ドリームインキュベータ（4310）
Contents
1.2. 2014
3. GANAy 2 w lt IPO 2014 7 119
4. 2014 5 5 4 Up or Out
5. Sh ared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 4310
6. 11 3 12 3 13 3 14 3 15 3 BP 50 65 1 69 SR 2015 3 2896 13096
7. 3 1 1 x x 3 1 4 5
8. Sh aredd Mesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 4310 SR Research Report 2015 7 29 2015 3
9. 2015 4 le 2 ii gt 4 5 2 DI Marketing TGC N 9 4 4 SR sSh ared lesearch http
10. SR Inc SR Inc Shared Researcn SR Inc SR Inc
11. 1 IPO Sh aredd Mesearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 4310 SR Research Report 2015 7 29 1 843 1 451 31 125 1
12. M amp A DI DI 3
13. sSh ared Pb T ch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 4310 SR Research Report 2015 7 29 2015 3 2015 3 13 343 46 8 1 348 18 1 1 373 24 7 993 16 396 EE 113 1 670 2 700
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15. Sh aredd Mesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 4310 SR Research Report 2015 7 29 1 813 13 5 581 52 1 15 2 2014 12
16. 2015 3 SR SR
17. 57 361 6 111 51 250 FA Financial Advisory
18. The Raine Group TMT VC STECO SR http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved 4310 SR Research Report 2015 7 29 2010 DIAIF 50 DIAIF 6 363 24 8
19. 2015 6 8 1 2015 5 12 2015 3 3 amp Sh aredd Mesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved Shared esearch lt 4310
20. SR 10 2 595 37 49 6 1 431 56 9 55 196 1 142 46 4 44 0 288 118 2 11 1 286 85 7 11 0 215 750 0 8 3 10 2 595 37 49 6 1 431 56 9 55 196 1 142 46 4 44 0 288 118 2 11 1 286 85 7 11 0 215 150 0 8 3 15 3 20 3Q 2 824 2 909 73 7 3Z2 1 720 1 642 42 3 49 0 60 9 56 4 1 098 1 149 33 7 29 4 38 9 39 5 623 493 61 0 730 2 22 1 16 9 639 519 66 8 72Z6 22 6 17 8 495 362 39 4 726 3 17 5 12 4 2 30 5 419 8 328 23 6 28 0 3 151 4793 48 6 28 7 58 1 57 6 2 240 3 389 39 9 36 2 41 3 40 7 911 1 404 75 5 97 5 16 8 16 9 925 1 444 72 3 88 8 17 1 17 3 710 1 072 61 0 78 4 13 1 12 9 http Wwww sharedresearch jD 4Q 5 015 93 9 3 121 96 5 62 2 3 176 769 2 63 3 40 13 343 46 6 7 914 64 5 59 3 6 565 78 9 49 2 1 348 18 1 10 1 1 373 24 7 10 3 999 76 3 7 4 3 184 22 7 1 573 9 9 49 496 1 387 27 5 43 6 185 35 7 5 8 195 37 6 6 1 91 4 0 6 1Q
21. SR MG VOYAGE GROUP SBS
22. 4 1 011 137 3 835 89 2014 3 5 876 IPO 8 788 2013 3 2 653 413 6 2 399 36 DI DIAIF 3
23. 2015 3 1 sSh afed 6 Cbs dr ch lp http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 4310 SR Research Report 2015 7 29
24. 159 2015 7 1 IPO IPO 20 2015 3
25. SR Weaknesses
26. 43 3 2015 3 2015 3 IT 841 8 439 4 13 2 172 1 200 Ssh ared GYcsea ch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved sSh ared Pb T ch lp http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 4310 SR Research Report 2015 7 29 2015 3
27. 2016 3 2015 3 133 37 97 97 120 Sh aredd Mesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 4310 SR Research Report 2015 7 29 2015 3 3 29 00 29 35 29 509
28. 5 4 1 3 2014 3 47 Sh aredd Mesearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 4310 SR Research Report 2015 7 29 5 100 19 1 451 2 0 IFRS 678 0 4
