Preceding Cost Is Likely to Drag Down the Margin in the Short Run; Cut Yahoo Japan’s FVE to JPY 360
We revise Yahoo Japan’s fair value estimate to JPY 360 from JPY 400, as we consider that its operating margin will be lower than we had anticipated because of the increasing costs. Yahoo Japan intends to provide a comprehensive marketing solution to merchandisers in the longer term by integrating its advertisement, e-commerce, and mobile payment businesses, but the related cost seems to be much larger than our original forecast, and as a result, Yahoo Japan’s operating margin will remain flat th...Yahoo Japan is engaged in the provision of Internet advertising and e-commerce services. Media Business segment provides marketing and advertising services including paid search, display, in-feed video advertising and other advertising-related services for corporations; and Yahoo! News and media-related services. Commerce Business segment provides e-commerce related services including YAHUOKU! (net auction site), Yahoo! Shopping, ASKUL, LOHACO and other shopping websites; membership services including Yahoo! Premium, Yahoo! BB and other services; and financial and payment-related services including credit card, e-money, foreign exchange margin trading and other related services.
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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.
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