar ch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved L 2492 SR Research Report 2015 5 13 g 2014 12 HRAC ASP 9 218 tt 2 207 7 011 25 000 5 000 5 2
52. 2001 300 2003 50 4 3 000 a i sh ared esearch z http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved ua 2492 SR Research Report 2015 5 13
53. SR 1 2 3 S 16 2015 2016 169 SR 16 13 7 14
54. a i sh ared KMesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved ua 2492 SR Research Report 2015 5 13 16 13 7 14 12 10 8 676 FY12 03 FY12 04 FY12 05 FY12 06 FY12 07 FY12 08 FY12 09 FY12 10 FY12 11 FY12 12 FY12 13 FY12 14 SR BtoB BtoB 2016 ES 2016 IES EMP E Mobile Place amp SNS Social Networking Service
55. 1 2 3 4 5 2014 12 ASP 2 631 ADA 11 8 1 210 1 4 ASP a P Sh ared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Re
56. ASP ASP 2012 7 2013 P P 2 sh ared Mesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9 69 2492 SR Research Report 2015 5 13 12 2012 12 4 m 100 2012 12 465
57. 169 2015 2016 2013 12 30 16 16 16 2015 2016 SR 3 1
58. 30 000 25 000 25 000 1 000 gt 15 000 30 5 ASP R RSRK O SRY Sh atrodi esearch http www sharedresearch jp Copy
59. Web 10 000 500 300 000Pj 30 000 IT 30 000 ID 1 2 280 000 BtoB UU _ 25 000 ID 1 200 000 25 000F3 ID Web 1 39 0 196 100 ES BtOB 2 40 gt 30 100 IT 23 000 ID 3 4 280 000 gt BtoB 10 000 ID 4 50 000 5 000F3 ID 3 ID 1
60. Sh atrodi esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved Shared 2492 SR Research Report 2015 5 13 LARU ES BtoB FOODS Info Mart 40 000 opa E e E e ago o R8 8 d Lr 35 000 a 0 o sero o L0 7 000 m a M m i 30 000 lt aoa 8 3 5 gd 6 000 a g 28g 8 8 BS og 3 NIL 25 000 8 s 3 8 8 bj B E B 5 000 20 000 E m 4 000 15 000 m E 3 3 000 A 3 313 3 411 3233 3 36 BE B f 10 000 2 610 s P 2 000 2 084 2 303 5 000 1 819 1 660 1 739 1 000 0 0 01 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 FY12 09 FY12 10 FY12 11 FY12 12 FY12 13 FY12 14 mm SR ASP 3 000 24 2 500 18 196 20 16 o pa 15 9 16 5 16 8 2 000 9 l 14 396 16 de 8 A 1 500 5 12 2 2 i 1 000 1 ne m Mii da 8 1 4341563 B1 1469159900
61. 1 7 171 EC 0 5 16 1 2011 ASP ASP ASP 13 9 3 785 5 2013 12 21 2 1 306 4 2 1 663 25 6 815 ADA 26 4 815
62. 2 a P Sh ared Mesearch http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved ua 2492 SR Research Report 2015 5 13 7 3 4096 ASP ASP 2012 12 7 394 16 7 109 10
63. ASP SZ 2014 12 419 30 100 18 000 1 300 28 000 1 1 Sh ared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 2492 SR Research Report 2015 5 13 g 10
64. SR escar ch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 2492 SR Research Report 2015 5 13 et ASP 900 90 800 80 700 t n 600 53 09053 694 52 496 53 29 52 9 6096 BRETT MEUM 50 7950 0 49 7 49 4948 4 50 496 Boi 46 896 gogg 94T AMAB 187 398 0077 9 147 5 47 1 47 7 48 4 47 8 50 400 i 40 300 a PII 30 obs BS b 25 e A IET j 200 IL IE EUER OE E I PI 20 100 1096 0 L 0 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 FY12 09 FY12 10 FY12 11 FY12 12 FY12 13 FY12 14 FY12 15 E H7j E E C e SR ASP 214 27 1 209 76 ADH 67 496018 52 2013 2014 7
65. 2014 12 2014 12 41 2013 12 Shared r esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved L 2492 SR Research Report 2015 5 13 309 70 13 FAX KI 57
66. ASP ES 2014 10 Niz ASP 2015 2 6 374 202 865 ID 2 ASP 1 458 2014 12 ID ASP NUM Et Am ASP ASP ASP 19 59 5 948 BtoB FOODS Info Mart 4
67. a P Sh ared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved ua 2492 SR Research Report 2015 5 13 2013 23 9 046 3 7 JE 1 714 2013 12 U ASP ASP 8 618 12 09 2008 2009 2013 CAGR 2007 2012 a 243 903 245 523 245 908 245 068 236 599 234 887 228 282 232 314 239 046 YoY 0 4 0 7 0 2 0 3 DOA 0 7 2 8 1 8 2 9 ARA ax0 3 73 171 73 657 473 772 73 521 70 980 70 466 068 485 69 694 71 714 FOODS Info Mart 1 324 2 430 3 410 4 201 4 952 5 647 6 335 7 394
68. FAX FOODS Info Mart FY12 09 FY12 10 FY12 11 FY12 12 FY12 13 4 11 17 43 70 92 119 YOY 3 DIV O 174 9906 52 596 155 3906 63 1 31 5 28 8 1 5 84 40 17 79 YoY 5 214 6 12 1 52 0 sva Ug 245 2 369 8 36 4 676 6 497 5 995A 16 5 18 2 66 4 35 114 142 134 105 96 89 YoY 222 690 24 5 5 8 2r 8 9 6 9 34 189 228 175 118 78 10 YoY 457 2 20 5 720 l0 32 8 0 2072209 843 4 1 709 4 1 351 3 407 0 167 8 84 6 8 4 REFIR O SR EDX esearch http www sharedresearch jD Copyright C 2013 Shared Research Inc All Rights Reserved 2492 SR Research Report 2015 543 gt 2020 BtoB BtoB ASP SO FOODS Info Mart
