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<Research>Daiwa Elevates NTES-S (09999.HK) TP to $235, Considers 2H24 Game Releases as Key Catalyst
Recommend 7 Positive 6 Negative 3 |
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Daiwa noted in a report that NTES-S (09999.HK) (NTES.US) has restarted their cooperation with Blizzard China, a subsidiary of Activision Blizzard (ATVI.US), with the Chinese servers of World of Warcraft to be officially launched today (27 June). It is estimated that the game will bring about four months of incremental revenue this year, involving around RMB400 million. Accordingly, the broker raised its full-year PC game revenue forecast on the group for this year by 2%. NTES will release Where Winds Meet PC version on 26 July, and Daiwa expected the new title to bring more room for PC game revenue growth. The broker also raised its handheld game revenue forecast on the group by 2%, reflecting the launch of the blockbuster title Naraka: Bladepoint mobile on 25 July. The broker emphasised that NetEase's new game releases in 2H24 will be the key catalyst for its share price, and will make it one of the most predictable companies in the industry in terms of revenue growth. Daiwa continued to list NTES as a top pick and reiterated its Buy rating. The broker raised its target price from HK$225 to HK$235 and elevated its full-year revenue and EPS forecasts by 2-3%. AAStocks Financial News |
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