Line Reported Missed Top-Line Growth and Margins; We Maintain Our Concern on Its Earnings Power
Line reported further missed earnings in the fourth quarter of 2016, with its operating margin retreating to 4.2% from 13.6% in the prior quarter, although its monthly active users in its four major countries increased robustly to 167 million, with 15.4% year-on-year growth. Excluding the impact from the reconciliation of the differences in settlement amounts from the in-app payment-processing platform providers, we estimate the operating margin is about 7%, which is still much lower than the ab...
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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