not vested
<Results>NTES-S 1Q Non-GAAP NP RMB8.5B, Up 12% YoY, In Line
NTES-S (09999.HK) announced its results for 1Q ended March.
Net profit attributable to shareholders was RMB7.634 billion, in line with expectations (forecasts by 4 brokers as summarised by our reporters ranged from RMB6.181 billion to RMB8.028 billion), rising 13% YoY and 16% QoQ.
Basic net profit per share was RMB2.38.
A quarterly dividend of US$0.099 per share (US$0.495 per ADS) was declared.
Non-GAAP net profit attributable to shareholders of the company reached RMB8.511 billion, in line with expectations (forecasts by 7 brokers as summarised by our reporters ranged from RMB6.957 billion to RMB8.812 billion), growing 12% YoY and 15% QoQ.
Basic non-GAAP net profit per share was RMB2.65.
Related News: M Stanley Downgrades NetEase (NTES.US) to Equalweight, Cuts TP to US$100
Net revenue for 1Q24 was RMB26.9 billion, elevating 7.2% YoY.
Games and related value-added services logged net revenue of RMB21.5 billion, inclining 7% YoY.
Youdao achieved net revenue of RMB1.4 billion, hiking 19.7% YoY.
Cloud Music reported net revenue of RMB2.0 billion, inclining 3.6% YoY.
Net revenue from innovative businesses and others amounted to RMB2.0 billion, lifting 6.1% YoY.
Gross profit margin for games and related value-added services for 1Q24 was 69.5%, compared to 69.5% in 4Q23 and 66.7% in 1Q23.
The YoY increase was mainly attributable to the revenue contribution from different platforms and self-developed games.
According to NetEase, there will be more highly anticipated new product launches in the future, including the release of the open-world action-adventure role-playing game "Where Winds Meet" in 3Q24, and the release of "Justice" mobile in more regions.
Other new products of various genres are also under the spotlight, including "Naraka: Bladepoint" mobile, "Once Human" and "Marvel Rivals".
The group also renewed its distribution agreement with Blizzard Entertainment to bring beloved games titles back to the Chinese market, and will also embark on a wider cooperation with Microsoft Gaming.
As of the end of March, the group had purchased approximately 8.9 million ADSs totalling approximately US$811 million under the repurchase programme.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/news/ ... -news/AAFN
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NetEase (NTES); HK 9999
28 posts
• Page 3 of 3 • 1, 2, 3
Re: Netease (NTES); HK 9999
by winston » Fri May 24, 2024 9:30 am
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
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Re: Netease (NTES); HK 9999
by winston » Fri May 24, 2024 11:41 am
not vested
<Research>M Stanley Downgrades NetEase (NTES.US) to Equalweight, Cuts TP to US$100
2024/05/23
Morgan Stanley issued a report on NetEase (NTES.US), downgrading the rating of its US-listed shares (ADRs) from Overweight to Equalweight and trimming the target price from US$120 to US$100.
The broker lowered its EPS forecast for the stock from 2024 to 2026 by 6-12%, while forecasting game revenue and net profit to rise by 6-7% YoY this year and next year.
The broker removed NetEase from its top picks list in April because of a number of risks.
Among them were the weakening of China's macro-economy, which could lead to a shift in consumption towards higher price-performance ratio items such as casual games and minigames, as well as potential regulatory tightenings that may limit player spending and some monetisation initiatives.
Related News: NTES-S 1Q Non-GAAP NP $8.5B, Up 12% YoY, In Line
NetEase has an estimated market share of about 50% for massively multiplayer online role-playing games (MMORPGs), which have the highest average revenue per user.
However, the market share of minigames is increasing in China, and the potential for future NetEase game revenues may be discounted.
Morgan Stanley also pointed out that NetEase may face a decline in the return on its invested capital in the future, including the low-priced cosmetics at "Justice Mobile" and "Condor Heroes", the RMB10 billion subsidy for "Justice Mobile" and "Eggy Party", and the adjustment of the monetisation model of "Fantasy Westward Journey" on PC.
