GCA サヴィアン（2174）
Contents
1. 2014 12 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2015 5 26 100 1 10 10 7 FA Financial Advisor 32. SR Inc SR Inc Shared Researchn SR Inc
3. 2014 12 1 3 09 12 10 12 11 12 12 12 3 993 7 390 7 626 1 996 14 035 363 8 85 1 3 2 73 8 603 2 850 1 666 3 245 1 158 2 450 100 9 96 0 94 8 64 3 111 6 21 3 22 5 42 6 58 0 17 5 SR
4. SR 2008 12 2008 3 3 2008 12 31 10 9 613 344 385 75 841 467 6 150 506 476 6 861 626 16 535 6 689 31 912 330 2 364 3 267 35 180 1 308 10 373 673 23 629 33 871 35 180 96 3 29 1 11 541 10 242 10 243 88 7 88 8 10 12 14 947 1 880 1 818 119 1 647 38 8 099 213 20 8 567 847 11 734 16 853
5. Weaknesses M amp A M amp A M amp A M amp A M amp A
6. M amp A M amp A M amp A
7. Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2015 5 26 M amp A 1998 M amp A 2007 2009 2011 M amp A M amp A
8. M amp A 2014 2 PMI M amp A 2014 M amp A PMI
9. M amp A GCA Savvian Advisors 200
10. 2014 M amp A 2015 2 M amp A PE 2015 2
11. M amp A sSh ared Pb T ch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved w GCA 2174 SR Research Report 2015 5 26 GCA M amp A Trusted Advisor For Client s Best Interest M amp A M amp A 2015 12
12. M amp A M amp A SR M amp A 3 M amp A SW Strengths Weaknesses Sh a
13. M amp A M amp A GCA M amp A Savvian
14. 09 12 10 12 11 12 12 12 13 12 557 649 749 1 226 2 643 16 596 15 4 63 796 115 6 166 13 194 177 591 1 665 69 4 E5902 3 8 8 233 9 181 7 29 9 23 6 48 2 63 0 SR 2009 12
15. MCo1 MCo2 MCo3 2013 12 1 MCo1 MCo3
16. M amp A M amp A 40 50 M amp A http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2015 5 26 2013 10 ICICI ICICI Securities Limited 2014 11 10 TC Capital Pte Ltd
17. 99 19 19 3 9 555 19 9 1 588 62 2 1 637 67 4 1 248 150 1 Sh aredd Mesearch http www sharedresearch jpD Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2015 5 26 35 364 2011 12 728 32 457 15 59 2011 12 34 163 18 8 8 886 2011 12
18. SR Inc SR Inc SR Inc SR Inc SR Inc 3 31 12
19. M amp A M amp A GDP 8 2 2014 M amp A M amp A M amp A M amp A 20 000 3 500 18 000 3 000 16 000 14 000 2 500 12 000 2 000 10 000 8 000 1 500 6 000 1 000 4 000 500 2 000 0 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Thomson Reuters http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved
20. Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2015 5 26 360 360 Et 10 12 11 12 12 12 13
21. M amp A 09 12 10 12 11 12 12 12 13 12 4 Pc 1 633 4 122 3 377 4 059 3 909 6 000 64 4 152 4 18 1 20 2 3 7 53 5 2 014 3 573 2 941 3 362 3 552 4 748 28 6 77 4 17 7 14 3 5 7 33 7 381 549 436 697 357 1 252 20 6 59 9 48 8 250 7 13 3 12 99 17 29 9 1 20 9 65 63 68 65 60 67 SR 2010 12 GCA Savvian Advisors LLC GCA Savvian Advisors LLC 2003 M amp A
22. 1 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2015 5 26 2014 12 1 MCo1 MCo2 MCo3 2013 12 1 9 MCo1
23. DIC TOKAI
