Robust Ad Revenue Growth Implies the Strength of Line’s Network Effect; Shares Undervalued
While Line’s operating income for the March quarter was below our forecast, the revenue growth of the company was in line with our numbers, which we think demonstrates the strength of Line’s network effect, the source of our narrow economic moat rating. Line disclosed that its monthly active users figure in Japan was 75 million in the March quarter, 2 million above the previous quarter, and 7 million up on the year-on-year basis, which suggests that Line’s user base covers more than 90% of Japan...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.
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.
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