PayPay Corp ADR - Sponsor

PAYP: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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PayPay: Initiating Coverage With USD 26 Fair Value and Narrow Moat Rating; Shares Undervalued

Pujance Chan

Apr 24, 2026

We initiate coverage of PayPay, Japan's leading mobile code payment app, which launched its IPO on the Nasdaq Global Select Market on March 12, 2026.

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PayPay Corp ADR - Sponsor

PayPay: Initiating Coverage With USD 26 Fair Value and Narrow Moat Rating; Shares Undervalued

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