29. IDC Japan 2006 2007 2005 122 2011 90 Sh aredd Mesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 4310 SR Research Report 2015 7 29 250 2012 1 600 2 100 2012 10 2 800 2012
30. 2011 82 11 DREAM INCUBATOR SINGAPORE PTE LTD 2012 1 TGC 60 Sh aredd Mesearch http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved 4310 SR Research Report 2015 7 29 2015 3 10 bee 13 35 6 06 4 6596 3 979 3 839 3 71 2 869 2 18 1 9196 THE BANK OF NEW YORK 133524 1 62 SR
31. SR 2014 3 10 6 5 6 2014 3 3 1 98 1 48 2013 3 2014 3 2015 3 4 285 5 100 6 363 22 638 34 3 63 7 34 1 34 6 59 3 46 8 28 5 49 7 51 0 28 4 9 1 5 296 8 7 5 596 88 88 89 89 511 1 390 690
32. 50 2012 19 3 113 1 5 10 2013 3 2013 3 5 113 http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved 4310 SR Research Report 2015 7 29
33. 2014 8 21 Entertainment Direct Asia Ltd 2014 8 15 1 8591 DI DIAIF Me Sa Asia Pacific Trading Services Company Ltd MESA MESA DIAIF 22 6 MESA 5 159 2013 12 110 MESA
34. 2014 4 1 1 100 Shared esearch lp http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 4310 SR Research Report 2015 7 29 2015 7 29 2016 3 1 2015 7 28 2016 3 1 2016 3 1 2015 7 23 2015 3 2015 7 14 NEDO 2015 7 13
35. FA 2 504 15 3 830 69 4 R amp D M amp A Sh aredd Mesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 4310 SR Research Report 2015 7 29 7
36. KLab J GCA DIC TOKAI
37. 2014 12 31 20 2015 3 2 2015 3 2 5 419 23 6 911 75 3 925 72 2 710 60 8 2 sSh ared Pb T ch lp http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 4310 SR Research Report 2015 7 29
38. 2015 1 15 1 6055 Aldon Technologies Services Pte Ltd ADCT Technologies Pte Ltd 4 620 23 8 639 84 1 20 1 326 132 6 897 136 7 3
39. 08 3 09 3 10 3 11 3 6 526 142 696 609 2 918 110 79 44 79 1 817 27 896 1 100 56 796 16 99 15 10 1 104 58 296 16 99 7 7 0 696 833 97 496 12 896 12 3 2 379 20 6 4 284 28 8 426 56 596 8 594 7 693 17 99 981 3 711 27 296 48 296 2 942 38 296 768 30 296 10 09 42 759 31 396 9 996 39 5 196 671 19 496 8 796 2 8 96 5 100 19 096 1 011 137 396 809 36 296 9 092 18 296 4 280 4 811 29 6 52 996 669 40 49 1 141 48 696 12 59 32 72 1 101 45 1 12 1 152 13 896 854 27 396 9 496 2 504 15 396 6 363 24 896 3 671 263 1 803 0 7 13 343 46 8 5 429 7 914 64 596 59 396 6 565 49 296 1 348 18 1 10 1 52 26 1 373 24 796 10 396 415 30 296 993 16 396 7 496 13 3 14 3 15 3 1 2 547 583 1 090 902 32 1 504 1 622 2 421 2 943 307 421 551 4 058 610 1 463 1 026 FCF 1 2 1 604 890 1 511 351 1 736 2 114 159 1 395
40. 90 39 9 43 8 2014 1 DI Marketing Co Ltd D1 Facebook WEB 2015 5 25 SNS 2015 4 2015 3 3 2015 3 3 8 328 28 0 1 404 91 5 1 444 88 8 1 072 78 4
41. 4 113 1 1 113 64 141 169 28 88 1
42. LP DI Ohy7 bo 50 0 IFYR 8 5 SR GP LP 2015 3 489 5396 2004 5 2011 2 82 1 189
43. SNS 2 2015 4 22 HI 1 S Tours Co Ltd Facebook for Facebook Facebook 459 SNS 2014 45
44. DIAIF DI MESA 2014 7 23 2014 6 12 3 3 3 2014 7 1 Sh aredd Mesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 4
