LY Corp

4689: XTKS (JPN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	F&Z	LOCK\|^v>zl	LOCK\|SzZlfdL

We Upgrade Moat Ratings for LY and Zozo to Wide; LY Shares Undervalued

Pujance Chan

Mar 20, 2025

After reevaluating our moat ratings for our Japanese e-commerce coverage, we upgrade our moat ratings for both LY and Zozo to wide from narrow and maintain our narrow moat rating for Mercari and no-moat rating for Rakuten. Out of the four companies, we believe LY shares have the greatest upside potential as we believe the market is underappreciating the value of future synergies between Line, Yahoo, and PayPay, which are leaders in their respective markets.

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LY Corp

We Upgrade Moat Ratings for LY and Zozo to Wide; LY Shares Undervalued

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