VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Monday, January 5, 2026

Stock Comparison

Hong Kong Exchanges and Clearing Limited vs Oriental Land Co., Ltd.

Compare moat strength, market structure, and segment coverage to understand how each company defends its edge.

Hong Kong Exchanges and Clearing Limited

0388.HK · Hong Kong Stock Exchange (HKEX)

Market cap (USD)$67.7B
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
SectorFinancials
Industry
CountryHK
Data as of2026-01-03
Moat score
92/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into Hong Kong Exchanges and Clearing Limited's moat claims, evidence, and risks.

View 0388.HK analysis

Oriental Land Co., Ltd.

4661 · Tokyo Stock Exchange

Market cap (USD)$4.8T
Gross margin (TTM)40.1%
Operating margin (TTM)25.4%
Net margin (TTM)18.2%
SectorConsumer
IndustryLeisure
CountryJP
Data as of2025-12-30
Moat score
95/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into Oriental Land Co., Ltd.'s moat claims, evidence, and risks.

View 4661 analysis

Comparison highlights

  • Moat score gap: Oriental Land Co., Ltd. leads (95 / 100 vs 92 / 100 for Hong Kong Exchanges and Clearing Limited).
  • Segment focus: Hong Kong Exchanges and Clearing Limited has 4 segments (52.6% in Cash Markets); Oriental Land Co., Ltd. has 3 segments (81.3% in Theme Park Segment).
  • Primary market structure: Monopoly vs Duopoly. Pricing power: Moderate vs Strong.
  • Moat breadth: Hong Kong Exchanges and Clearing Limited has 9 moat types across 5 domains; Oriental Land Co., Ltd. has 5 across 4.

Primary market context

Hong Kong Exchanges and Clearing Limited

Cash Markets

Market

Exchange-based cash equities trading, clearing and settlement in Hong Kong (including Stock Connect cash markets)

Geography

Hong Kong (with Mainland China Connect linkage)

Customer

Brokers, banks, proprietary trading firms, and investors; listed issuers via primary/secondary markets

Role

Exchange operator + clearing/settlement/depository operator

Revenue share

52.6%

Oriental Land Co., Ltd.

Theme Park Segment

Market

Large-scale destination theme parks in Japan (Tokyo Disney Resort parks: Tokyo Disneyland and Tokyo DisneySea)

Geography

Japan (with inbound tourism)

Customer

Consumers (domestic residents and inbound tourists), plus group/agency channels

Role

Owner/operator of theme parks under licensed IP

Revenue share

81.3%

Side-by-side metrics

Hong Kong Exchanges and Clearing Limited
Oriental Land Co., Ltd.
Ticker / Exchange
0388.HK - Hong Kong Stock Exchange (HKEX)
4661 - Tokyo Stock Exchange
Market cap (USD)
$67.7B
$4.8T
Gross margin (TTM)
n/a
40.1%
Operating margin (TTM)
n/a
25.4%
Net margin (TTM)
n/a
18.2%
Sector
Financials
Consumer
Industry
n/a
Leisure
HQ country
HK
JP
Primary segment
Cash Markets
Theme Park Segment
Market structure
Monopoly
Duopoly
Market share
100% (reported)
62%-65% (implied)
HHI estimate
10,000
5,349
Pricing power
Moderate
Strong
Moat score
92 / 100
95 / 100
Moat domains
Legal, Network, Financial, Supply, Demand
Legal, Demand, Supply, Network
Last update
2026-01-03
2025-12-30

Moat coverage

Shared moat types

Distribution Control

Hong Kong Exchanges and Clearing Limited strengths

Concession LicenseClearing SettlementInteroperability HubTwo Sided NetworkDirect Network EffectsBenchmark Pricing PowerPhysical Network DensitySwitching Costs General

Oriental Land Co., Ltd. strengths

Content Rights CurrencyBrand TrustCapex Knowhow ScaleEcosystem Complements

Segment mix

Hong Kong Exchanges and Clearing Limited segments

Full profile >

Cash Markets

Monopoly

52.6%

Equity and Financial Derivatives

Monopoly

20.3%

Commodities (LME and related)

Oligopoly

14.8%

Data and Connectivity

Quasi-Monopoly

12.2%

Oriental Land Co., Ltd. segments

Full profile >

Theme Park Segment

Duopoly

81.3%

Hotel Business Segment

Oligopoly

16.2%

Other Business Segment

Competitive

2.5%

Want the full wide moat stocks list?

Browse the full ranking of wide moat stocks, updated with moat scores and segment context.

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Curation & Accuracy

This directory blends AI‑assisted discovery with human curation. Entries are reviewed, edited, and organized with the goal of expanding coverage and sharpening quality over time. Your feedback helps steer improvements (because no single human can capture everything all at once).

Details change. Pricing, features, and availability may be incomplete or out of date. Treat listings as a starting point and verify on the provider’s site before making decisions. If you spot an error or a gap, send a quick note and I’ll adjust.