Report by Galliano's Financials Research
JPX is Victor Galliano’s 2024 high conviction buy amongst the global exchanges, for its attractive valuations, as well as its potential for increased market activity and big data revenue growth. He believes that JPX is the exception to the rule that DM exchanges need to diversify their revenue bases, as it is under less de-regulatory pressure. Victor sticks with Hong Kong Exchange as his deep value pick, as well as Deutsche Boerse, but remains negative on Coinbase (he thinks we are close to exhausting the positive surprises and the fundamentals remain challenging).