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6. ROA ROE SR 1 116 500 4 107 114 114 1 816 18 7 748 3 440 21 0 3 464 4 279 5 4 284 7 748 162 368 10 800 48 6 6 442 41 4 317 10 866 53 690 5 616 66 3 640 66 0 696 142 1 396 16 13 319 2 13 319 2 164 409 2 261 030 7 601 5 723 98 100 2 162 8 685 3 730 744 28 1 4 503 4 138 A 46 4 182 8 685 737 1 367 5 0 896 496 47 696 24 49 48 096 72 4 FY03 10 FY03 11 FY03 12 FY03 13 9 216 14 7 9 003 71 141 8 924 17 9 5 541
7. Sh ared hesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8715 Shared Research Report 2014 8 13 2014 4 2014 1 24 Japan Animal Specialty Medical Institute Inc JASMINE 4
8. Sh ared Gesearah http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8715
9. http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8715 Shared Research Report 2014 8 13 3 59 3296 2012 3 9 2009 22 2 061 2013
10. 2013 33 1 17 3 4 2012 2013 2012 2013 74 506 75 400 23 1 45 712 35 599 21 22 46 140 47 965 14 4 46 944 36 182 21 23 40 488 34 128 10 16 38 829 39 226 12 1 6 426 6 492 4 1 35 005 34 564 10 1 27 538 28 054 16 2 27 311 26 986 8 1 13 391 13 117 8 2
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12. 2015 3 2014 4 5 8 2014 3 18 087 13 448 10 693 2014 3 3
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15. SR 1 2 1 2 1 000 4 000 Sh ared hesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8715 Shared Research Report 2014 8 13 5 000 3 000 4 000 12012 3 009 1 000 2 000
16. JASMINE F 2014 3 2 000
17. A E 0 1 1 70 1 5 0 1 2 3 4 5 6 35 630 32 240 32 730 34 800 39 030 43 910 49 060 39 160 35 410 35 630 37 060 40 810 46 500 52 540 42 700 38 710 39 430 41 700 46 080 52 090 58 620 48 870 44 300 45 120 47 760 52 950 60 170 68 110 55 970 50 930 52 460 56 250 62 410 69 930 77 490 29 210 29 210 29 210 29 210 29 210 29 210 34 650 37 980 41 950 46 120 50 130 53 730 35 500 43 130 56 430 71 910 85 880 98 150 7 53 950 57 710 64 680 75 520 84 160 29 210 56 810 108 060 SR A
18. 1 509 709 1 1 1009 11 5096 709 1 1 1009 1
19. 2008 1 2008 6 2010 3 2014 1 2014 6 1 2014 3 1 0 2 523 14 5 1 772 10 2 KOMORI 1 220 7 0 1 200 6 9 910 5 2 CBC 666 3 8 UBS AG LONDON A C IPB SEGREGATED CLIENT ACCOUNT 581 3 3 447 2 6 380084 36 2 1 319 1 8
20. 2014 3 505 5 15 9 60 2014 3 FY03 05 FY03 06 FY03 07 FY03 08 FY03 09 FY03 10 FY03 11 FY03 12 FY03 13 FYO3 14 128 832 191 785 246 634 297 917 241 206 290 767 340 628 396 234 446 414 504 969 YOY 48 9 28 6 20 8 19 0 20 5 17 1 16 3 12 7 13 1 60 189 86 904 91 666 101 014 99 504 109 170 YoY 44 49 5 59 10 2 1 59 9 7 6 442 8 981 10 858 13 592 15 781 18 087 anicom 2 546 4 407 5 575 6 980 1 445 2 546 4 407 5 575 6 980 7 887 8 981 10 858 13 592 15 781 18 087 YoY 73 1 26 59 25 29 13 0 13 9 20 9 25 29 16 1 14 69 SR Sh sfed esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved Sh sfed 8715 Shared Research Report 2014 8 13
