Morningstar - Z Holdings Corporation (4689) Yahoo Japan Operating Margin to Be Depressed due to Heavy Strategic Investment; Shares Fairly Valued

Report

Morningstar

Kazunori Ito

EUR 100.00 For Business Accounts Only

Yahoo Japan Operating Margin to Be Depressed due to Heavy Strategic Investment; Shares Fairly Valued

Yahoo Japanâ€™s new operating income guidance is way below our forecast, as the company decided for a strategic investment to focus growth in three major areas: e-commerce; Internet advertising; and mobile payment. While we understand these businesses will contribute and enhance Yahoo Japanâ€™s ecosystem, the amount of investment was much larger than we had anticipated. As we forecast an intense competition on e-commerce business and slower startup on mobile payment business, we are concerned that r...

07/05/2018 13 EN

Underlying

Z Holdings Corporation

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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JP3933800009 Japan

Provider

Morningstar

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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Analysts

Kazunori Ito

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Yahoo Japan Operating Margin to Be Depressed due to Heavy Strategic Investment; Shares Fairly Valued

LY Corp (Buy, TP: ¥585, +25%) Q3 FY23 Quick Take: Strong EBITDA beat; upgraded EBITDA guidance

LY Corp (Buy, TP: ¥585, +33%) Q2 FY23 Quick Take: Better trends and a strong EBITDA beat

Z Holdings (Buy, PT: ¥585, +53%) Q1 FY23 Quick Take: Strong EBITDA beat; cost efficiency remains priority for FY23

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

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