45. 95 5 2008 3 2012 3 2013 280 8715 sh ared CC ch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 4310 SR Research Report 2015 7 29 10 66 61 2 15 8 2014 3 2014 3 51 0 19 0
46. 1 7203 1 6902 1 9502 1 7011 32 17 3 2015 3 1 2 3 4 5 000 3 1 1 000 5 000 3 1 500 1000 1 1 100 lt C500 1 1 5 100 2 2 6 9 5 3 15 SR 1 2 3 4 5 6 http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 4310 SR Research Report 2015 7 29
47. 1 IH 418
48. 7 2014 100 2014 EC EC EC 1 600 700 50 000 30 35 4 3 3 7 2
49. 2014 10 28 3 2 S O 1 IPO1 2010 DIAIF 50 DIAIF 1 312 16 89 182 6 1 4689 BtoB Sh ared Wesearch http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved
50. 2015 3 6 363 24 8 113 1 045 451 34 8 499 IPO Sh aredd Mesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 4310 SR Research Report 2015 7 29 14 3 15 3 4 284 5 100 6 363 24 896 1 360 1 601 2 053 28 296 40 77 97 26 396 334 263 127 51 496 138 163 192 127 596 1 874 2 105 2 4 1 17 496 2 410 2 995 3 8
51. 15 20 Sh aredd Mesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 4310 SR Research Report 2015 7 29 SR 3 SW Strengths Weaknesses
52. 1945 1969 1972 1980 1981 2000 2006 1965 1991 1995 2000 2006 2013
53. 544 517 570 704 773 796 256 255 293 36 396 380 108 116 104 100 137 142 38 1 68 52 65 72 16 16 18 16 25 10 6 6 6 19 22 15 16 10 23 55 57 45 29 38 31 5 40 40 42 39 44 59 50 56 800 772 863 1 041 1 170 1 1 SR 113 http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved 4310
54. SR Research Report 2015 7 29 LED LED IC SR EL GM
55. Santedo Corporation 259 Santedo Duy Tan TEVA Pha No 22 Santedo DIAIF 2015 3 2 4 Me Sa Asia Pacific Trading Services Company Ltd 4310 SR Research Report 2015 7 29 DI DIAIF 3 _ GP _ _
56. 1 TGC 1 2012 2 TGC 60 2015 6 3 2007 2
57. IR 2 shared esearch lp http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 4310 03 5532 3200 2000 4 20 HP http www dreamincubator co jp IR IR sh ared esear ch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved SR Research Report 2015 7 29 100 0013 3 2 6 4F 1 2002 5 10 3 IR httD www drearmincubator cO D ir news IR 4310 SR Research Report 2015 29
58. 4310 SR Research Report 2015 7 29 34 41 7 20 3 2014 1 DI Marketing Co Ltd DI DI Facebook WEB 2014 10 28 16 2014 3 2014 3 9 092 18
59. 1 216 12 29 419 63 79 15 2 7 1 2 2 974 22 8 387
60. 2014 11 4 The Raine Group LLC 2014 10 21 1009 Sh aredd Mesearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 4310 SR Research Report 2015 7 29
61. 2014 3 129 2013 9 21 2013 7 129 2011 12 1 79 2011 10 59 SR IPO 2010 6 DIAIF50 10 1 37 1 2 31 19 1 2013 3 IRR 50 2014 3 3
62. Santedo Corporation 259 Santedo DIAIF 809 34 2 143 116 EC 54 49 7 4 2016 3 Sh ared esearch http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved 4310 08 3 6 Pclc5 1335 7
63. 18 16 8 000 4 3 191 2014 3 4 000 690 1 89 2014 3 99 9 2014 3 34 19
