Line Delivered Better-than-Expected Results, but it Is not a Fundamental Change
Although Line delivered better-than-expected second-quarter results, we don’t think that it was a fundamental change. The company booked a one-off gain of JPY 10.4 billion on transfer of its camera apps related business after the merger of Snow and B612, which accounted for 21% of total revenue in the second quarter. Excluding this one-off impact, Line’s core revenue increased by 17.5% and the operating margin was 10.5%, which is in line with our estimates. Therefore, we maintain our fair value ...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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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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