69. 2014 12 1 2 8 28 000 3 000 for Ax for ASP 2011 12 PC OS iPh
70. e e x x T 3 T M T ES z mm x pn 2 207 7 011 186 24 260 IT BETREE 30 000 ID 25 000 ID 23 000 ID 10 000 ID 5 000 ID D gt 100 D ID gt mE 3 0 1 nm 1 300 1ID iB TERE gt 100 TEMERE o
71. 1965 1984 1995 1998 2014 12 331 314 IE 252 62 33 5 4 99 IR 2 a Shared esearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved ua 2492 SR Research Report 2015 5 3 105 0012 1 16 3 116 03 5776 1147 1998 2 13 2006 8 8 HP http www infomart co jp index asp 12 H IR IR http www infomart co jp ir press ind
72. IT ASP ASP 2014 12 BtoB SR Sh ared escar ch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved L 2492 FY12 09 FY12 10 FY12 11 FY12 12 FY12 13 SR Research Report FY12 14 2015 5 13 1 077 ASP ASP YOY ASP ASP ASP ASP YOY ASP ASP ASP ASP 0 896 588 54 696 582 YoY
73. 1 000 t 5096 4 396 933 800 Ne m 40 713 600 S E 30 23 2 am 195 400 Em 15 696 15 8 20 8 EN DOM 33D 3 13 0 341 EM NM WU o o i 200 243 hg 10 16 60 132 FY12 03 FY12 04 FY12 05 FY12706 FY12 07 FY12 08 FY12 09 FY12 10 FY12 11 FY12 12 FY12 13 FY12 14 ASP YoY SR ASP 1 ASP 2006 10 ASP
74. 2014 9 Sh atrodi escar ch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved L 2492 SR Research Report 2015 5 13 P 5 ASP 2013 6 28 2 2014 12 2014 11 27 1 6 ASP
75. FOODS CHANNEL 2014 4 30 196 053 1 186 312 11 610 244 24 Saas 2015 27 3 1
76. 73 75 2 50 ADA 81 ADA Foods Info Rise a i sh ared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved j 2492 SR Research Report 2015 543 F o 39 2 5 56 ADA 92 ANA SaaS 2012 12 2013 2 14 2012 12 BtoB 2011
77. 9 896 BtoB 2012 4 1 1 7 178 171 EC 1 4 0 5 17 596 16 196 FOODS Info Mart 2013 12 2 723 34 202 2012 5 744 31 479 16 6 8 618 2012 16 790180 7 394 2013 1 8 12 496 2010 1 0 2011 1 2 2012 1 4 2013 1 8
78. BtoB BtoB LLLI M M ASP 1 BtoB ASP ASP ASP ASP 1 308 109 134 37 442 tt E 146 2015 4 24 509
79. c 677 531 670 705 669 047 668 953 659 707 660 948 640 707 646 253 YoY 0 4 0 7 0 2 0 3 3 5 0 7 2 8 1 8 2 9 0 3 0 8 0 3 0 7 2 71 0 2 2 0 2 0 2 4 2 60 1 0 0 2 0 0 1 4 0 2 3 1 0 9 a C 36 0 36 6 36 8 36 6 35 9 35 5 35 6 35 9 b c 44 196 45 096 45 296 44 996 44 396 44 196 44 696 45 1 SR iE BtoB EC BtoB EC 2012 1 4 17 5 2012 BtoC 9 5 EC 3 196 BtoB 262 1 JEF3 EC 25 7 TCP IP http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved
80. 2014 12 9 326 3 15 Sh atrodi escar ch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved L 2492 SR Research Report 2015 5 13 g RE 5 ASP
81. BtoB 2015 12 BtoB FOODS Info Mar 4 SR 2015 BtoB 2016 ES 2015 ASP ASP ASP BtoB BtoB
82. 20 OFF 50 5 000 1 50 50 000 100 10 000 51 100 150 000 101 500 25 000 101 500 300 000FH 501 1 000 50 000 501 1 000 500 000 1 001 2 000 100 000 1 001 2 000 1 000 000 2 001 2 001 10 L SET J gt 5 000 1 1 000 150 000 100 1001 2 000 300 000F3 101 1 0004t 40 2001 1 001 30 5 001 1 10 Em
83. 5 4 ASP ASP ASP ASP 17 6 156 1 600 90 1 400 80 0 1 000 6096 431 19e 50 i ii BEL 40 600 EE EE 5 27 7 28 sot m AL 215 46 20 8 27 1 AL 30 400 C kE E A E E P U EE BN IFII o 4g4 gis 20 200 282 d 3 283 1096 281 20h 207 i Hlc His 2 ig HN IB E im ub Wu 1 167 uM ib i f j i a OE E OP URP e Le e A P OP OE x Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 FY12 09 FY12 10 FY12 11 FY12 12 FY12 13 FY12 14 m HF APh SR ASP ASP
84. 7 878 107 SR ASP 2013 1 17 ASP ASP ASP ASP
85. gt 50 E 5 000FH 100 000 FH 200 000 P Pi e OE a REFIR OSRIR 2014 12 ASP ASP 2014 10 ASP fJ 36 000 11 ASP 2014 8 2016 100 ID 100 ZWARE 2014 12 374 253 12
86. 2010 FRO 7 29 2011 ERIT 8 596 2012 15 39 EC SR a i sh ared Mesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved j w 2492 SR Research Report 2015 5 13 SR MERR aL
87. 2 000 25 000 m 83258 CET SA 1 000 SIMARA 15 000 RDB EI 5000 10070 5 0000 7 196 2 000 3 000NT 300NT 11 500NT SaaS 15 000NT 196 30 000NT BtoB http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 2492 SR SR Research Report 2015 5 13 ASP ASP ES YOY ASP ASP ES ASP ASP ES YOY ASP ASP ES ASP ASP ES REA ASP ASP ES
88. 2014 12 13 6 16 596 E 40 000 37 160 2096 EFAA 34 202 ae 31 479 7 241 30 000 6 945 1596 25735 MEINE N A z 2 m 2o pg EE 106 gt 2 977 20 000 18 382 MEM 9 39 lt 1096 17 033 8 0 p 14164 Erg CAM 705 T 11 179 PEE 57 mof E pio 2 97 10 000 7 464 lc ES 5 3 396 17 692 5 379 7 14 Pn 15 675 3229 3938 MEA 144935 303 625 1135 aug 3 784 5 809 77 0 153 320 550 1634 2 055 0 FY12 98 FY12 00 FY12 02 FY12 04 FY12 06 FY12 08 FY12 10 FY12 12 FY12 14 SREESRBIASO SR EEX 2979119 0 2492 SR Research Report 2015 5 13 z ASP ER EE ASP 2 945 5996 ASP 2 269 5996 SR x 2014 12
