Japan Exchange Group Inc

8697: XTKS (JPN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	¥‎3,237.00	Gmm	Lygbhqzq

Japan Exchange Earnings: Underlying Results Continue to Be Strong Due to Yen Depreciation

Roy Van Keulen

Jul 31, 2024

We raise our fair value estimate for wide-moat Japan Exchange Group, or JPX, by 4% to JPY 2,730 per share, following its first-quarter results and a continued weakening of the yen versus the US dollar. Net income decreased 11%, but only due to the previous corresponding period, or pcp, including outsize nonrecurring revenue from asset sales. Operating revenue increased 9%, while operating expenses grew at a more measured 2%.

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