Yahoo Japan’s Margin Recovery May be Slower than Anticipated Because of Increasing Marketing Costs
We trim our fair value estimate to JPY 400 from JPY 420, as we are concerned about the increasing costs, and lowered our operating margin assumptions. We are encouraged that: 1) the solid KPIs are showing the strong user engagement; and 2) paid search advertising revenue is maintaining robust growth momentum. However, the media segment operating margin dropped approximately 5 points from the previous year, suggesting that the marginal cost to achieve the ad revenue growth is becoming larger than...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.
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.
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