21. 0 2015 3 20 2 10 5 10 3 10 7 SR 2016 3 2015 3 4 2016 3 8 109 SR sh ared hesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved ae 8715 Shared Research Report 2014 8 13 999 6
22. Shared WeseaTch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8715 Shared Research Report 2014 8 13 a SW Strengths Weaknesses Strengths 5 591 2014 3 6 996 2013 12 amp 2 2014 4 30 3 025
23. 60 88 59 2014 3 2 90 Weakness
24. 2014 3 28 19 28 5 27 3 29 7 28 69 1 Sh ared Gear http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8715 Shared Research Report 2014 8 13 FY03 08 FY03 09 FY03 10 FY03 11 FY03 12 FY03 13 FY03 14 FY03 15 7 267 10 800 9 216 11 107 13 845 16 186 18 366 21 790 48 696 14 79 20 596 24 796 16 99 13 596 18 69 6 442 9 003 10 858 13 592 15 781 18 087 6 442 8 981 10 858 13 592 15 781 18 087 39 41 1 94 108 260 108 39 40 1 78 92 113 18 0 1 0 15 16 147 89
25. Sh afedi esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8715 Shared Research Report 2014 8 13 a ani communication co ani communication oo SR
26. 30kg 45kg E 45kg 5 2 SR
27. 6 2 6 6 1 2015 11 1 6o19 20 39 20 40 50 SR 1096 596 2014 11 1 2015 11 1 2016 3 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8715 Shared Research Report 2014 8 13 2015 3 1 1
28. sh ared hesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved ae 8715 Shared Research Report 2014 8 13 2015 3 10 5 2014 6 SR 2015 3 18 4 7 9 10 5 2 2012 3 2014 3
29. 2 1 516 618 2014 3 11 649 2 3 2015 3 55 26 398 7 7 2 2 18 8
30. SR 80 2 000 80 2 000 2014 3 10 9 68 7 4 32 3 5 2 3 1 3 500 Kk 80 1 3 2 3 7 8 1
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34. 161 0033 Anicom Holdings Inc 1 5 22 03 6733 3000 2014 6 10 1 2000 7 5 2010 3 3 HP http www anicom co jp index html 3 Sh afedi esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8715 Shared Research Report 2014 8 13 Current Client Coverage of Shared Research Inc Accretive Co Ltd Ganecard Joyco Holdings Inc Paris Miki Holdings Inc AEON DELIGHT Co GCA Savvian Corporation Pigeon COrD Ai Holdings CorD Grandy House COrD Resorttrust Inc Anicom Holdings Inc Gulliver International Co Ltd Round One Corp Anritsu CoOrporation Happinet Corporation Ryohin Keikaku Co Ltd Apamanshop Holdings Co Ltd Harmonic Drive Systens Inc Sanix Incorp
35. 1 3 4 500 2012 3 190 2014 6 1 452 1 3 2014 3 3 850 80 2 000 Il ee Il Il il 1 4 T Wl SR Shared esearch http www sharedres
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39. 2013 280 3 596 280 180 2013 2 100 3 9 2013 1 520 229 2009 Datamonitor 2013 280 1 600 oo 2 496 L i 50 Il L 3 9 80 32 0 01
