Otsuka Corp

4768: XTKS (JPN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Japan IT Services: Moat Ratings and Fair Value Estimates Reduced for NRI, Obic, and Otsuka

Makoto Naito

Mar 6, 2026

AI-enabled tools for code generation, data migration, and workflow automation are compressing switching costs in Japan's IT services sector, prompting us to reassess the economic moats and valuations of Nomura Research Institute, Obic, and Otsuka.

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Otsuka Corp

Japan IT Services: Moat Ratings and Fair Value Estimates Reduced for NRI, Obic, and Otsuka

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