Line is riding the mobile Internet wave, but the uncertainty of overseas penetration is very high.
Line’s third-quarter result disappointed the market, largely owing to lower-than-expected ad revenue growth and stagnation of sticker sales and mobile game revenue. Ad revenue is largely in line with our estimates, but sticker and game sales missed our expectations. The share price retreated by 6% in the U.S. market after the release. We have been less optimistic about this stock since initiating, and we view an investment in Line at this stage as speculative. We retain our fair value estimate o...
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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