3186 - fisco.co.jp

1 COMPANY RESEARCH AND ANALYSIS REPORT.. 3186 1 . >>>. 2017 8 30 .. FISCO Ltd. Analyst Ken Segawa FISCO Ltd. COMPANY RESEARCH AND ANALYSIS REPORT. FISCO Ltd. 2017 8 30 . 3186 1 . ---------------------------------------- ---------------------------------------- ---------------------------------------- ---------------------------------------- ------------------------------------- 01. 1.. 01. 2. 2017 11 2 .. 01. 3.. 01. ---------------------------------------- ---------------------------------------- ---------------------------------------- ---------------------------------------- ------------------------- 02. 1.. 02. 2.. 02. 3.. 03. ---------------------------------------- ---------------------------------------- ---------------------------------------- ---------------------------------------- ------------------------- 06.

2 1. 2017 11 2 .. 06. 2.. 07. ---------------------------------------- ---------------------------------------- ---------------------------------------- ---------------------------------------- -------------- 08. 2017 11 .. 08. ---------------------------------------- ---------------------------------------- ---------------------------------------- ---------------------------------------- -- 10. ---------------------------------------- ---------------------------------------- ---------------------------------------- ---------------------------------------- ------------------- 11.. Important disclosures and disclaimers appear at the back of this document. COMPANY RESEARCH AND ANALYSIS REPORT. FISCO Ltd. 2017 8 30 . 3186 1 .. <3186> 2017 11 1,000.

3 2 2016 11 3 . CAGR . 1.. SUV SUV LAND 3 5 .. 2015 8 SUV. LAND 1 . 1 . ROA 2017 11 .. 2016 11 2017 11 . 2. 2017 11 2 . 2017 11 2 .. 3.. 2017 11 1,000 2025 . 5,000 2030 1 .. Important disclosures and disclaimers appear at the back of this document. 01 11. COMPANY RESEARCH AND ANALYSIS REPORT. FISCO Ltd. 2017 8 30 . 3186 1 . Key Points 2017 11 2 . 2017 11 . 1 .. 1.. 2016 11 3 . 2017 11 1,000 . 2.. 1998 . 2008 2009 2010 . 2011 2016 11 64 . 3 .. Important disclosures and disclaimers appear at the back of this document. 02 11. COMPANY RESEARCH AND ANALYSIS REPORT. FISCO Ltd. 2017 8 30 . 3186 1 .. 3.. 3.. 1 . 2 .. 2014 11 2014 4 . 2015 11 . 2016 11 2017 11 2 . SUV LAND .. (1) SUV LAND . 2015 8 SUV SUV. LAND SUV 250 . SUV SUV SUV SUV.

4 50 100 . SUV LAND SUV SUV .. Important disclosures and disclaimers appear at the back of this document. 03 11. COMPANY RESEARCH AND ANALYSIS REPORT. FISCO Ltd. 2017 8 30 . 3186 1 . SUV SUV LAND 1 . 2016 11 . 2 6 . SUV LAND STP.. (2) .. 1 .. 1 . 1 ROA .. (3) 2016 11 2017 11 . 2016 11 SUV LAND 10 . 2017 11 . SUV LAND 1 1 4 . 8 2017. 1 .. Important disclosures and disclaimers appear at the back of this document. 04 11. COMPANY RESEARCH AND ANALYSIS REPORT. FISCO Ltd. 2017 8 30 . 3186 1 . 2016 11 2017 11 .. 15/11 16/11 17/11 . 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q . +3. 48 38 35. -2 -11 -2 -1. 3 +1 4 +1 +1 +1 +1 8. +1 +1. SUV LAND 1 6 7. 4. 4 4 4.. - +1 +1 2 +2 +1 5.. 56 +2 -6 +2 54 +1 +1 +3 59. - +4 +1 +5 10 +2 +2 +3 +3 20. 56 +2 +4 -5 +7 64 +3 +2 +4 +6 79.

