非银金融行业交易所全球图鉴系列二：日本交易所集团，如何有效建立市值管理机制？

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Insights - The Japan Exchange Group (JPX) is the fourth largest securities exchange globally, providing comprehensive services from listing to trading and settlement since its establishment in 2013 through the merger of the Tokyo Stock Exchange and Osaka Securities Exchange [3][16] - The exchange has experienced significant growth, with its total market capitalization increasing from 5.147 trillion yen to 18.5 trillion yen from 2013 to 2024, reflecting a CAGR of approximately 11.2% [3] - The report emphasizes the importance of effective market reforms and value management strategies in enhancing the quality of listed companies and overall market performance [3][15] Summary by Sections 1. Japan Exchange Group: Global Fourth Largest Securities Exchange - The JPX offers a one-stop service for various market participants, including securities companies and information providers, covering all aspects from listing to trading and settlement [16] - The historical development of the exchange can be divided into three phases: pre-1989, post-bubble reform period (1989-2013), and the group formation period (2013-present) [26][30] 2. Growth Momentum - The exchange's beta attribute has been highlighted, showing a strong correlation with Japan's core stock indices, with the Nikkei 225 index's EPS increasing from 500 yen to 1287 yen from 2011 to 2023 [3][22] - The report notes that the average ROE of the exchange has remained high at 16.5% due to its light asset nature [3][41] 3. Value Management - The report discusses the optimization of delisting systems and the establishment of effective value management mechanisms, which have led to improved valuation levels for companies and the overall market [3][27] - The PE ratio of the Nikkei 225 index increased from 14x to 19x, while the JPX's own PE ratio rose from 21x to 30x between the end of 2022 and the end of 2024 [3][27] 4. Financial Performance - Since its listing, the JPX has shown steady growth, with total revenue increasing from 114.1 billion yen to 157.8 billion yen from 2013 to 2023, reflecting an annual growth rate of 3.3% [3][41] - The average net profit margin has remained between 35% and 40%, with personnel costs being the largest expense, accounting for approximately 30% of total operating costs [3][41]