Hoya Corp

7741: XTKS (JPN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Hoya: Initiating Coverage With a Wide Moat Rating; Shares Fairly Valued

Yurou Zheng

Nov 28, 2024

We initiate coverage of Hoya with a wide moat rating and fair value estimate of JPY 21,000 per share. Although widely known as an eyeglass lens and contact lens provider, Hoya has a market share of more than 60% for mask blanks used in semiconductor manufacturing and an even higher market share, at more than 75%, for mask blanks used in extreme ultraviolet lithography technology.

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Hoya Corp

Hoya: Initiating Coverage With a Wide Moat Rating; Shares Fairly Valued

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