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<Research>M Stanley Expects NetEase Shr Price to Stay Resilient Before Major Game Release, but Sees Limited EPS Upside This Yr
Recommend 5 Positive 8 Negative 7 |
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Morgan Stanley wrote in a report that NetEase (NTES.US)'s Naraka: Bladepoint mobile, which will be launched on 25 July, is believed to be the focus game of 2024. Due to the game's strong traction in the international market, it is estimated that its first year grossing in China could reach RMB6 billion, although there is also a need to pay attention to market competition and marketing expenses. According to the report, Naraka: Bladepoint PC version has accumulated more than 40 million users since its launch in 3Q21, and the handheld version has more than 40 million pre-registered users in China. The broker estimated that the mobile version's monetisation power is similar to that of the PC version, and that the game will offer free-to-play mode and in-game purchases. Morgan Stanley expected NetEase's share price to remain resilient until the launch of the game, but EPS growth this year is still limited, mainly due to the impact of adjustments at Fantasy Westward Journey PC version and Eggy Party. The broker maintained NetEase's Equalweight rating with a target price of US$100 for its US shares, equivalent to 13x 2024 projected P/E. AAStocks Financial News |
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