24. http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2015 5 26 M amp A 2014 2 2 PE 2014 12 17 2008
25. M amp A GCA Savvian GCA Savvian Advisors M amp A M amp A Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2015 5 26 2013 12 2013 12 22 381 107 0 4 18
26. GCA Savvian Singapore Pte Ltd 2014 12 120 0005 1 000 100 M amp A 12 2014 5 2014 5 13 IFRS F WM sh ared hesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 43 48 GCA 2174 SR Research Report 2015 5 26 2014 12 1 FRS
27. 2014 12 1 2013 12 99 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved shared GCA 2174 09 12
28. M amp A 2014 M amp A 1196 M amp A M amp A M amp A 2014 M amp A 10 2007 2015 2015 2 2
29. M amp A SR M amp A 2013 12 80 0
30. 2014 12 3 38 1 96 4 86 3 81 3 7 171 22 5 971 34 5 2013 12 619 2014 12 3 729 3 M amp A 6 8 24 1 M amp A Sh aredd Mesearch http www sharedresea
31. MCo3 2014 12 1 sSh ared Pb T ch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved w GCA 2174 SR Research Report 2015 5 26_ M amp A M amp A
32. MBO MEBO MCo 1 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2015 5 26 MVU Co 19 6 FF SR
33. M amp A M amp A SR M amp A M amp A GCA Savvian Advisors 2011 M amp A GCA Savvian Advisors
34. 2008 Savvian GCA GCA Savvian 2012 1 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2015 5 26 amp 2015 2 2015 2 12 2014 12 31 1 27 21 67 5 33 5 704 2015 3 10 2014 12 32 2013 12 13 2015 1 2015 1 5 100
35. 2014 10 Oracle Corporation TOA Technologies TOA Technologies 2014 9 Charoen Pokphand Group 2014 9 Zoltek Companies Inc 2014 2 2 643 115 0 1 665 180 2 10 300 2014 12 3 9 607 48 2 2 565 31 8 2 547 33 4 1 516 81 3 2013 12 3
36. 2013 5 30 2013 12 2013 12 1 10 5 5 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2015 5 26 10 14 19 6 35 5 80 5 07 3 84 3 47 3 37 3 22 Northern Trust Co AVFO Sub A C Non Treaty 3 09 State Street Bank and Trust Company 2 89 SR 2014 12 30 70 10
37. 1 2 1 3 3 esearch lt http www sharedresearch jD COpyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2015 5 26 350 300 M amp A 250 200 150 100 50 0 11 12 12 12 13 12 SR 4 2004 GCA 2005 2006 2006 M amp A
38. GCA GCA Savvian Advisors LLC GCA FAS DCo O 09 12 10 12 11 12 12 12 13 12 14 12 6 150 8 099 7 972 9 555 9 572 13 019 39 0 31 7 1 6 19 9 0 2 36 0 5 595 7 542 7 323 8 806 8 346 10 376 41 8 34 8 2 996 20 396 5 296 24 396 3 961 3 710 3 930 4 741 4 432 4 255 21 0 6 3 5 9 20 6 6 5 4 0 1 634 3 821 3 378 4 065 3 914 6 121 64 4 133 8 11 6 20 3 3 7 56 4 555 557 649 749 1 226 2 643 16 6 0 4 16 5 15 4 63 7 115 6 3 993 7 390 7 627 1 996 14 035 81 530 542 649 738 L226 9 613 14 947 14 950 10 813 22 381 21 180
39. i 9 MBO JV DD DD DD _ JM amp A GEg Sc 4 4
40. http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2015 5 26 2014 12 2 2014 7 30 2014 12 2 3 927 74 6 347 88 1 322 89 2 170 13 3 2013 12 2 2014 12 2 9 2 89 3 32 5 13 6 3 679 31 6