89. l 2 207 7 011 186 24260 IT IT 30 000 ID 25 000 ID 23 000 ID 10 000 ID 5 000 ID gt 100 D gt xad n 3 0 1 2 i z 1 300 1 A u gt 100 gt 50 40 30 n 5 000 100 000 m 280 00 eY 280 000 000 200000 ES Aa EEUU x RIER O SRIEP 2014 12
90. 5 100 lm mm mm mmm o ASP ASP
91. 2002 9 2003 2 ASP 2005 4 FOODS h 2006 8 2008 3 FOODS ASP a i sh ared Mesearch http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved j w 2009 5 8 11 2010 1 2011 3 12 2012 3 2013 1 8 9 2014 2H 4 4 5 11 2492 SR Research Report 2015 543 Infomart Beijing Consulting Limited Company ASP BEAUTY Info Mart MEDICAL Info Mart ASP
92. FOODS Info Mart BtoB FOODS Info Mart ASP Application Service Provider 5 BtoB FOODS Info Mart GE FOODS Info Mart ASP I FOODS Info Mart 1 ASP Application Service Provider 2
93. 3 1 000 0 5 1 0 19 30 2014 12 38 2 553 2011 12 FOODS Info Mart BEAUTY Info Mart MEDICAL Info Mart ASP Beauty Info Mart BEAUTY Info Mart
94. 4 1 2 Sh ared escar ch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved L 2492 SR Research Report 2015 543 g 2013 12 2014 2 14 2013 12 ASP ASP 14 7 004 339 5 2013 12 34 3 1 095 4 388 997 5 9
95. ee AME SR 93 28 2 156 SESLE 40 50 1 Foods Info Rise 41 5 2 64 29 56 ADMA 23 ADA 29 56 ADA ERDE SaaS 4 3 2 10 ZEA L3 4 SaaS 6 3 1
96. 20 a b 2015 12 1 IASP 2 2013 6 28 2 3 2014 12 2014 11 27 1 6 SR a Sh ared GYcsea ch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 2 2492 SR Research Report 2015 5 13 2014 9 ASP
97. 23 000 ID 10 000 ID 5 000 ID gt 100 ID gt MCN z 3 0 1 PEN 1 300 1ID gt 100 gt 50 40 30 B 5 000 100 000 280 000 nw 280 000Fj i EUTRE MM E EIC SR 2014 12 Sh atrodi escar ch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved L Sh atrodi L 2492 SR Research Report 2015 5 13 2015 12
98. 2492 BtoB EC JKA 2006 BtoB EC 178 5 SR Research Report 2015 5 13 BtoB EC 147 9 161 7 158 9 131 1 168 5 171 4 178 5 9 396 EON 5o 28 690 1 790 4 190 EC 12 690 13 390 13 590 13 790 15 6 16 1 17 5 z 2 7 3 0 4 0 4 1 5 0 10 5 32 9 3 0 21 4 EC 6 8 8 2 8 8 10 4 45 7 3 9 51 6 50 6 50 9 z w OA 36 1 1 8 0 5 EC E A 12 1 13 5 14 1 15 5 BtoB EC 231 5 253 4 249 6 204 9 256 3 257 8 262 1 9 596 zb SSO cae 99 25 196 0 696 1 790 EC 19 890 20 896 2L 219590 23 796 24 396 25 796 F 17 8 18 2 21 0 20 5 21 8 z 2 1 15 290 zu UO 6 796 EC 41 1 43 1 44 1 45 7 s s 77 4 63 1 82 6 80 3 78 3 z SE lS S 31 0 2 8 2 5 EC 3 20 196 21 7 22 4 23 8 BtoB EC
99. 2013 2013 12 2014 12 SR
100. 4 980 641 14 8 JDO EM 1 945 851 77 7 3 ADRIE EEMS Sh ared escar ch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 2 2492 SR Research Report 2015 5 13 E373 F3 F FY12 09 FY12 10 FY12 11 FY12 12 FY12 13 FY12 14 2 945 3 043 3 324 3 785 4 339 4 980 2 941 3 032 3 307 3 741 4 269 4 887 4 11 17 43 70 92 YoY 3 3 9 2 13 9 14 7 14 8 3 190 9 1 13 1 14 1 14 5 174 996 52 5 155 3 63 0 31 5 1 012 974 1 079 1 306 1 490 1 145 1 009 888 978 1 223 1 408 1 069 86 101 83 82 76 1 009 888 978 1 223 1 408 1 069 7 4t7 8i FH 352 387 381 303 322 340 54 56 49 69 48 46
101. ASP ASP 2 3 1 8 75 29 FY12 09 FY12 10 FY12 11 FY12 12 FY12 13 1 012 974 1 079 1 306 1 490 1 145 1 475 me er 352 387 381 303 351 354 473 365 445 548 852 1 076 22 917 295 142 150 152 63 69 85 34 4 32 0 32 4 34 5 34 3 23 0 24 8 me A 11 9 12 7 11 596 8 096 8 196 7 1 8 0 12 4 14 6 16 5 22 5 24 8 14 5 15 4 10 0 4 1 4 5 4 0 1 5 1 4 1 4 YoY 38 104 228 184 346 330 Ta e EA 35 6 78 48 3 119 80 103 304 224 354 195 153 8 2 89 6 16 SR MEH 15 9 2 190
102. FY12 09 FY12 10 FY12 11 FY12 12 FY12 13 FY12 14 E73 PH 196 318 362 459 586 742 977 YoY 54 7 61 7 14 1 26 7 27 5 26 7 31 7 123 217 263 329 403 605 809 YoY 76 8 ZI 25 196 22 390 50 196 33 890 62 6 68 4 72 6 71 7 68 8 81 5 82 8 131 163 229 284 348 383 512 YoY 24 9 40 2 24 3 22 5 9 8 33 8 8 54 35 45 54 222 297 YoY 806 0 36 3 30 0 21 1 308 3 33 7 E3 996 17 196 9 5 9 8 9 3 29 9 30 4 REFIR O SRIF ES ASP ASP BtoB 2016 ES ES 2016 ES ASP ASP ASP BtoB BtoB BtoB IT BtoB
