Steady Progress on User Engagement Will Drive LINE’s Ad Revenue in the Future; Shares Undervalued
Our impression of LINE’s March quarter results is mixed. On the positive side, we believe that LINE’s improving indicators suggest the strength of its ecosystem, to which we cannot find any competitors in Japan. On the negative side, the revenue growth of ad business is slightly lower than our expectation. However, we are not concerned about the long-term growth of the company, as we are impressed with LINE’s strategy to expand its ad revenue by leveraging its ecosystem. We thus retain our view ...
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