New Street Research - Line Yahoo Corporation (TYO: 4689) LY Corp (Buy, ¥585, +7%) Q4 FY24 Quick Take: Bullish EBITDA guidance; ¥150bn buyback and preparations for PayPay IPO underway

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New Street Research

Chris Hoare

EUR 8827.00 For Business Accounts Only

LY Corp (Buy, ¥585, +7%) Q4 FY24 Quick Take: Bullish EBITDA guidance; ¥150bn buyback and preparations for PayPay IPO underway

LY announced a decent set of results and a fairly strong FY25 guidance for EBITDA and Adjusted EPS. The company has unveiled three key focus areas in FY25 – feature enhancements for LINE App to capitalise on business growth, introduce AI agents across its ecosystem and to further expand PayPay Bank services.

07/05/2025 1 EN

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Line Yahoo Corporation

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New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

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Chris Hoare

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LY Corp (Buy, TP: ¥585, +38%) Q2 FY24 Quick Take: Upgraded profitability guidance led by Media and PayPay

Q2 numbers reflected improving profitability at PayPay and sustained growth in Media’s Account Ad revenue. Across the board, EBITDA margins were better YoY including Commerce.

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LY Corp (Buy, ¥585, +7%) Q4 FY24 Quick Take: Bullish EBITDA guidance; ¥150bn buyback and preparations for PayPay IPO underway

LY Corp (Buy, ¥585, +23%) Q3 FY24 Quick Take: Strong delivery from Commerce and PayPay; dividend upgrade

LY Corp (Buy, TP: ¥585, +38%) Q2 FY24 Quick Take: Upgraded profitability guidance led by Media and PayPay

Swisscom (Neutral, TP: CHF578, +8%) Q1 25: In-line results, but conditions reman tricky domestically and in Italy

Liberty Latin America (Buy, TP: $14.5, +164%) Q1 25: Mixed; weak PR (again), solid elsewhere; MT guidance withdrawn

Infineon 2FQ25: Recovery on track, despite tariff uncertainty. Top pick

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