5 17/11 1-2Q 3-4Q .. 200 200 300 . SUV LAND . 2016 11 2017 4 .. 1,000 2,000. 300 400 2018 2 . SUV LAND .. 2017 4 6 .. 42 9,500 300 .. Important disclosures and disclaimers appear at the back of this document. 05 11. COMPANY RESEARCH AND ANALYSIS REPORT. FISCO Ltd. 2017 8 30 . 3186 1 . 2017 11 2 . 1. 2017 11 2 . 2017 11 57,564 1,604 1,572 1,071 2 .. 10% . 30% . 2017 11 2 .. 16/11 2Q 17/11 2Q .. 41,936 - 50,000 57,564 - 15,628 7,564 5,969 - 8,948 2,978 - - 4,867 - 7,343 2,476 - - 1,102 1,200 1,604 502 404 1,056 1,150 1,572 516 422 . 702 736 1,071 368 335 .. 2017 5 6 3,390 . 1,758 1,631 . 22,486 17,459 . 6,149 11 1,792 . 2017 11 2 6 52 5 69 . 2017 4 SUV LAND .. 2016 . 11 .. Important disclosures and disclaimers appear at the back of this document.

6 06 11. COMPANY RESEARCH AND ANALYSIS REPORT. FISCO Ltd. 2017 8 30 . 3186 1 . 2017 11 2 . 16/11 2Q 17/11 2Q .. 5 7 4,923 3,382 6 7 6,123 4,078 1 - 10 18 12,033 7,311 10 13 14,601 8,800 - -5 19 24 16,315 12,133 23 32 24,393 18,843 4 8 5 6 3,848 2,096 7 8 5,425 2,737 2 2 5 7 4,634 3,082 6 9 7,020 4,784 1 2 - - 181 429 - - - - - - - - 44 62 41,936 28,433 52 69 57,564 39,242 6 5 .. 2.. 2017 11 2 25,552 2,086 . 833 1,190 707 . 941 1,456 . 545 . 1,031 .. 15/11 16/11 17/11 2Q . 12,845 16,958 18,103 1,144. 1,816 2,228 3,062 833. 447 1,029 2,220 1,190. 10,051 12,522 11,814 -707. 5,014 6,507 7,448 941. 3,596 4,519 5,239 719. 275 470 645 175. 1,141 1,517 1,564 46. 17,859 23,465 25,552 2,086. 7,339 8,686 10,142 1,456. 1,243 1,739 1,602 -136.

7 4,209 4,001 5,349 1,347. 6,042 9,327 8,926 -401. 5,684 8,908 8,362 -545. 4,477 5,451 6,483 1,031. 17,859 23,465 25,552 2,086. 9,893 12,909 13,711 802.. Important disclosures and disclaimers appear at the back of this document. 07 11. COMPANY RESEARCH AND ANALYSIS REPORT. FISCO Ltd. 2017 8 30 . 3186 1 . 2017 11 .. 2017 11 . 2017 11 100,000 . 2,500 2,400 . 1,500 . 2017 11 .. 16/11 17/11 .. 87,201 - 100,000 - 12,799 2,163 2,500 337 2,086 2,400 314 1,333 1,500 167 59,284 - 70,000 - 10,716 35,296 - 42,000 - 6,704 . 2 . 2017 11 . 2017 11 . 2 .. Important disclosures and disclaimers appear at the back of this document. 08 11. COMPANY RESEARCH AND ANALYSIS REPORT. FISCO Ltd. 2017 8 30 . 3186 1 .. : .. : .. 2017 11 1) 2) SUV LAND 3).

8 Important disclosures and disclaimers appear at the back of this document. 09 11. COMPANY RESEARCH AND ANALYSIS REPORT. FISCO Ltd. 2017 8 30 . 3186 1 . 1 . 2017 11 1,000 5 5,000 . 2025 2017 11 2025 11 8 . 1 2030 5 2 . 2025 10% . 2030 20% 2030 1 55% . 15% 10% 12% .. 270 400 1,600 34 . 2025 . 3,000 800 500 600 5,000 . 10% 4% 1% 4%. 17 10 15 . 180 60 4 400 .. 2030 . 5,500 1,500 1,000 1,200 1 . 20% 2% 10%. 30 25 30 3 . 180 60 4 400 .. Important disclosures and disclaimers appear at the back of this document. 10 11. COMPANY RESEARCH AND ANALYSIS REPORT. FISCO Ltd. 2017 8 30 . 3186 1 . 1 2 . 2017 11 1 3 2017 4 1 1 2 . 1 2017 11 .. 20% .. 2013 12 1 1 3 2017 4 1 1 2 .. Important disclosures and disclaimers appear at the back of this document.

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