AI: More opportunity than threat

研报英文原文证据摘录

AI: More opportunity than threat

Asia Pacific InsightM

Executive Summary

EPS forecasts +1-10%, 360.AX PT +19% to A$32. In order to

broaden the audience we initiate on Life360's US listing, LIF.O,

with PT US$66.24 and OW rating – we feel the market is too

negative on AI risk/reward.

What's driving the de-rating? 360.AX has seen a >50% sell-off from October

2025 highs on the market's AI concerns despite positive earnings revisions (this

compares to -1.6% for the XJO index over the same period). It now trades at a

c.50% discount to its 3Y average P/E. Investors question the stock's durability and

ask, "Can Life360 continue growing against AI-powered entrants?".

Competitive risk from AI – due to the usual suspects: We argue Life360's biggest

threats remain Apple and Google, because their installed base provides similar

real-time data. New start-ups are likely to have vastly inferior real time data a

problem inference can't solve. We conclude Life360 can not only defend its

competitive position, but also emerge as a potential AI winner. MAU growth seems

unaffected by competitive pressure to date while Apple and Google appear

focused on much bigger priorities elsewhere.

Exhibit 1: Sensor Tower data implies a re-acceleration in MAU growth for 2Q26

US International Total

120,000,000

+18.7%

yoy

100,000,000

80,000,000

60,000,000

40,000,000

20,000,000

-

1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26

Implied

Source: Sensor Tower, Morgan Stanley Research estimates

Hardware improves Life360's data advantage: At the same time, in a world with

more AI-enabled devices, fragmentation becomes an advantage for Life360 as the

neutral layer across ecosystems. More hardware means more touchpoints and

richer data, and we see Life360’s real-time, location data-set as a key input that