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49. 5 7 1 1 1 1 3 2 1 2015 3 2 JASMINE 1 ASMINE 2014 4 3 7 2015 3 E 0 6 3 7 SR
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51. 916 5 196 2 842 4 7 1 12 73 0 4 3 296 50 SR E 1 E I E
52. 10kg B 10kg 20kg C 20kg 30kg D 30kg 45kg E 45kg 2014 11 8715 Shared Research Report 2014 8 13 120 000 100 000 80 000 60 000 40 000 20 000 0 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 ua am PA NT 1 70
53. 2 137 164 27 1 254 164 89 2 67 116 2014 6 1 2014 3 2014 6 1 2015 6 1 2014 6 1 2014 11 1 2014 5 30 2014 8 6 2014 11 1 X
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56. 8715 Shared Research Report 2014 8 13 FY03 05 FY03 06 FY03 07 FY03 08 FY03 09 FY03 10 FY03 11 FY03 12 0 29 887 43 553 67 457 74 255 42 928 61 448 59 116 61 336 1 19 889 34 007 43 900 47 065 37 752 29 215 46 712 47 603 2 9 879 22 260 36 356 40 493 33 112 34 616 28 700 43 987 3 5 642 11 522 24 205 35 082 29 784 31 176 34 064 29 008 4 3 149 7 040 13 100 24 154 26 051 28 271 31 142 33 960 5 2 694 4 668 8 688 13 989 17 929 24 555 28 078 31 138 6 1 896 3 456 5 558 9 019 10 754 17 06 24 35 28 018 7 1 537 2 640 4 309 6 050 166 10 386 17 248 24 317 8 1 226 2 322 3 454 4 53 5 09 6 930 10 594 17 410 9 543 1 305 2 438 3 207 3 826 4 998 7 051 10 809 10 181 590 1 385 2 236 51 52 5 228 409 11 38 203 635 1 233 1 688 2 348 3 363 4 717 12 0 48 226 532 1 001 1 382 2 000 2 945 10095p 80 60 4096 20 0 FY03 05 FY03 06 FY03 07 FY03 08 FY03 09 FY03 10 FY03 11 FYO03 12 0 1 2 3 4 5 6 7 8 9 10 SR 0 70
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59. 702 299 300 296 1 599 24 24 3 470 3 470 1 20 800 200 300 1 09 3 494 7 095 5 7 7 10 300 300 38 38 7 957 7 957 300 202 7 995 8 498 906 906 10 385 10 385 11 292 11 292 SR FY03 07 FY03 08 FY03 09 FY03 10 FY03 11 FY03 12 FY03 13 FY03 14 0 92 0 98 1 01 1 23 1 2390 1 2290 1 2496 0 41 0 08 0 43 0 52 1 4796 1 8090 0 34 0 26 0 08 0 07 1 20 1 48 0 07 0 92 0 96 0 90 1 1896 1 0496 1 2196 1 3596 0 1096 2 283 2 804 5 212 6 644 6 086 7 095 8 498 11 292 SR http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8715 Shared Research Report 2014 8 13 1 Pc FY03 09 FY03 10 _FY03 11 FY03 12 FY03 13 FY03 14 5 616 5 541 7 146 9 797 11 450 13 448 1 369 3 767 4 829 30
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91. FY03 13 0 9 FY03 15 FY03 15 plcD Qi Q2 ec Q4 Qi1 Q2 Q4 of 1H 1H Est o of FY _FY Est 3 846 4 093 3 848 4 399 4 394 4 455 4 4 903 50 1 10 299 23 7 21 790 YoY 20 2 23 3 8 6 16 3 14 2 8 8 19 9 11 596 58596 16 4 18 6 3 774 4025 3 771 4211 4327 4389 4 558 4813 5 012 39 32 38 151 30 20 19 39 98 31 31 32 19 4 6 4 4 51 7 1 6 133 26 14 14 35 47 32 37 39 35 36 46 37 52 52 3 614 3 826 3 831 4 077 4 280 4 269 4 502 4 582 4 784 YoY 10 1 15 5 11 