Morningstar - LINE Corp. (LNNFF) Lines Advertisement Overseas Business Appears to Pick up Faster than Anticipated

Report

Morningstar

Kazunori Ito

EUR 100.00 For Business Accounts Only

Line's Advertisement Overseas Business Appears to Pick up Faster than Anticipated

While increasing marketing and personnel costs depress Line's profitability in the short term, we are encouraged by the robust growth of its advertisement business. We view the growth as demonstrating the strength of Line's network effect, which is the source of our narrow moat rating. In particular, 20% increase on ads impressions from the March quarter suggests that ads business in overseas may pick up much faster than we had anticipated, and in fact, overseas revenue proportion in the June qu...

27/07/2018 13 EN

Underlying

LINE Corp.

Line is a global platform for mobile messaging and communication services, as well as provides communication and content and advertising services. Communication and content are primarily provided to end users via various communication and content. Communication mainly includes LINE Stickers. Content includes LINE Games and LINE PLAY. Others within Communication and Contents include LINE Friends service. Advertising services are provided via LINE advertising, livedoor blog and NAVER Matome. LINE advertising includes "messenger ads" such as LINE Official Accounts, LINE Sponsored Stickers and LINE Point Ads and "performance ads" on services such as Timeline and LINE NEWS.

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JP3966750006 Pink OTC Markets Japan

Provider

Morningstar

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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Analysts

Kazunori Ito

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Line's Advertisement Overseas Business Appears to Pick up Faster than Anticipated

Monthly LMI Update Independent Investment Research

LINE loses on its star level and is downgraded to Slightly Positive

Feasibility Study Results in December to be a Catalyst for this Junior

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

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