Kakao’s Earnings Signaled Recovery, but We Still Question how Fast the Margin Will Improve
Kakao’s fourth-quarter results beat both our estimates and market consensus with each key business line posting robust revenue growth. Total revenue was up by 88% year on year and 17% quarter on quarter, while revenue excluding Loen increased by 33% year on year and 14% quarter on quarter.We are raising our fair value estimate to KRW 82,000 from KRW 78,000 to reflect stronger advertising revenue from the Kakao platform as well as higher content revenue growth. We maintain our no-moat and stable...
Kakao is engaged in the provision of Internet services to its users and advertisers. Co. provides its owned and operated online properties and services for its users. Co. provides a range of tools and marketing services designed to enable businesses to reach its users for its advertisers.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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