Furthermore, in response to Tencent's "Dream Star", NetEase's sales and marketing costs soared in 4Q23, a situation that could be repeated when competition rekindles between "Naraka Bladepoint Mobile" by NetEase and "Honor of Kings: Breaking Dawn" by Tencent in the coming Summer.
The separate launches of mobile and PC versions of " Where Winds Meet" also affected the market's expectations for the game's grossing stream.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/analy ... stock-news
<Research>M Stanley Downgrades NetEase (NTES.US) to Equalweight, Cuts TP to US$100
2024/05/23
Morgan Stanley issued a report on NetEase (NTES.US), downgrading the rating of its US-listed shares (ADRs) from Overweight to Equalweight and trimming the target price from US$120 to US$100.
The broker lowered its EPS forecast for the stock from 2024 to 2026 by 6-12%, while forecasting game revenue and net profit to rise by 6-7% YoY this year and next year.
The broker removed NetEase from its top picks list in April because of a number of risks.
Among them were the weakening of China's macro-economy, which could lead to a shift in consumption towards higher price-performance ratio items such as casual games and minigames, as well as potential regulatory tightenings that may limit player spending and some monetisation initiatives.
Related News: NTES-S 1Q Non-GAAP NP $8.5B, Up 12% YoY, In Line
NetEase has an estimated market share of about 50% for massively multiplayer online role-playing games (MMORPGs), which have the highest average revenue per user.
However, the market share of minigames is increasing in China, and the potential for future NetEase game revenues may be discounted.
Morgan Stanley also pointed out that NetEase may face a decline in the return on its invested capital in the future, including the low-priced cosmetics at "Justice Mobile" and "Condor Heroes", the RMB10 billion subsidy for "Justice Mobile" and "Eggy Party", and the adjustment of the monetisation model of "Fantasy Westward Journey" on PC.
Furthermore, in response to Tencent's "Dream Star", NetEase's sales and marketing costs soared in 4Q23, a situation that could be repeated when competition rekindles between "Naraka Bladepoint Mobile" by NetEase and "Honor of Kings: Breaking Dawn" by Tencent in the coming Summer.
The separate launches of mobile and PC versions of " Where Winds Meet" also affected the market's expectations for the game's grossing stream.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/analy ... stock-news
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
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Re: Netease (NTES); HK 9999
by winston » Fri May 24, 2024 1:37 pm
not vested
Broker│ Opinion
Nomura│ Quarterly revenue was in line with expectations, while earnings beat estimations
Daiwa│ Investors are recommended to buy on dip as 3Q24 new game supply will be strong
UBS│1Q24 results eased market concerns about classic games, while impact of changes to
Fantasy Westward Journey Online was manageable
Jefferies│ Diversified game portfolio paved the way for long term business adjustment
Goldman Sachs│ 1Q24 results were better than market concerns, and double-digit YoY growth in
game revenue reflected strong mobile games
JPMorgan│1Q24 online game revenue beat expectations, reflecting classic game resilience
Citi│ New games will pick up momentum in summer
Morgan Stanley│ Uncertainty unresolved
Related News: M Stanley Downgrades NetEase (NTES.US) to Equalweight, Cuts TP to US$100
AAStocks Financial News
Broker│ Opinion
Nomura│ Quarterly revenue was in line with expectations, while earnings beat estimations
Daiwa│ Investors are recommended to buy on dip as 3Q24 new game supply will be strong
UBS│1Q24 results eased market concerns about classic games, while impact of changes to
Fantasy Westward Journey Online was manageable
Jefferies│ Diversified game portfolio paved the way for long term business adjustment
Goldman Sachs│ 1Q24 results were better than market concerns, and double-digit YoY growth in
game revenue reflected strong mobile games
JPMorgan│1Q24 online game revenue beat expectations, reflecting classic game resilience
Citi│ New games will pick up momentum in summer
Morgan Stanley│ Uncertainty unresolved
Related News: M Stanley Downgrades NetEase (NTES.US) to Equalweight, Cuts TP to US$100
AAStocks Financial News
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
- Posts: 119533
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Re: Netease (NTES); HK 9999
by winston » Fri May 24, 2024 6:50 pm
not vested
NetEase (9999 HK)
1Q24: Results In Line; 2Q24 Game Growth Could Be Better Than Feared
NetEase’s 1Q24 results are largely within consensus expectation.