103. FY12 13 FY12 14 FY12 15 ASP 22 242 22 793 23 312 24 046 24 538 25 246 25 718 26 356 26 774 1123 1 168 1221 1265 1 320 1 375 1413 1 458 1 514 23 365 23 961 24 533 25 311 25 858 26 621 27 131 27 814 28 288 2 423 2 211 2 312 2 387 2 493 2 660 2 598 2 503 2 430 ASP 1 860 1 988 2 119 2 287 2 071 2 224 2 392 2 622 2 395 15 9 16 5 16 8 14 395 11 3 12 7 12 896 14 696 15 696 ASP 4 755 4894 5 155 5 255 5 353 5 608 5 862 6 119 6 303 389 416 465 517 541 580 612 649 718 5 144 5 310 5 620 5 772 5 894 6 188 6 474 6 768 7 021 648 644 689 723 750 878 854 996 1 127 ASP 2 000 2 122 2 179 2 159 2 175 2 72 2 184 2 2207 2 205 6 567 6 606 6 657 6 753 6 862 6 943 6 983 7 011 7 007 8 658 8 728 8 836 8 912 9 037 9 115 9 167 9 218 9 212 2 600 1 997 908 348 379 387 331 306 175 ASP 156 163 169 172 175 179 180 186 194 18 828 20 606 21 438 22 367 22 785 24 489 25 273 24 260 21 445 ASP 81 97 105 117 105 128 154 164 ASP 19
104. VOYAGE GROUP SBS KLab J GCA
105. 362 147 305 Sh atrodi esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 2492 SR Research Report 2015 5 13 g 10 1 ASP 1 1 514
106. 5 ASP ASP YOY ASP ASP ASP ASP 0 5 REFIR O SR EDX 2014 12 ASP ASP 833 7 91 42 222 0 546 546 7 1 65 5 69 0 0 4 714 22 7 168 239 407 3 1909 090 20 2 30 2 966 7 873 700 173 4 8 11 5 311 0 490 420 71 10 1 23 1 56 2 59 9 40 9 691 3 2 201 137 337 19 2 42 7 23 0 19 5 194 9 929 661 268 6 4 5 6 55 0 345 293 52 29 7 30 2 26 5 37 1 44 3 19 4 593 14 2 248 11 259 23 5 91 6 26 7 1 7 96 6 1 052 717 955 13 290 8 5 24 7 479 375 103 38 8 28 2 98 3 45 5 52 3 30 8 531 10 4 52 70 123 79 0 514 2 5 0 9 8 36 6 1 201 807 393 14 1 12 5 17 6 945 650 295 97 4 73 1 185 9 78 7 80 5 75 0 618 16 4 327 293 34 727 2 316 1 27 2 36 3 8 6 1 097 16 1 71 3 719 16 3 378 15 7 24 6 ASP
107. YOY ASP ASP ES ASP ASP ES YOY ASP ASP ES ASP ASP ES SR Sh atrodi a 2 945 1 668 196 1 077 14 6 21 5 54 7 0 8 1 934 1 221 125 588 17 0 65 6 13 2 62 6 54 696 36 496 1 206 458 131 582 35 21 496 128 764 34 10 4 24 1 45 8 3 9 0 5 843 4 3 043 1 881 318 833 11 3 3 12 8 61 7 22 6 174 9 2 069 1 381 217 546 75 7 0 13 0 76 8 7 1 68 0 13 496 68 496 65 596 676 6 1 463 472 163 714 114 21 3 3 1 24 9 22 1 222 60 606 909 54 168 189 16 8 19 0 19 9 48 3 17 1 20 2 1 709 4 3 324 2 071 362 873 17 9 296 10 196 14 196 4 896 52 5 2 246 1 576 263 490 84 8 5 14 1 21 1 10 1 67 6 76 1 12 696 56 296 497 5 1 596 532 229 691 142 9 1 12 7 40 2 3 2 24 5 650 1 044 35 201 228 7 3 14 9 36 3 19 5 50 4 9 5 23 0 1 351 396 3 785 2 353 459 929 43 13 996 13 696 26 796 6 4 155 396 2 478 1 844 329 345 40 10 496 17 096 25 196 29 796 65 596 18 496 71 7 37 196 93 5
108. 250 100 200 80 150 60 358 p354 40 PARE 7 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 FY12 09 FY12 10 FY12 11 FY12 12 FY12 13 FY12 14 FY12 15 HFT e COH SR 0 valoi 874 6 gor 12 37 0 5 s 1109031970 no 0 6 89 8 376 A 89 8 596 9 096 Ib ES 314 13 6 325 60 E 15 0 59 2015 12 ASP ASP ES BtoB BtoB 2016 ES 2015 ASP ASP ASP
109. Sh atrodi escar ch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved L 2492 2015 12 Plr ASP ASP ES YoY ASP ASP ES YoY REE ASP ASP ES YoY ASP ASP ES ASP ASP ES YoY YoY FY12 13 2 066 2 273 1 258 1 373 271 315 503 549 56 56 15 2 14 2 12 1 11 6 27 3 27 7 13 3 13 1 192 0 47 1 670 820 1 397 1 452 21 3 9 5 67 6 63 9 865 889 41 9 39 1 531 564 611 599 16 38 32 20 59 47 60 390 16 596 8 2906 4 7 15 4 23 7 78 8 79 2 25 7 24 8 48 6 43 7 5 9 12 2 6 3 3 7 540 567 64 1 16 6 26 1 25 0 322 309 78 6 2 2 YoY 4 339 2 631 586 1 052 112 14 7 11 8 27 5 13 2 95 1 1 490 2 849 15 0 65 7 1 754 40 4 1 095 1 210 54 52 106 34 3 1 4 21 1 79 0 25 2 46 0 9 3 5 0 1 107 35 8 25 5 631 27 1 FY12 14 2 364 1 401 349 564 67 14 4 11 3 28 9 12 1 20 2
110. 2013 12 2014 9 150 000 BEAUTY Info Mart MEDICAL Info Mart 3 2015 12 Sh atrodi escar ch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 2 2492 SR Research Report 2015 5 13 120 120 100 100 80 g 80 60 4096 20 m 096 20 20 40 I 40 60 1 60 80 80 100 100 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 FY12 11 FY12 12 FY12 13 FY12 14 m HF A
111. 2014 9 2015 4 2015 12 ASP
112. 239 YoY 12 0 10 190 25 1906 15 190 24 1 10 0 1 6 20 5 6 5 5 6 4 190 12 4 39 6 30 4 2 9 34 3906 29 3906 29 6906 32 7 33 0 21 9 12 090 12 890 11 590 8 190 7 6 7 0 12 490 14 790 16 690 22 8906 24 3906 14 090 SR 2009 12 2010 12 FOODS Info Mart 2014 12 BtoB 2 BtoB BtoB amp ASP 2014 12 ARO FOODS Info Mart 2013 12 2 958 37
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114. 76 1 890 1 795 1 103 28 141 143 127 11 337 37 9 22 1 2 9 2 8 2 5 0 2 13 5 1 583 8 2 2 294 SY 1 945 2 023 78 39 1 41 4 ASP ASP 2013 12 2012 12 2011 12 escar ch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved a 2492 SR Research Report 2015 5 13 2012 12 2013 12 2013 12 5