3 17 4 18 4 11 6 17 5 12 4 11 8 2 609 2 869 2 851 3 121 3208 3 248 3 475 3 517 3 585 13 5 4 933 886 904 909 1 010 968 983 1 021 1 148 71 72 75 46 48 47 44 44 46 231 267 18 321 113 187 112 321 379 156 0 243 47 4 800 YoY 3 237 5 81 6 2 9 1 51 1 30 0 522 2 235 4 19 1 9 2 6 0 6 5 0 5 7 3 2 6 4 2 2 49 6 5 7 3 2 4 3 7 183 207 36 214 68 118 65 196 251 170 7 147 49 3 509 YoY 10250 0 77 4 45 5 62 8 43 0 80 6 8 4 1269 1 21 0 13 8 4 8 5 19 0 9 4 9 1 5 2 6 1 4 4 0 4 9 1 4 2 3 96 99 108 316 3 58 246 427 116 408 761 421 197 433 345 446 414 462
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100. 5 709 2015 3 2014 3 7 4 9 Sh ared Gear http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved a 8715 Shared Research Report 2014 8 13 2
101. FY03 13 FY03 14 24 496 45 596 48 1 57 3 63 79 62 89 E 1 48 69 6 53 49 64 39 67 59 6 66 79 48 09 40 29 36 3 30 99 6 28 596 27 39 72 496 85 79 6 84 496 88 29 92 29 6 90 19 E 1 88 8 89 79 95 29 6 96 09 6 94 0 304 19 307 296 281 3 295 196 SR E I 7096 66 09 67 3 I 66 3 66 7 62 3 62 1 60 ET 6 596 55 396 48 296 50 PEEOITEEEEER 4096 44 89 6 41 1 39 7 30 34 6 36 5 34 296 32 1 i 20 30 5 9 29 296 29 196 29 3 30 59 28 396 27 796 27 9 28 7 lO 2Q 30 4Q 19 2Q 3 4Q 19 2 0 3Q 4Q 1Q 2Q 3Q 4Q 0 2Q 3Q 4Q FY03 11 FY03 12 FY03 13 FY03 14 FY03 15 6 E I e DSR 15 2 59
102. Mii 7 DD MN Ai Gi 13 i 15 eo 17 17 18 24 27 SW Strengths Weaknesses pp 31 EE 32 1 2017 2 22 32 Li 33 i 37 39 eo 41 1 41 7 42 43 al 44 NR EE 44 oeeoeee 46 si 4 ai Ea fs 48 SE ID 49 Sh ared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8715 Shared Research Report 2014 8 13 2 609 2013 280 5 15 9
103. 0 5 62 9 5 596 20 896 61 6 46 6 15 0 70 7 0 3 47 390 5 0 26 296 16 090 282 196 58 9 227 6 26 1 13 8 1 5 5 79 5 19 3 396 FY03 10 FY03 11 FY03 12 FY03 13 65 8 44 59 696 5 896 1 4 10 5 0 1 30 5 2 796 51 1 32 996 18 296 0 59 53 196 8 0 24 8 46 49 41 2 5 196 3 7 62 6 0 2 48 3 31 2 6 8 9 4 0 8 165 2 47 5 26 395p 14 99 1 2 390 3 096 63 396 Shared Research Report 2014 8 13 FY03 14 72 1 72 696 74 496 53 796 60 0 59 1 3 59 0 3 7 696 5 79 5 496 5 796 2 696 0 9 0 8 6 596 2 696 5 1 0 296 0 1 25 0 23 09 22 09 2 196 1 7 1 0 61 5 58 4 54 59 32 1 31 8 31 496 1 7 2 6 2 796 12 896 12 196 10 6 1 1 1 0 1 5 13 996 11 09 8 4 3 696 34 796 38 296 12 196 9 9 9 296 28 8 12 1 10 6 46 496 48 196 48 696 36 590 38 8 37 8 0 9 0 4 7 9 8 4 10 3 3 59 0 596 0 9 48 396 48 8 52 29 0 0 19 0 1 0 09 59 296 65 8 64 6 39 3 42 696 41 8 096 8 8 7 4 15 596 12 696 13 596 1 4 1 8 1 8 100 5 75 8 65 49 35 6 22 396 15 496 59 5 23 79 34 796 36 196 15 596 17 0 23 09 0 89 4 196 3 9 6 0 12 596 8 1 1 4 1 1 1 1 59 09 p0 56 496 52 1 8715 Shared Research Report 2014 8 13 FY03 08 FY03 09 FY03 10 FY03 11 FY03 12 FY03 13 FY03 14 FY03 15 CE
