While heavy investment drags down short-term profitability, progress on monetization is encouraging.
We raise our fair value estimate for Line to JPY 5,400 per share and $50 per U.S. ADR, from JPY 4,800 and $42 per U.S. ADR, respectively. While the share price dropped approximately 10% after the earnings meeting, in which management indicated it would not focus on improving operating margin and would continue to invest over the next few years, we are encouraged by the strong revenue growth momentum in the December quarter. We therefore believe that Line’s narrow economic moat, which is based on...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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