41. 2015 2 900 1 239 1 000 19 1 200 4 1 400 8 1 600 119 2015 2 17 8 1 000 0 1 200 0 1 400 3 1 600 6
42. 7 000 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2015 5 26 SW Strengths Weaknesses Strengths M amp A M amp A
43. http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2015 5 26 M amp A M amp A M amp A 0 M amp A I TC Capital 1 A SAN 2 0 2
44. IFRS 2013 10 2013 10 23 ICICI ICICI Securities Limited ICICI ICICI Bank Limited 100 6 ICICI ICICI Securities Limited M amp A ICICI ICIC 5 250 M amp A 1ICICI 2013 12 2013 5 2013 5 30
45. M amp A M amp A M amp A M amp A 40 2011 GCA
46. 506 213 979 1 588 1 737 3 592 359 6 62 2 9 4 106 8 850 1 667 3 246 1 158 2 450 2 947 344 1 880 4 225 2 746 4 187 6 539 467 38 533 1 259 1 125 2 260 136 29 10 6 100 996 SR 2008 12 2008 3 3 2008 12 31 10 shared esearch lp http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2015 5 26 GCA GCA FAS I DCo 09 12 10 12 11 12 12 12 13 12 Plcb 3 943 3 399 3 929 4 741 4 431 4 155 21 4 13 8 15 6 20 7 6 596 6 2 2 954 2 612 3 396 3 932 3 656 3 308 22 3 11 6 30 0 15 8 7 0 9 5 989 787 533 809 775 847
47. GCA Savvian Advisors 2009 PA 2011 2012 2013 2014 Rank 2 2 1 3 9 6 of Deal 4 5 7 9 2 8 SR http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2015 5 26 SR M amp A
48. VOYAGE GROUP SBS KLab J GCA
49. Harald Industria e Comercio de Alimentos Ltda 2015 03 127 3 3 47 95 8 2014 12 6 9 294 2015 3 3 5 000 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2015 5 26 2015 12 1 10 20 20 100 2015 12
50. 2015 12 3 amp Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2015 5 26 14 12 15 12 PlcD 40 ce 2 190 1 737 5 680 3 412 1 704 47 596 17 7 69 1 30 296 22 296 179 168 2 218 1 027 16 33 1 98 2 134 5 91 1 8 2 9 7 39 0 30 1 0 9 88 82 1 346 744 22 52 9 97 1 154 8 75 0 4 0 4 79 23 7 21 8 1 3 2 190 1 737 5 680 412 1 704 79 6 63 396 83 8 11 0 22 2 639 541 2 736 1 496 424 78 9 34 0 104 8 41 7 33 6 460 372 518 469 407 3 8 21 7 3 8 25 9 11 5 3 179 168 2 218 1 027 16 93 1 51 3 165 3 142 8 91 1 156 166 2 225 1 049 33 94 0 55 4 165 5 118 5 78 8
51. M amp A PMI M amp A PMT b MA i A SR sSh ared lesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved w GCA 2174 SR Research Report 2015 5 26 GCA FAS I Dco 2014 8 DCo GCA FAS M amp A
52. 9204 k a Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 16 48 GCA 2174 SR Research Report 2015 5 26 3 1 M amp A 2 M amp A 3 SR M amp A M amp A
53. IR TOB M amp A Win Win M amp A M amp A
54. 2012 M amp A 2009 8 2010 7 2011 3 2012 2 2 4 395 25 1 1 M amp A 2012 9 4 065 19 8 2008 2011 12
55. 2014 2015 2015 2015 12 SR 2015 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2015 5 26 TC Capital 2014 11 TC Capi
56. M amp A GCA Savvian Advisors GCA Savvian Advisors M amp A M amp A TMT TMT 28 48 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 S
