Hakuhodo DY Holdings Inc

2433: XTKS (JPN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	LOCK\|nY$	LOCK\|t>W	LOCK\|X$$$HV

Hakuhodo: Initiating Coverage With JPY 1,400 Fair Value Estimate and Narrow Moat Rating

Pujance Chan

Dec 4, 2025

We initiate coverage of Hakuhodo DY Holdings, the second-largest advertising agency in Japan. Hakuhodo is an active acquirer, and its overseas business currently accounts for 15% of total billings.

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Hakuhodo DY Holdings Inc

Hakuhodo: Initiating Coverage With JPY 1,400 Fair Value Estimate and Narrow Moat Rating

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