Japan Exchange Group Inc

8697: XTKS (JPN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Japan Exchange Earnings: Margins Strong Due to Yen Depreciation, but Likely to Revert Longer-Term

Roy Van Keulen

Oct 30, 2024

We raise our fair value estimate for wide-moat Japan Exchange Group by 2% to JPY 1,390 per share, following its second-quarter result. Operating income for the quarter-ended Sept. 30, 2024 grew 7% on the previous corresponding period, driven by 12% higher operating revenue, partially offset by a 2% increase in operating expenses.

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Japan Exchange Group Inc

Japan Exchange Earnings: Margins Strong Due to Yen Depreciation, but Likely to Revert Longer-Term

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