64. sSh ared Pb T ch lp http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved w 4310 SR Research Report 2015 7 29 08 3 09 3 10 3 11 3 12 3 13 3 14 3 15 3 1946 2 625 2 620 2 690 6 526 7 693 9 092 13 343 34 9 0 2 2 7 142 696 17 996 18 296 46 896 65 1 672 378 1 385 2 918 3 711 4 811 7 914 266 496 110 796 27 296 29 696 64 59 14 496 51 596 44 796 48 296 52 996 59 396 1381 2 386 223 702 1 100 768 1 141 1 348 56 7 30 2 48 6 18 1 26 1 16 9 10 0 12 5 10 1 1331 2 336 193 698 1 104 759 1 101 1 373 58 296 31 396 45 196 24 796 25 996 16 996 9 996 12 196 10 396 14 2 996 249 422 833 671 854 993 69 59 6 97 49 19 4 27 3 16 3 9 5 15 7 12 8 8 7 9 4 7 4 95 95 95 96 96 96 9 783 10 054 EPS 15 318 31 421 2 616 4 414 8 698 7 002 88 103 EPS 2 605 4 412 8 696 6 767 84 99 DPS 2 100 2 600 29 BPS 94 848 63 264 68 229 72 274 81 8
65. 606 127 333 M amp A FinancialAdvisory 1 1 1 2 24 350 29 195
66. 263 19 2 559 206 5 2015 3 300 2 15 1465 IT 8 57 4 30 2 19 1 129 2015 3 5 3 S O 1 IPO1
67. 137 188 446 414 158 146 504 969 3 071 5 349 3 191 544 815 5 3 SR 2015 3 5 1796 100 ReVALUE 2010 7
68. 2015 4 SNS sSh ared Pb T ch lp http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved w 4310 SR Research Report 2015 7 29 IH DI IPO 2016 3
69. 113 1 045 451 34 8 499 IPO 713 4 2 331 151 2014 7 8 Biz BtoB 2014 10 21
70. 13 343 46 8 1 348 18 1 1 373 24 7 993 16 3 113 1 670 2 700 IPO 2016 3
71. 511 8 3 251 22 1 4689 BtoB 56 21 7 32 3 2014 1 DI Marketing Co Ltd DI DI Facebook WEB
72. 4310 SR Research Report 2015 7 29 2014 11 4 TMT The Raine Group 2014 12 2 KADOKAWA 2014 12 3 EMC STECO SR
73. 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 jp Copyright C 2013 Shared Research Inc All Rights Reserved
74. 123 7 20 TVCM WEB 880 84 1 595 84 2 2 4 112 2 14 1 335 IT 7 539 4 33 2 1 1 139
75. 3 184 22 SS 9 9 49 4 1 387 21 5 43 6 185 35 7 5 8 195 7 6 6 1 97 0 6 SR Research Report 2015 7 29 16 3 2Q 3Q 3Q Copyright C 2013 Shared Research Inc All Rights Reserved 4310 SR Research Report 2015 7 29 2016 3 1 2016 3 1 3 184 22 7 185 35 79 195 31 6 18 91 49 1
76. DI 2016 3 4 4 6 2015 3
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78. 369 901 0 1 2 ai 141 618 A 2 11 9 18 179 243 250 260 B 29 0 16 5 155 33 65 128 C 189 9 83 508 247 387 240 FCF NI A B C 1 683 2 976 159 73 934 534 652 885 SR shared esearch lp http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 4310 SR Research Report 2015 7 29 amp 2015 4 22 SNS 100 DI Marketing Co Ltd DI SNS SNS 2014
79. 30 IPO sSh ared Pb T ch lp http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved w 4310 SR Research Report 2015 7 29 2000 4
80. SR Research Report 2015 7 29 4310 sr_inquiriesQsharedresearch jp 0 4310 SR Research Report 2015 29 oo 3 5 6 6 7 7 11 13 4 13 15 25 oC 27 SES 28 SW
81. 1 2014 4 6 3 2 Web 2014 1 0 2015 3 UAE 20 2015 3
82. 2 909 2014 9 2 14 1 335 IT 7 539 4 33 2 19 1 139 2014 10 28 3 2 S O 1 IPO1 3 Sh aredd Mesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved
83. Strengths Weaknesses Ne 29 31 2 31 1 39 40 4 40 41 i 44 2 4 44 Eo 45 II 45 1 45 46 Sh ared CC ch http www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved 4310 SR Research Report 2015 7 29 2000 4 3 M amp A
