LINE Ads Continued Strong Growth, but LINE Games Are Still Struggling
Line’s first-quarter result was largely in line with our estimates, but it missed market consensus, particularly with the slower improvement of margins.ÂWe 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...
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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