115. 1 663 651 284 593 134 4 2 22 396 24 396 14 2 5 8 815 1 194 248 175 25 596 14 396 30 096 21 596 50 796 9 896 26 7 407 0 4 339 2 631 586 1 052 70 14 7 11 8 21 596 13 296 63 196 2 049 T979 403 479 12 15 0 T3 DO 38 896 65 796 75 2 68 8 45 5 16 5 1 754 769 348 531 105 5 5 18 2 225 10 4 21 596 1 095 1 210 54 52 118 34 396 1 496 21 196 25 296 46 096 9 396 5 0 167 8 4 980 2 945 742 1 201 92 14 8 11 9 26 7 14 1 31 596 3 835 2 269 605 945 17 34 696 14 696 50 196 97 496 11 096 11 196 81 596 18 1796 18 296 1 890 794 383 618 71 1 3 3 9 8 16 4 8 9 1 945 1 475 222 327 78 11 196 21 8 308 3 39 1 50 1 29 996 2029 64 6 escar ch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 2492 SR Research Report 2015 5 13 d ASP ASP FY12 09 FY12 10 FY12 11 FY12 12 FY12 13 FY12 14 1 668 1 881 2 071 2 353 2 631 2 945 3 313 YoY 21 5 12 8 10 1 13 6 11 8 11 9 12 5 1 221 1 381 1 576 1 844 1 979 2 269 2 488 YoY 13 096 14 196 17 096 7 3 14 6 9 7 73 2 73 4 76 1 78 4 75 2 77 1 75 1 REE 458 472 532 651 769 794 870 YoY 3 1 12 7 22 3 18 2 3 3 9 5 764 909 1 044 1 194 1 210
116. 2 3 FOODS Info Mart 2014 4 189 000 1 4 2010 Euromonitor International
117. 2 3 2014 12 2014 11 27 1 6 SR 2014 9 2015 12 ASP 250 10096 200 80 150 60 100 357533994 40 111 20 19 4 20 8 15 2 14 9 16 8 12 3 101396 8 5 11 909 13 3 3 0 10 3 14 0 4 3906 3 0 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 FY12 09 FY12 10 FY12 11 FY12 12 FY12 13 FY12 14 ew AR SR ASP 807 BAH 12 5 812 BAUM 293 316 1 270
118. 2014 12 3 amp a sh ared KWeSGaT ch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 2492 SR Research Report 2015 5 13 FY12 13 FY12 14 FY12 15 FY12 15 FY12 15 GJM Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 1 006 1 060 1 110 1 163 1 157 1 207 1 267 1 349 1 310 47 190 2 783 22 0 5 948 YoY 14 9 15 5 14 9 13 6 15 1 13 8 14 1 16 0 13 2 17 7 19 5 679 718 742 710 886 924 979 1 046 988 47 8 2 066 22 19 4 473 YoY 21 6 21 0 17 796 2 1 30 5 28 8 31 8 47 3 11 596 14 1 16 6 67 5 67 7 66 9 61 1 76 6 76 6 77 3 77 6 75 496 74 2 75 2 432 434 442 447 463 507 432 488 477 44 9 1 063 21 896 2 190 YoY 7 6 3 5 3 1 7 9 7 2 16 8 2 2 9 3 3 1 9 7 15 9 42 9 40 9 39 8 38 4 40 0 42 0 34 1 36 2 36 4 38 2 36 8 247 284 300 263 424 418 546 558 512 51 0 1 003 22 4 2 283 YoY 57 3 62 9 48 5 6 5 71 396 47 1 81 9 111 9 20 896 19 3 17 4 24 6 26 8 27 1 22 6 36 6 34 6 43 1 41 4 39 096 36 0 38 4 253 286 297 270 419 415 556 572 511 51 190 1 001 2
119. DEIT 2 X FOODS Info Mart 5 ASP ZfssioRn o UIF ASP ASP
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121. 12 ASP Web Web 2012 12 150 150 35 38 000 17 946
122. 12 10 8 676 2 0 FY12 03 FY12 04 FY12 05 FY12 06 FY12 07 FY12 08 FY12 09 FY12 10 FY12 11 FY12 12 FY12 13 FY12 14 REER SREGENSCHtNULTZ S8RdO0SRtHERE EC EC FAX ASP 2011 12 PC 2010 FRO 9 79 2011 FRIT 29 396 2012 49 596
123. 2035 12 HS SETA agebat retucas E nhbrR RS E DIU RUE DUE ORE 12 ssh hg 19 Lll 21 sor n T 21 SW Strengths Weaknesses 42 IN dE Rui 43 47 oo 60 1 61 2 m 62 E OD 63 63 PA a A A EE E T 65 A qur p 65 puoi 66 mol 67 ue 67 2 67 lf 67 1 68 i sh ared 5 HLT ch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 2492 SR Research Report 2015 5 13 2 FY12 15 5 948 19 4 4 473 16 6 15 296 2 283 17 4906 38 496 2 279 16 2 38 3 1 404 19 2 23 696 23 3 23 3 11 8 FY12 09 FY12 10 FY12 11 FY12 12 2 945 3 043 3 324 3 785 4 339 4 980 3 3 9 2 13 9 14 7 14 8
124. 205 ES 232 220 12 267 18 1 41 291 20 7 50 306 19 5 50 1 097 16 2 153 17 17 0 19 375 0 15 20 300 0 15 23 155 6 14 79 172 4 50 75 7 75 4 0 3ppt 72 9 3 7ppt 76 196 1 2ppt 76 096 l 5ppt 75 296 1 8ppt ASP 76 4 76 1 0 3ppt 71 7 4 8ppt 75 9 1 3ppt 76 4 1 5ppt 75 1 2 0ppt ASP 81 3 81 6 0 3ppt 82 3 1 2ppt 84 0 2 3ppt 83 3 1 8ppt 82 8 1 4ppt ES 71 496 70 096 1 4ppt 69 7 9 3ppt 72 2 6 3ppt 71 796 6 2ppt 71 396 7 3ppt 65 4 50 1 15 3ppt 70 496 66 7 63 9 66 4 REE 517 477 40 546 7 9 40 574 32 9 142 555 13 7 67 2 190 15 9 301 ASP 204 195 9 216 0 9 2 231 29 196 52 219 9 5 19 870 9 6 76 ASP 118 99 19 129 24 0 25 134 52 3 46 131 33 7 33 512 34 0 130 ES 173 160 13 179 11 9 19 187 32 6 46 181 9 0 15 719 16 5 102 27 22 0 22 4 3 1 22 4 3 l 24 9 196 2 89 9 2 9 478 512 34 525 25 9 108 599 9 796 53 682 22 3 124 2 283 17 4 338 ASP 372 382 10 369 12 2 40 415 4 8 19 463 10 196 43 1 018 9 7 143 ASP 52 76 24 71 73 2 30 80 17 6 12 94 41 5 28 297 33 7 75 ES 59 60 1 88 35 4 23 105 6 1 6 126 40 6 36 378 15 7 51 5 5 0 3 83 3 15 93 8 15 92 4 12 10 85 4 58 477 511 34 524 26 6 110 597 7 496 41 681 19 1 109 2 279 16 2 317 294 307 13 322 24 3 63 368 7 0 24 420 27 2 90 1 404 19 2 226
