2025财年下半年投资策略：增持Recruit以追求品质，增持LY和Kakaku.com以实现持续增长，增持Mercari以寻求变革

M FoundationInternet & Media - Investor Presentation | JapanFY25 2H Investment Strategy: OW on Recruit for Quality, LY & Kakaku.com for Continuous Growth, Mercari for ChangeOW on 4 firms for FY25 2H: Recruit: Portfolio with growth potential, profit growth through margin improvement, mid-term growth scenario unchanged. Kakaku.com: Kyujin Box beating plan. Mercari: Profit generation phase. LY: Strong returns, introducing AI enabled products.Morgan Stanley MUFG Securities Co., Ltd.+Tetsuro Tsusaka, CFAEquity Analyst Tetsuro.Tsusaka@morganstanleymufg.com +81 3 6836-8412 Luyuan Yang, CFAEquity Analyst Luyuan.Yang@morganstanleymufg.com +81 3 6836-8423 Internet & MediaJapanIndustry ViewIn-LineTickerNamePTRating4385.TMercari3,000OW2371.TKakaku.com3,000OW6098.TRecruit10,000OW4689.TLY600OW4755.TRakuten G1,000OW9984.TSBG8