Japan Exchange Group Inc
8697: XTKS (JPN)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
¥9,357.00 | Vrmd | Mfcjwfdny |
Japan Exchange Earnings: Underlying Results Continue to Be Strong Due to Yen Depreciation
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%.