125. ASP 2015 12 ASP ASP ASP TASP ES 2015 12 ES 2016 ES 2015 Ln ASP ASP ASP BtoB BtoB ipie 2016 16
126. 096 96 65 270 34 296 69 96 427 29 996 98 1 36 5 1 2 194 1 236 18 296 190 70 682 9 896 61 59 225 37 2 61 50 306 19 5 50 15 23 155 6 14 1 2ppt 76 0 1 5ppt 1 3pDt 76 496 1 5ppt 2 3ppt 83 396 1 8ppt 6 3ppt 71 796 6 2ppt 63 996 142 555 13 796 67 52 219 9 596 19 46 131 33 7 33 46 181 9 0 15 1 24 9 1 2 53 682 22 3 124 19 463 10 1 43 12 94 41 5 28 6 126 40 6 36 15 1 92 4 12 41 681 19 1 109 24 420 27 2 90 5 948 SmS 977 1 539 119 4 413 2 488 809 1 097 79 75 2 75 1 82 8 71 3 66 4 2 190 870 512 719 89 2 283 1 618 297 378 10 2 279 1 404 19 4 12 5 31 7 28 2 11 6 16 6 9 7 33 9 16 2 172 4 15 9 9 6 34 0 16 5 9 2 17 4 9 7 33 7 15 7 85 4 16 2 19 2 968 368 235 338 16 638 219 205 153 50 1 8ppt 2 0ppt 1 4DDt 7 3DDt 301 76 130 102 338 143 75 51 58 317 226 2015 12 ASP ASP ES http www sharedresearch jD Copyright C 2013 Shared Research Inc All Rights Reserved 2492 SR Research Report 2015 543 2015 12 BtoB
127. 1 475 1 618 YoY 19 0 14 9 14 3 1 4 21 8 9 7 45 8906 48 3 50 4 50 7 46 0 50 1 48 8 4 952 5 620 6 163 7 126 8 254 9 326 YoY 17 9 13 5 9 7 15 6 15 8 13 0 16 004 18 101 20 408 22 924 25 311 2 814 671 784 906 1 082 1 265 1 458 15 333 17 317 19 502 21 842 24 046 26 356 2 338 2 097 2 307 2 516 2 387 2 503 134 113 122 176 183 193 2 204 1 984 2 185 2 340 2 204 2 310 14 584 17 241 19 307 23 053 27 013 30 304 3 054 2 657 2 066 3 746 3 960 3 291 REFIR O SR EDX ASP ASP ASP
128. 11 974 888 445 387 56 29 396 14 7 12 8 1 9 86 1 463 1 349 833 16 229 100 106 13 166 48 1 27 4 3 3 7 5 3 5 0 4 26 1 1 098 6 9 1 560 10 7 606 794 189 19 9 26 2 FY12 11 3 324 3 307 17 1 079 978 548 381 49 29 696 16 6 11 5 1 5 101 1 596 1 452 887 17 135 112 131 9 305 48 0 26 7 3 4 4 1 4 0 0 3 21 3 1 304 18 7 1 868 19 8 650 878 228 19 5 26 5 FY12 12 3 785 3 741 43 1 306 1 223 852 303 69 32 7 22 8 8 1 1 8 83 1 663 1 528 947 26 126 126 111 9 317 43 9 25 0 3 3 3 3 2 9 0 2 16 4 1 391 6 7 2 269 21 5 815 990 175 21 5 26 5 FY12 13 4 339 4 269 70 1 490 1 408 1 038 322 48 33 0 24 3 7 6 1 1 82 1 754 1 648 1 010 31 133 146 113 14 308 40 4 23 3 3 4 3 1 2 60 0 3 14 7 1 464 5 3 2 533 11 6 1 095 1 213 118 25 2 28 4 FY12 14 4 980 4 887 92 1 145 1 069 682 340 46 21 996 14 096 7 096 1 0
129. 16051 a a ii 1 398 soo 10921861866 M L2p4 7 a di 4 0 0 Q1 Q3 Q1 Q3 Q3 Q1 Q3 FY12 09 FY12 10 Pa E FY12 13 Rud RE mum ASP e YoY SR ASP 758 ADH 10 69 754 ADAB E SEI n 382 ADH n 16 796018 n 372 E373 H3 2015 12 1 1 2 64 3 41
130. 300 ID 4 5 000 gt 100 000 50 BtoB 50 5 000 gt 100 10 000 gt 500 15 000 1 000 20 000 1 001 lt 30 000 gt 50 50 000 gt 100 150 000 101 gt 300 000 5 000 100 101 lt 1 000 40 1 001 30 Web 1 1 000 150 000 1 001 300 000 Ege A ie 25 000 1 gt 1 ID 500 PN e 1 800 9 2 200 000 did 1 10 000 gt 20 000 SaaS
131. 42 7 23 0 19 5 194 9 1 149 1 899 3 654 I PA 2133 1 070 176 132 12 384 536 196 33 7 645 FY12 12 929 661 268 6 4 5 6 55 0 345 293 52 29 7 30 2 26 5 37 1 44 3 19 4 593 14 2 248 11 259 23 5 91 6 26 796 1 790 96 6 1 096 2 024 6 540 4 6 125 2 886 287 150 17 946 63 2 18 5 562 BtoB ES 2015 12 ASP ASP BtoB 2015 12 ASP 2015 2 Sh atrodi a END FY12 13 1 052 717 335 13 290 8 5 24 7 479 375 103 38 8 28 2 98 3 45 5 52 3 30 8 531 10 4 52 70 123 79 0 514 2 5 0 9 8 36 6 1 026 2 159 6 753 6 4 135 213 398 172 22 367 38 9 22 4 421 SR Research Report FY12 14 1 201 807 393 14 1 12 5 17 6 945 650 295 97 4 73 1 185 9 78 7 80 5 75 0 618 16 4 327 293 34 727 2 3
132. 424 688 688 520 424 459 523 632 841 970 613 633 1 124 1 468 1 689 1 647 576 288 0 0 587 299 13 13 RAAR 613 633 1 711 1 767 1 702 1 661 1 001 1 001 1 001 1 001 1 029 1 057 EXZGBIZRSE 438 438 438 438 466 494 FRERE 1 069 1 180 1 269 1 494 1 867 2 602 204 162 90 35 36 36 81 141 131 24 28 2 373 2 572 2 720 2 890 3 286 4 029 485 539 619 738 875 1 120 0 0 1 000 976 688 520 747 551 20 392 68 281 SR http www sharedresearch jD Copyright C 2013 Shared Research Inc All Rights Reserved 2492 SR Research Report 2015 5 13 E ASP 2010 12 2011 12 Foods Info Mart 2013 12
