ITOCHU Corp

8001: XTKS (JPN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Japanese Trading Houses: Initiating Coverage With 23%–36% Upside to Fair Value Estimates

Michael Makdad

Jul 22, 2025

We initiate coverage of five major Japanese trading houses, or sogo shosha: Mitsubishi, Mitsui & Co., Itochu, Sumitomo and Marubeni.

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ITOCHU Corp

Japanese Trading Houses: Initiating Coverage With 23%–36% Upside to Fair Value Estimates

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