Revenue grew 7.2% yoy to Rmb26.9b, in line with our and consensus forecasts.
Net profit rose 12.5% yoy to Rmb8.5b, 2% above consensus estimates.
We believe Netease’s online games revenue growth will be reignited in 2H24 due to the incremental grossing from upcoming game launches and agreement renewal with Blizzard.
Maintain BUY with a lower target price of HK$180.00 (US$115.00).
Source: UOBKH
https://research.uobkayhian.com/content ... e=hs_email
NetEase (9999 HK)
1Q24: Results In Line; 2Q24 Game Growth Could Be Better Than Feared
NetEase’s 1Q24 results are largely within consensus expectation.
Revenue grew 7.2% yoy to Rmb26.9b, in line with our and consensus forecasts.
Net profit rose 12.5% yoy to Rmb8.5b, 2% above consensus estimates.
We believe Netease’s online games revenue growth will be reignited in 2H24 due to the incremental grossing from upcoming game launches and agreement renewal with Blizzard.
Maintain BUY with a lower target price of HK$180.00 (US$115.00).
Source: UOBKH
https://research.uobkayhian.com/content ... e=hs_email
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
- Posts: 119533
- Joined: Wed May 07, 2008 9:28 am
Re: Netease (NTES); HK 9999
by winston » Mon May 27, 2024 11:11 am
not vested
<Research>G Sachs: NTES-S (09999.HK) 1Q24 non-GAAP NP Slightly Beats; Rating Buy w/ TP HK$198
2024/05/24
Goldman Sachs wrote in a report that NTES-S (09999.HK) (NTES.US) achieved 7% YoY growth in revenue during 1Q24, while non-GAAP net profit rose 12% YoY, slightly better than expected.
Mobile game revenue during the quarter lifted 19% YoY, strongly beating estimates and offsetting slightly worse-than-expected PC game revenue.
The broker commented that NetEase's handheld game revenue visibility is gradually increasing in 2Q24, based on solid cash-generation growth and management's confidence in the limited impact of PC game monetisation changes.
Game revenue in 3Q24 is however uncertain, as the group confirmed delays in the launch of two major games, amid escalating direct competition from TENCENT (00700.HK), as well as a slowdown in gross margin expansion due to the shift of game portfolio towards slower-growing legacy PC titles.
Related News: M Stanley: NetEase (NTES.US) Last Q Profit Misses; Shr Price May Drop Next 60 Days
Nevertheless, Goldman believed that the 3% cumulative gain in NetEase this year, which underperformed the 11% rise in KraneShares CSI China Internet ETF (KWEB.US) implied that major risks have been priced in.
The company also possessed strong near-term fundamentals and instant terminal value for its core intellectual property, while management has a track record of executing in the face of competition.
Coupling with valuation trending to a near-decade-low, all these factors pointed to an upside in the risk-return profile.
Goldman maintained a Buy rating on NetEase, with ADR and H-share target prices at US$127 and HK$198 respectively.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/analy ... stock-news
<Research>G Sachs: NTES-S (09999.HK) 1Q24 non-GAAP NP Slightly Beats; Rating Buy w/ TP HK$198
2024/05/24
Goldman Sachs wrote in a report that NTES-S (09999.HK) (NTES.US) achieved 7% YoY growth in revenue during 1Q24, while non-GAAP net profit rose 12% YoY, slightly better than expected.
Mobile game revenue during the quarter lifted 19% YoY, strongly beating estimates and offsetting slightly worse-than-expected PC game revenue.