133. 554 1 811 29 6 76 6 969 41 0 841 657 87 137 38 58 4 7 6 445 9 S9598UU6 35 6906 46 9 24 9 24 4 834 54 6 35 3 503 56 4 SR Research Report 2015 5 13 3 165 1 744 526 830 66 21 0 13 0 33 896 30 4 220 757 2 408 18 996 76 196 1 129 35 796 1 281 878 174 231 16 090 7 4 28 9 22 0 40 5 50 3 33 1 27 8 1 278 13 3 40 4 788 16 9 5 948 S313 977 1 539 119 19 4906 12 596 31 7 28 296 11 6 1 475 4 473 16 6 75 2 2 190 36 8 2 283 1 618 297 378 10 17 4 9 7 33 7 15 7 38 4 48 8 30 4 24 6 2 279 16 2 38 3 1 404 19 2 ASP ASP ES ASP ASP ES ASP ASP ES ASP ASP ES ASP ASP ES 1 314 154 209 325 26 995 576 170 232 17 75 7 76 4 81 3 71 4 65 4 517 204 118 173 22 478 372 52 59 5 477 294 13 6 10 1 24 4 17 8 29 7 12 3 9 9 25 0 6 4 112 5 11 9 4 1 29 7 17 7 15 4 13 0 13 8 15 6 14 5 70 6 13 8 21 0 REFIR O SR EDX 157 1 469 69 816 41 243 49 383 11 27
134. 8 618 YoY 119 2 83 5 40 3 23 2 17 9 14 0 12 2 16 7 16 6 16 7 1 896 3 3 4 60 5 7 7 0 8 0 9 3 10 6 12 0 RE 11 179 14 164 17 033 18 382 20 240 22 324 25 735 31 479 34 202 YoY 49 890 26 790 20 396 7 9 10 1 10 3 15 3 22 3 8 7 13 1 SR 2013 2 99018 1998 2006 2007 2013 2 9 2012 2011 2 23 JE 9 046 2010 2011 2012 2005 2006 2007 2008 2009 2010 2011 2012 2013 a 243 903 245 523 245 908 245 068 236 599 234 887 228 282 232 314 239 046 b 299 061 301 570 302 489 300 381 292 281 291 780 286 065 291 775 298 792
135. 9 21 22 0 3 6 9 9 5 727 605 645 815 1 107 1 962 2 279 YoY s 16 8 6 6 26 4 35 8 77 2 16 2 24 7 19 9 19 4 21 5 25 5 39 4 38 3 31 9 23 114 30 33 302 324 361 311 458 779 43 3 54 3 58 0 44 3 42 6 40 4 406 353 361 496 631 1 178 1 404 YoY 13 196 2 296 37 696 27 196 86 696 19 296 13 8 11 6 10 9 13 1 14 5 23 7 23 6 FY12 09 FY12 10 FY12 11 FY12 12 FY12 13 FY12 14 EPS 7 4 6 3 6 4 8 7 10 9 19 9 23 3 EPS 6 8 5 9 6 1 8 3 10 5 9 9 23 3 DPS 3 8 4 1 4 5 3 7 5 3 9 7 11 8 BPS 41 0 43 1 45 3 49 6 55 1 66 8 SR 2005 12 5 1 5 2013 1 1 1 200 2013 7 1 1 2 2014 1 1 1 2 2015 1 1 1 2 09 12 10 12 11 12 12 12 13 12 3 067 3 445 3 611 3 871 4 38
136. 0 ADMA 743 755 895 1 284 1 710 1 878 655 888 1 311 1 482 1 186 1 145 113 53 892 dl 491 555 ROA 25 7 19 5 16 9 17 9 23 0 36 8 ROE 18 5 15 0 14 4 18 2 20 6 32 3 76 8 75 9 58 4 61 596 65 396 70 896 REFIR O SRE d YN P Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 2492 SR Research Report 2015 5 13 2015 5 11 2015 4 30 2015 12 BS 1 2015 12 1 2015 2 27 2014 12 2015 2 13
137. 1 2015 2 164 2015 2 202 865 ID ASP 2014 2015 3 Sh aredi esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 2492 SR Research Report 2015 5 13 NL Per ai U HEARR mm a Ry Ta T E p UA p pee nr To naid um 1 2 CS ETER SECRET gt C PEERS v EL ARAU
138. 1 934 2 069 2 246 2 478 2 849 3 835 7 0 8 5 10 4 15 0 34 6 65 6 68 0 67 6 65 5 65 7 77 0 728 606 650 815 1 095 1 945 16 8 7 3 25 5 34 3 77 7 24 7 19 9 19 5 21 596 25 296 39 196 727 605 645 815 1 107 1 962 16 8 6 6 26 4 35 8 77 2 24 7 19 9 19 4 21 596 25 596 39 496 406 353 361 496 631 1 178 13 1 2 2 37 6 27 1 86 6 13 8 11 6 10 9 13 1 14 5 23 7 EPS 7 4 6 3 6 4 8 7 10 9 19 9 EPS 6 8 5 9 6 1 8 3 10 5 9 9 DPS 3 8 4 1 4 5 3 7 5 3 9 7 BPS 41 0 43 1 45 3 49 6 55 1 66 8 EE CE I Nu 747 551 1 020 584 620 801 1 558 1 360 1 910 1 564 1 786 2 233 25 36 42 51 45 37 156 66 94 202 307 200 1 247 1 744 2 386 2 840 2 849 3 221 2 986 3 205 4 431 4 657 4 988 5 690 189 174 177 148 160 157 0 0 424 688 688 520 613 633 1 124 1 468 1 689 1 647 0 0 576 288 0 0 0 0 587 299 13 13 613 633 1 711 1 767 1 702 1 661 2 373 2 572 2 720 2 890 3 286 4 029 0 0 1 000 976 688 52
139. 109 1 071 52 585 34 200 14 267 9 19 0 8ppt 72 9 0 1ppt 71 7 0 4ppt 82 3 7 6ppt 69 7 70 4 55 546 8 216 27 129 26 179 4 22 55 525 45 369 7 71 10 88 12 5 58 524 51 322 21 8 14 1 35 0 33 9 6 9 15 9 6 9 37 0 18 1 375 0 7 9 0 9 24 0 11 9 4 3 25 9 12 2 13 296 35 496 83 3 26 6 24 3 263 101 63 97 147 38 54 41 15 3 7ppt 4 8ppt 1 2ppt 9 3ppt 40 2 25 19 1 108 40 30 23 15 110 63 1 540 851 256 403 30 1 172 646 215 291 20 76 1 75 9 84 0 12 2 66 7 574 231 134 187 22 599 415 80 105 597 368 21 6 14 1 34 0 31 3 3 4 19 8 12 2 37 8 20 7 300 0 32 9 29 1 52 3 32 696 4 3 9 7 4 8 17 6 6 1 93 8 7 4 7 0 FY12 15 EHSF 2 615 4 980 2 783 1 544 2 945 1 570 393 742 452 637 1 201 708 68 135 53 15 1 14 8 17 7 12 4 11 9 12 1 24 8 26 7 29 5 16 0 14 1 25 5 20 1 20 1 20 7 591 1 145 717 2 025 3 835 2 066 39 4 34 6 14 1 77 4 77 0 74 2 920 1 890 1 063 35 2 37 9 38 2 1 104 1 945 1 003 817 1 475 741 135 222 123 189 327 147 251 68 8 95 996 77 796 19 296 36 496 21 896 12 7906 251 2 308 3 41 3 1 030 2 A A 6 9 42 2 39 1 36 0 52 9 50 1 47 2 34 4 29 9 27 2 29 7 27 2 20 8 1 128 1 962 1 001 98 8 77 2 20 0 43 1 39 4 36 0 674 1 178 616 118 1 86 6 22 4 Q4 YoY 274 1 626 20 6 277 105 893 12