57. 63 4 477 3 40 14 055 4 UF 25 29 860 5 GCA 21 3 961 6 KPMG 21 2 845 7 19 6 363 8 19 164 9 16 14 787 10 UFJ 16 251 SR 247 68 59 32 435 2014 12 2014 8 MCo1 MCo2 MCo1 1 MCo3 2 474 976
58. 315 265 5 6 2 053 9 2 232 69 3 8 2 1 624 78 5 76 414 M amp A 2014 12 2 5 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2015 5 26 iz 0 2014 2 US mil 1 74 12 959 2
59. 20 10 10 2014 12 13 019 41 8 3 592 14 2 3 596 16 5 2 260 100 8 2013 12 2014 12 36 0 106 49 100 9 MCo1 MCo2 MCo3
60. 2015 4 1 780 2 357 14 749 386 2014 12 719 2015 12 1 44 1 M amp A 0 3 34 59 1 014 AE 19 49 179 4 1 2015 4 1 1 469 16 8 1 3 M amp A
61. 31 32 1 35 1 36 PT 39 2 5 5 39 eo 41 EE 5 oe 42 45 oi 45 KRK5NEEE 46 4 Sh aredd 5 HLT ch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2015 5 26 M amp A M amp A 3 1 M amp A 2 3 SR M amp A M amp A
62. 2013 12 1 MCo1 MCo3 1 10 376 24 3 1 926 68 1 2013 12 619 2014 12 71 Sh aredd Mesearch http www sharedresearch jp Copyright C
63. Conmat Systems Viet Comm Bank HSBC Private Equity Modern Asia Environmental Holdings DOWA TCC M amp A M amp A 100 TCC
64. 944 9 0 3 914 3 79 2013 12 6196 299 0 32 4 99 1 2013 12 1 226 63 7 591 232 5 9 572 0 2 1 737 9 4 1 855 13 3 1 122 10 1 4 10 12 ICICI
65. 255 5 486 61 79 2011 12 6 779 74 29 1 259 716 2 000 2011 12 2012 9 6 1 2012 10 31 1 1 500 2012 10 15 64 831 18 45 2012 12 5 20 000 6 989 sSh ared Pb T ch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved w GCA 2174 SR Research Report 2015 5 26 1
66. 09 12 10 12 11 12 12 12 13 12 14 12 SR 1 2 4 Shared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 29 48 GCA
67. 1 2 M amp A 9 11 11 100 2014 M amp A 9 M amp A 2014 US mil 1 142 11 610 2 133 19 651 3 97 30 977 4 53 12 186 5 53 940 6 KPMG 52 6 417 7 51 41 042 8 PwC 39 5 855 GCA 34 6 068 10 UF 31 338 SR 6 000 53 5 1 252 185 2 M amp A
68. 62 0 20 4 9304 51 8 4 2 9 3 25 1 23 2 13 6 17 1 17 596 20 496 A 69 73 75 78 75 84 SR 2010 12 GCA PMI M amp A M amp A PMI shared esearch lp http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2015 5 26 RR
69. 8 63 2014 8 11 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2015 5 26 2015 12 M amp A SR 2015 12 130 0 26 30 16 30 55 30 70 20
70. 17 9 41 6 84 3 DPS 10 0 10 0 30 0 13 0 20 0 BPS 305 5 230 8 236 6 205 9 240 1 310 2 6 861 8 567 8 754 5 555 7 147 9 411 31 912 38 762 34 622 33 799 15 119 11 443 2 918 677 1 173 1 311 1 433 1 491 35 180 39 821 36 093 35 364 16 836 13 188 1 085 2 193 1 673 2 743 2 301 4 187 222 254 256 163 115 288 1 308 2 447 1 930 2 906 2 417 4 476 33 872 37 373 34 163 32 457 14 419 8 712 23 629 30 775 26 895 26 402 7 406 0 0 0 0 0 0 0 2 513 1 928 7 631 978 23 349 4 164 1 505 1 912 44 63 130 87 1 142 1 952 7 373 4 347 21 951 843 ROA 0 2 5 5 13 8 12 3 20 1 ROE 0 2 7 5 20 496 18 9 31 296 88 8 73 2 74 2 61 7 68 5 61 3 SR 2008 12 2008 3 3 2008 12