The broker commented that NetEase's handheld game revenue visibility is gradually increasing in 2Q24, based on solid cash-generation growth and management's confidence in the limited impact of PC game monetisation changes.
Game revenue in 3Q24 is however uncertain, as the group confirmed delays in the launch of two major games, amid escalating direct competition from TENCENT (00700.HK), as well as a slowdown in gross margin expansion due to the shift of game portfolio towards slower-growing legacy PC titles.
Related News: M Stanley: NetEase (NTES.US) Last Q Profit Misses; Shr Price May Drop Next 60 Days
Nevertheless, Goldman believed that the 3% cumulative gain in NetEase this year, which underperformed the 11% rise in KraneShares CSI China Internet ETF (KWEB.US) implied that major risks have been priced in.
The company also possessed strong near-term fundamentals and instant terminal value for its core intellectual property, while management has a track record of executing in the face of competition.
Coupling with valuation trending to a near-decade-low, all these factors pointed to an upside in the risk-return profile.
Goldman maintained a Buy rating on NetEase, with ADR and H-share target prices at US$127 and HK$198 respectively.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/analy ... stock-news
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
- Posts: 119533
- Joined: Wed May 07, 2008 9:28 am
Re: Netease (NTES); HK 9999
by winston » Mon May 27, 2024 11:43 am
not vested
<Research>HTSC Reduces NetEase (NTES.US) TP to US$120.5; 1Q Mobile Game Growth Pace Beats
2024/05/27
NTES-S (09999.HK) 's 1Q24 revenue was basically in line with expectations, with mobile game revenue growing 19% YoY, exceeding expectations by more than 5%, according to a research report from Huatai Securities.
NetEase recently announced adjustments to the payment programme in Fantasy Westward Journey in order to improve the game's ecosystem, while revenue growth of old games slowed during the off-season.
Although these factors have led to a pullback in the share price, the broker believed fundamentals are expected to remain stable in the medium term, taking into account the launch of new games and the contribution of existing blockbusters.
Related NewsCiti: NetEase, Inc. (NTES.US) 1Q Rev. in Line; Earnings Beat
Huatai believed that Justice Mobile would still contribute significant deferred revenue in 2Q24, while the launch of Where Winds Meet and Naraka: Bladepoint Mobile in 2H24 could bring catalysts.
In the long run, the broker is optimistic that NetEase will continue to increase its commercialisation capabilities and market share through the launch of well-known large-scale IPs.
However, due to the slowdown in the growth of the handheld game, the broker has cut its adjusted net profit forecasts for 2024/25/26 by 7.5%, 1% and 1.2% to RMB35.2 billion, RMB43.5 billion and RMB49.6 billion respectively.
Huatai reduced its target price for NetEase US shares from US$127.9 to US$120.5, and the Buy rating was maintained.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/news/ ... -news/AAFN
<Research>HTSC Reduces NetEase (NTES.US) TP to US$120.5; 1Q Mobile Game Growth Pace Beats
2024/05/27
NTES-S (09999.HK) 's 1Q24 revenue was basically in line with expectations, with mobile game revenue growing 19% YoY, exceeding expectations by more than 5%, according to a research report from Huatai Securities.
NetEase recently announced adjustments to the payment programme in Fantasy Westward Journey in order to improve the game's ecosystem, while revenue growth of old games slowed during the off-season.
Although these factors have led to a pullback in the share price, the broker believed fundamentals are expected to remain stable in the medium term, taking into account the launch of new games and the contribution of existing blockbusters.
Related NewsCiti: NetEase, Inc. (NTES.US) 1Q Rev. in Line; Earnings Beat
Huatai believed that Justice Mobile would still contribute significant deferred revenue in 2Q24, while the launch of Where Winds Meet and Naraka: Bladepoint Mobile in 2H24 could bring catalysts.
In the long run, the broker is optimistic that NetEase will continue to increase its commercialisation capabilities and market share through the launch of well-known large-scale IPs.
