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<Research>CMBI Expects NetEase (NTES.US) Rev. Recognition Cycle to Extend, Drops TP to US$161.5
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NTES-S (09999.HK) released its 4Q25 results, with total revenue growing by 3% YoY to RMB27.5 billion, 4% below the market consensus, mainly due to slower-than-expected growth in game revenue and an extended revenue recognition cycle for games, according to CMBI's research report. Operating profit increased by 6% YoY to RMB8.3 billion, 6% below consensus expectations. Considering the extended revenue recognition cycle, the broker slightly lowered its 2026/ 2027 total revenue forecasts for the Group by 1-2%. Based on SOTP valuation, CMBI also slightly cut its target price for NTES-S' US stock from US$164 to US$161.5, with rating kept at Buy. AASTOCKS Financial News |
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