71. 1 400 10 1 600 26 2014 12 94 2015 5 11 1 356 2015 5 12 805 200 3 01 1 092 449 33 Sh ared hesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 46 48 GCA 2174 SR Research Report 2015 5 26 GCA 100 6230 1 11 1 30F 03 6212 7100 1 2004 4 1 2006 10 6 HP http www gcasavvian
72. 28 5 22 13 2014 2014 12 M amp A 6 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2015 5 26 2014
73. SR Research Report 2015 5 26 GCA 2174 sr_inquiriesQ sharedresearch jp GCA 2174 SR Research Report 2015 5 26 lt 3 4 FFP FFP 5 ee 5 6 1 18 18 MEA IN EVE 26 EE 1 29 SW Strengths Weaknesses
74. ICICI Securities Limited ICICI Sh aredd Mesearch http www sharedresearch jpD Copyright C Shared Research Inc All Rights Reserved 36 48 GCA 2174 SR Research Report 2015 5 26 1 5 8 13 30 2012 12 2012 12 10 813 27 7 2 746 35 0 2 795 33 8 1 259 136 2 8 806 20 3 749 15 3 1 996 73 8 M amp A IT M amp A
75. 2174 SR Research Report 2015 5 26 1 M amp A 2 5 5 5 10 4 6 10 50 3 50 100 2 100 1 120 5 x5 10 5 M amp A SR 2008 12
76. GCA 2174 SR Research Report 2015 5 26 7 000 600 6 000 500 5 000 400 4 000 300 3 000 200 2 000 1 000 100 0 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Thomson Reuters M amp A 2 500 14 000 12 000 2 000 10 000 1 500 8 000 1 000 6 000 4 000 500 2 000 0 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Thomson Reuters M amp A http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2015 5 26
77. 2015 1 5 2 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2015 5 26 M amp A 2015 1 US mil 1 5 13 331 2 8 6 919 3 3 4 546 4 5 4 399 5 GCA 4 4 075 6 1 4 069 7 ICICI 1 4 069 8 1 3 155 9 42 2 974 10 2 2 291 SR 1 M amp A 0 6 26 69 563 30 3 183 0
78. 30 709 100 100 2014 5 13 10 2014 6 4 10 1 39 2014 12 31 2 2 1 30 5 2014 5 14 2014 12 31 720 000 6 4 2014 11 2014
79. 03 5834 8787 Email info sharedresearch jp Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved
80. 11 10 TC Capital 4 Sh ared hesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 42 48 GCA 2174 SR Research Report 2015 5 26 TC Capital Pte Ltd TCC M amp A 100 TCC 2002 M amp A Bao Viet Holdings
81. 2015 4 1 888 9 9 2 4 2015 12 1 NTT NTT 2015 3 Global Debt Registry 7 Global Debt Registry 2015 1 Solvay S A 2015 02
82. 88 82 1 346 744 22 1660 096 43 4 96 296 157 4 75 0 SR 2015 12 1 1 704 22 2 16 90 6 33 78 7 22 75 1 1 577 23 7 30 154 1 M amp A 2 1 300 2007 1 2 500 8
83. 31 10 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2015 5 26 2015 5 26 GCA 2015 5 11 2015 11 2015 5 11 1 356 2015 5 12 8 45 805 200 3 01 1 092 2015 4 24 2015 12 1
84. SR 3 7 9 3 492 3 15 10 4 161 40 3 628 47 8 M amp A 2 435 121 0 1 594 47 8 we Fa 9 300 2014 11 MCo1 MCo2 MCo3
85. 0 30 1 30 6 30 12 31 2 shared esearch lp http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2015 5 26 70 2014 12
86. 12 14 12 M amp A 8 32 1 8 40 43 41 29 61 71 60 57 59 39 39 29 4 69 73 75 78 75 84 65 63 68 65 60 67 4 5 2 1 1 1 el EN 33 26 30 31 31 21 11 11 11 11 10 8 182 178 186 186 177 181 SR 2008 12 2008 3 3 2008 12 31 10 Savvian M amp A M amp A