104. 015 3 EL 8 849 9 517 18 366 FY03 14 FY03 15 Company Est 1H 10 299 11 491 21 790 11 5 15 4 13 5 16 4 20 7 18 6 300 433 733 243 557 800 39 8 27 7 12 59 19 1 28 69 9 296 3 496 4 59 4 09 2 4 4 8 3 7 186 261 447 147 362 509 52 396 4 496 21 09 38 796 13 8 FY03 10 FY03 11 FY03 12 FY03 13 FY03 14 FY03 15 Co Est 290 767 340 628 396 234 446 414 504 969 555 404 86 904 91 666 101 014 99 504 109 170 107 500 E I 48 6 53 4 64 3 67 5 66 7 67 3 33 2 29 7 28 6 28 8 97 595p0 97 29 95 396 96 1 45 59 48 1 5 396 63 7 62 8 62 3 40 2 36 3 30 9 28 5 27 396 27 1 3 85 7 84 495p 88 2 92 29 90 1 89 4 E 1 88 8 89 7 95 29 96 0 94 09 94 49 84 1 86 6 87 6 88 1 89 3 87 9 SR 2015 3 2015 3 21 790 18 6 800 9 2 509 13 8 4
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107. 6 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8715 Shared Research Report 2014 8 13 SR 2015 3 18 4 10 5 2 1 2 1 3 6 1 2014 5 1 4 E I
108. 6 3 2015 3 4 SR 2016 3 89 10 sh ared hesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved ae Shared 8715 Shared Research Report 2014 8 13 FY03 08 FY03 09 7 267 39 228 7 067 0 2 950 200 2 8 178 2 496 11 EPS 16 838 0 EPS 16 838 0 DPS BPS
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110. arch Inc All Rights Reserved ae Shared esearch lt 8715 Shared Research Report 2014 8 13 FY03 10 FY03 11 FY03 12 FY03 13 FY03 14 9 215 11 107 13 458 16 048 18 733 291 342 418 855 1 429 3 296 3 196 3 196 5 396 7 6 YoY 20 596 21 2 19 296 16 796 17 596 22 2 104 5 67 196 FY03 11 FY03 13 FY03 14 FYO03 15 9 215 11 107 13 845 15 970 18 088 20 368 291 342 337 755 1 393 2 009 3 296 3 196 2 49 4 796 7 7 9 9 YoY 20 596 24 7 15 396 13 396 12 696 17 596 1 596 124 0 84 596 44 2 40 ct 1 E E FY03 10 FY03 11 FY03 13 FYO3 14 FYO3 15 FYO3 16 1 9 215 11 107 13 458 16 186 18 136 20 218 22 570 291 342 418 837 1 010 1 714 2 468 3 296 3 1 3 1 5 2 5 69 8 59 10 9 YoY 20 596 21 2 20 3 12 0 11 5 11 6 17 596 22 2 100 2 20 7 69 7 44 0 FY03 10 FY03 11 FY03 13 FY03 14 FY03 16 9 215 11 107 13 458 16 186 18 366 21 790 25 000 27 700 291 342 418 837 733 800 1 600 2 200
111. d hesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved ae 8715 Shared Research Report 2014 8 13 2014 3 2014 3 18 366 13 5 733 12 4 447 30 29 2013 3 277 2014 3 73 729 420 73 5 2014 3 504 969 58 555 13 1 109 170 9 7
112. earch jp Copyright C Shared Research Inc All Rights Reserved 8715 Shared Research Report 2014 8 13 87 9 10 99 1 29 2013 3 2012 3 3 6 SR 1 6 1 8 2 0 2 3 2 9 3 1 3 4 3 6 2 5 2 6 2 3 0 3 6 3 7 3 7 3 7 2 0 2 1 2 3 2 4 2 5 2 4 2 5 2 6 1 7 2 2 2 4 2 5 2 7 2 8 3 0 2 9 1 7 2 2 2 7 2 9 3 0 3 0 2 9 2 9 27 492 25 433 25 636 29 258 33 764 34 394 36 892 37 456 38 008 1
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