84. www sharedresearch jpD Copyright C 2013 Shared Research Inc All Rights Reserved 4310 SR Research Report 2015 7 29 2016 3 1 4 4 6 HH 2015 3 1996 4296
85. 3 JICA ICA SR 3 671
86. 44 38 696 0 3 47 3 387 7 914 59 396 1 348 10 1 1 608 12 1 7 4 7 8 8 2 75 79 90 4 1 568 328 9 297 5 0 52 56 6 0 6 41 0 240 2012 3 2010 3 2011 3 2012 3 2013 3 2014 3 83 101 187 182 184 142 132 530 746 851 5 4 111 146 19 93 82 214 347 473 419 516 538 33 27 95 B 6 8 15 0 1 2 113 946 516 538 113 157 209 269 SR shared esearch lp htt
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88. 014 1 2010 12 2011 8 ASEAN 2015 4 2015 3 100 100 Dream Incubator Vietnam Joint Stock Company 100 95 59 6 Dream Incubator Singapore Pte Ltd 100 DI Marketing Co Ltd 100 Sh ared esearch http www sharedresearch jp C
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90. 2 1 141 48 5 1 101 45 19 854 27 2 IFRS 1 368 938 39 29 1 983 11 1 5 100 19 0 809 35 29 7 892 11 09 2 171 8 7 490 37 1 M amp A
91. 3 Sh aredd Mesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 4310 SR Research Report 2015 7 29 SW Strengths Weaknesses Strengths 100 2008 3 2009 3 2007 3 130 2009 3 60 SR
92. 310 SR Research Report 2015 7 29 2013 12 20 DI DIAIF Santedo Corporation DIAIF Santedo 259 Santedo Duy Tan TEVA Pha No 22 Santedo DIAIF 2013 11 19 2014 3 31
93. 751 17 399 2 1 1 4 22 11 Sh aredd Mesearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 4310 SR Research Report 2015 7 29 DI DI
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97. Liquidity Service Inc NASDAQ LQDT 13 475 EBITDA 96 EBITDA 2 2012 1 300 2015 3 2014 10 21 Sh aredd Mesearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 4310 SR Research Report 2015 7 29 2015 3 196 2
98. SR Research Report 2015 7 29 IDC Japan BPO 2013 4 79 8 975 3 2013 5 2012 2017 4 2 2016 1 2017 1 516 12 000 10 000 G UUU 5 UUU UUU eg UUU geU1g gU 13 PE geU13 egU15 2017 Pb BPFGO BFG P IDC Japan 2013 2013 5 4 2 856
99. opyright C 2013 Shared Research Inc All Rights Reserved 4310 10 3 11 3 12 3 13 3 SR Research Report 14 3 2015 29 EBITDA EBITDA ROA ROE CF CF SR 378 14 4 223 214 9 5 4 0 40 9 263 5845 1 5817 6 10 53 43 290 10 7 30 9 83 1 385 51 59 702 26 196 720 26 8 15 7 9 3 6 390 35 9 73 5 771 550 9 543 49 1 34 44 290 0 7 72 7 508 2 918 44 7 1 100 16 9 1 279 19 6 12 8 11 7 11 3 69 0 74 5 694 413 0 398 7 1 51 34 696 1 3 43 0 3 11 48 296 768 10 0 1 011 13 1 8 7 6 7 8 2 68 1 70 5 941 372 4 353 7 0 71 50 6 0 6 40 2 247 4 811 52 9 1 141 12 5 1 391 15 39 9 4 7 0 7 8 57 696 59 6 1 328 324 8 314 69 0
100. p www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 4310 SR Research Report 2015 7 29 r 10 3 11 3 12 3 13 3 14 3 15 3 1 112 1 696 1 972 2 379 2 171 2 504 1 508 853 978 426 1 011 3 671 979 1 024 1 230 1 600 1 681 1 674 1 470 352 885 337 176 1 112 12 096 39 696 3 696 32 796 22 696 33 196 2 5 58 796 9 596 20 996 82 696 69 796 SR 09 3 10 3 11 3 12 3 13 3 14 3
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