Morningstar - LINE Corp. (LNNFF) Line is riding the mobile Internet wave, but the uncertainty of overseas penetration is very high.

Report

Morningstar

Marie Sun

EUR 98.48 For Business Accounts Only

Line is riding the mobile Internet wave, but the uncertainty of overseas penetration is very high.

Lineâ€™s first-quarter result was largely in line with our estimates, but it missed market consensus, particularly with the slower improvement of margins.Â
We maintain our fair value estimate of JPY 3,550 per share or USD 34 per ADR for this no-moat company. Although Line is still in the early stages of monetizing its user base, we are encouraged to see its monthly active users, or MAUs, in Japan, Taiwan, Thailand, and Indonesia, continue increasing to 171 million with a high engagement ratio of 7...

04/05/2017 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

Marie Sun

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Line is riding the mobile Internet wave, but the uncertainty of overseas penetration is very high.

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

Sasol Provides Full-Year Production Update

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

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