140. 16 1 27 2 36 3 8 6 1 006 2 207 7 011 1 9 48 258 553 186 24 260 38 9 14 1 893 2015 5 13 1 097 16 1 71 3 719 16 3 378 15 7 24 6 t 2016 BtoB ES ASP ASP BtoB BtoB ASP R ASP ASP escar ch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 2492 SR Research Report 2015 5 13 aF ASP BtoB BtoB etm etm 8B 25 DB
141. 160 2 662 29 919 296 7 241 2014 12 38 092 FOODS Info Mart 40 000 o 9 8 8 FR S 3 8000 o g 98 NW 9 X d G o h 8 9 4 A A D 35 000 Be r Co cuni A ao Tm 7 000 l N Q m m B m m M oO m 30 000 B3 xo qoo 6 000 co o kj 00 N Le N o 9 g 9 R 3 R 9 a3 md RN P 500 8g 8 8 g d R A g E B 5 000 oO o N IN 3 20 000 7 mm py E 4 000 m mW 15 000 F 3 000 3 136 10 000 2 610 EP PP ooo 084 2 303 5 000 1 819 i660 1 739 1 000 0 0 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 FY12 09 FY12 10 FY12 11 FY12 12 FY12 13 FY12 14 mmmm SR Sh atrodi escar ch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved L 2492 SR Research Report 2015 5 13 9 400 9 806
142. 161 23 2 2 488 ASP 98 90 102 110 136 146 156 164 175 47 3 370 21 6 809 ES 104 119 125 128 219 226 241 256 220 44 196 499 20 1 1 097 5 2 1 6 8 5 6 9 17 47 296 36 21 596 79 67 5 67 7 66 9 61 1 76 6 76 6 77 3 77 6 75 496 74 2 75 2 ASP 78 4 79 3 76 9 66 7 76 5 76 4 77 2 77 9 76 196 73 9 75 1 ASP 74 8 64 5 66 4 68 2 80 690 81 0 81 390 81 5 81 6 81 9 82 8 ES 42 5 46 0 46 5 45 8 79 2 78 6 78 3 77 9 70 096 70 5 71 3 23 5 5 8 3 8 20 005 21 3 17 1 20 1 23 7 50 196 67 9 66 4 247 284 300 263 424 418 546 558 512 51 000 1 003 22 4 2 283 ASP 292 319 325 275 328 330 397 420 382 51 6 741 23 690 1 618 ASP 12 4 16 23 45 42 69 66 76 61 7 123 25 6 297 ES 22 10 1d 10 71 67 100 90 60 40 996 147 15 996 378 36 23 26 EU e 20 18 13 5 58 1 8 46 5 10 YoY 57 3 62 9 48 5 6 5 71 3 47 1 81 9 111 9 20 8 19 2 17 4 ASP 5 1 11 1 9 1 17 1 12 0 3 5 22 3 53 1 16 796 12 7 9 7 24 690 26 890 27 196 22 696 36 6 34 6 43 196 41 496 39 096 36 096 38 496 ASP 47 7 49 4 48 4 39 1 47 8 46 196 53 296 52 796 50 496 47 296 48 896 ASP 9 0 3 0 10 3 14 006 26 99 23 2 35 7 33 0 35 4 27 2 30 4 ES 8 9 3 9 4 0 3 4 2
143. 2 4 2 279 YoY 58 8 69 1 50 0 6 4 65 7 44 8 87 1 111 6 21 996 20 0 16 2 25 2 27 0 26 8 23 2 36 2 34 4 43 9 42 4 39 096 36 0 38 3 155 167 177 133 244 260 344 330 307 49 9 616 21 9 1 404 YoY 69 0 88 5 278 2 50 8 56 9 55 9 94 9 148 9 26 3 22 5 19 3 15 4 15 796 15 9 11 4 21 0 21 5 27 2 24 5 23 5 22 1 23 6 FY12 13 nes 14 E 15 FY12 15 FY12 15 B73P3 Q1 Q1 Q1 1006 1 TE 1 TY 1 T 1 157 1 T 1 T 1 F 1 47 1 2 783 22 0 5 948 ASP 613 645 671 702 685 716 746 797 48 3 1 570 22 9 3 313 ASP 131 140 154 161 169 180 192 201 a 47 4 452 22 0 977 ES 245 259 269 280 277 288 308 329 314 44 4 708 20 4 1 539 21 34 26 30 38 29 30 38 34 64 1 53 28 5 119 YoY 14 990 15 5 14 9 13 6 15 1 13 896 14 1 16 096 13 296 17 796 19 496 ASP 11 9 12 4 12 1 11 196 11 76 11 0 11 2 13 6 10 6 12 1 12 5 ASP 27 3 27 2 29 090 26 690 28 8 29 0 24 9 24 7 27 1 29 5 31 7 ES 12 1 14 396 13 7 12 6 13 1 11 1 14 4 17 59 13 696 25 5 28 2 163 990 212 790 68 890 32 1 76 7 14 8 13 196 26 2 9 6 20 7 11 6 679 718 742 710 886 924 979 1 046 988 47 896 2 066 22 190 4 473 ASP 481 511 516 468 524 547 576 621 577 49 7 1
144. 3 P ASP ASP FY12 09 FY12 10 FY12 11 FY12 12 FY12 13 FY12 14 196 318 362 459 586 742 977 YoY 54 7 61 7 14 1 26 7 27 5 26 7 31 796 123 21 263 329 403 605 809 YoY 76 8 21 1 25 196 22 390 50 196 33 890 62 696 68 490 72 690 71 7 68 8 81 5 82 8 REZ 131 163 229 284 348 383 512 YoY 24 9 40 2 24 3 22 5 9 8 33 8 8 54 35 45 54 222 297 YoY 806 0 36 3 30 0 21 1 308 3 33 7 3 996 17 196 9 5 9 8 9 390 29 990 30 4 70 82 153 159 226 292 60 89 151 222 291 357 3 005 3 386 3 860 4 446 4 964 5 62 12 71 6 67 66 EMRE 29 62 7i 69 66 381 474 586 518 798 REFIR O SR EDX ASP ASP
145. 31 2012 12 28 2013 1 1 1 200 36 380 7 276 FIRA 2013 1 1 ive 100 10 16 77 THE SFP VALUE REALIZATION MASTER FUND LIMITED 13 44 6 38 3 68 STATE TRUST BANK AND TRUST COMPANY 3 53 3 11 UFJ 2 63 2 63 STATE TRUST BANK AND TRUST COMPANY 2 60 MSIP CLIENT SECURITIES 2 43 SR 2014 12 31 I Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved E 2492 SR Research Report 2015 5 13 gt RER 509
146. 35 5 CF 1 27 1 21 1 02 0 99 1 08 1 13 31 5 21 4 0 7 13 6 2 1 7 0 CF 121 2 119 3 52 3 72 6 100 4 113 1 7 15 23 36 43 34 79 54 80 119 137 245 2492 SR Research Report 2015 543 P SW Strengths Weaknesses Strengths ASP FOODS Info Mart B to B
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