87. 38 762 346 176 1 059 39 821 2 447 6 852 4 217 30 775 37 373 39 821 93 9 16 6 9 013 6 598 6 598 73 2 73 2 11 12 14 950 4 225 4 223 471 3 209 533 7 972 979 499 8 754 929 10 731 13 667 34 622 265 243 1 470 36 093 1 930 7 100 54 217 26 895 34 163 36 093 94 796 18 896 9 141 7 213 6 779 78 9 74 2 12 12 10 813 2 746 2 795 353 1 147 1 259 9 555 1 588 1 248 5 556 1 033 15 491 10 589 33 799 235 251 1 565 35 364 2 906 7 644 2 000 26 402 32 458 35 364 91 8 15 596 8 886 5 991 5 486 67 4 61 7 SR Research Report 13 12 22 381 4 187 4 306 704 2 446 1 125 9 572 1 737 1 122 7 147 1 154 5 328 1 008 15 119 239 287 1 717 16 836 2 417 8 260 2 000 7 406 14 419 16 836 85 6 38 0 9 349 6 946 6 405 74 3 68 5 2015 5 26 14 12 21 180 6 539 6 543 2 186 13 019 3 592 2 260 9 360 918 598 11 443 199 283 1 744 13 188 4 187 7 578 241 8 712 13 188 80 8 30 5 13 188 8 712 8 090 66 19 61 396 2013 12
88. 7 52 5 4 306 54 1 1 125 10 69 8 346 5 2 1 226 63 7 14 035 603 2 4 10 12 1 1 459 3 6 4 124 6 29 M amp A 3396 M amp A 2013 7 9 M amp A 4 9 4 10 12
89. COom 12 IR IR httD Wwww gcasavvian COm jD Ir Overview IR IR Sh aredd KWeSGaT ch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2015 5 26 SR MG
90. R Research Report 2015 5 26 09 12 10 12 11 12 12 12 13 12 14 12 3 6 12 6 28 3 25 4 18 7 30 9 0 3 3 6 11 6 5 0 10 3 2 6 12 3 16 6 18 1 27 6 0 2 6 3 13 1 11 7 17 4 ROA 0 1 1 4 3 5 4 3 10 9 ROE 0 5 8 0 20 5 18 9 30 3 ROA 0 2 5 5 13 896 12 396 20 1 ROE 0 2 7 5 20 4 18 9 31 2 SR 2008 12 ROA ROE 2008 12 2008 3 3 2008 12 31 10 13 000 9000
91. Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2015 5 26 2014 12 M amp A 15 1 28 5 M amp A 9 M amp A M amp A TC Capital 4 155 6 2 847
92. rch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2015 5 26 9 9 o M amp A 8 6 3 006 4 2 332 15 79 M amp A 2014 3 6 8 M amp A 2014 3 US mil 1 32 6 023 2 32 2 279 3 31 8 469 4 22 1 052 5 UF 19 27 877 6 GCA 16 5 ZZ 7 13 3 208 8 KPMG 13 3 199 9 PwC 11 1 183 10 9 13 026
93. redd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2015 5 26 09 12 10 12 11 12 12 12 13 12 14 12 6 150 8 099 7 972 9 555 9 572 13 019 31 7 1 6 19 9 0 2 36 0 506 213 979 1 588 1 737 3 592 359 6 62 2 9 4 106 8 2 69 12 3 16 6 18 1 27 69 476 20 499 1 248 1 122 2 260 2395 09 150 1 10 196 101 4 0 2 6 3 13 1 11 7 17 4 9 613 14 947 14 950 10 813 22 381 13 019 55 596 0 0 27 7 107 0 41 8 2 564 4 508 6 418 5 276 6 238 5 412 75 8 42 4 17 8 18 2 13 2 344 1 880 4 225 2 746 4 187 3 592 446 5 124 7 35 0 52 5 14 2 385 1 818 4 223 2 795 4 306 3 596 372 2 132 3 33 8 54 1 16 5 467 38 533 1 259 1 125 2 260 1302 6 136 2 10 6 100 9 34 356 35 066 35 133 28 650 28 673 26 325 EPS 13 9 1 2 18 6 44 2 42 2 85 8 EPS
94. tal Pte Ltd M amp A 2015 12 M amp A PMI Post Merger Intergration M amp A PMI PMI PMI M amp A M amp A PMI
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