However, due to the slowdown in the growth of the handheld game, the broker has cut its adjusted net profit forecasts for 2024/25/26 by 7.5%, 1% and 1.2% to RMB35.2 billion, RMB43.5 billion and RMB49.6 billion respectively.
Huatai reduced its target price for NetEase US shares from US$127.9 to US$120.5, and the Buy rating was maintained.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/news/ ... -news/AAFN
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
- Posts: 119533
- Joined: Wed May 07, 2008 9:28 am
Re: Netease (NTES); HK 9999
by winston » Tue May 28, 2024 11:31 am
vested
<Research>JPM Expects New Game Releases by NTES-S (09999.HK) in 2H24 to Drive Revaluation, Maintains OW
Recent change in monetisation models for certain massively multiplayer online role-playing games (MMORPGs), including the PC version of Fantasy Westward Journey.
The broker concluded that the short-term impact would be small, and that such a strategic change should support the long-term healthy growth of these games.
Related News: Nomura Lowers TP of NTES-S (09999.HK) to $210; 2 Major Games to Launch in Summer Holiday
According to JPM, NetEase has underperformed the market YTD, mainly due to investor concerns about its traditional game realisations and the prospects for new games.
The stock is currently trading at 13x its 2024 P/E ratio, the lowest in the past five years and below its Asian online game peers.
Nevertheless, the broker expected NetEase's new game launches from 3Q24 onwards to drive faster game growth, and valuations to rise from current levels.
JPM reiterated NetEase is its top pick in the mainland online game industry. The broker maintained its Overweight rating and an H-share target price of HK$200.
Related NewsM Stanley: Uncertainty for NetEase (NTES.US) Still Exists; Next Catalyst May be 'Naraka: Bladepoint' Mobile
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/news/ ... -news/AAFN
<Research>JPM Expects New Game Releases by NTES-S (09999.HK) in 2H24 to Drive Revaluation, Maintains OW
Recent change in monetisation models for certain massively multiplayer online role-playing games (MMORPGs), including the PC version of Fantasy Westward Journey.
The broker concluded that the short-term impact would be small, and that such a strategic change should support the long-term healthy growth of these games.
Related News: Nomura Lowers TP of NTES-S (09999.HK) to $210; 2 Major Games to Launch in Summer Holiday
According to JPM, NetEase has underperformed the market YTD, mainly due to investor concerns about its traditional game realisations and the prospects for new games.
The stock is currently trading at 13x its 2024 P/E ratio, the lowest in the past five years and below its Asian online game peers.
Nevertheless, the broker expected NetEase's new game launches from 3Q24 onwards to drive faster game growth, and valuations to rise from current levels.
JPM reiterated NetEase is its top pick in the mainland online game industry. The broker maintained its Overweight rating and an H-share target price of HK$200.
Related NewsM Stanley: Uncertainty for NetEase (NTES.US) Still Exists; Next Catalyst May be 'Naraka: Bladepoint' Mobile
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/news/ ... -news/AAFN
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
- Posts: 119533
- Joined: Wed May 07, 2008 9:28 am
Re: Netease (NTES); HK 9999
by winston » Wed May 29, 2024 12:55 pm
<Research>Nomura Cuts NTES-S (09999.HK) TP to $210; Earnings Forecasts Largely Unchanged
NTES-S (09999.HK)'s 1Q24 revenue grew 7% YoY, in line with the market general consensus, Nomura released a research report saying.
Nomura maintained the Company's 2024/ 2025 EPS forecasts largely unchanged, but slightly lowered its target valuation multiple.
Nomura also slightly cut its target price on NTES-S' H-shares from $215 to $210, with rating kept at Buy.
Related News: Citi: NetEase, Inc. (NTES.US) 1Q Rev. in Line; Earnings Beat
NTES-S' track record of adding many new hit titles over the years led to a very diversified and solid game portfolio, Nomura said.
The broker believed that no single game will cause major fluctuations in its entire game business.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/news/ ... -news/AAFN
NTES-S (09999.HK)'s 1Q24 revenue grew 7% YoY, in line with the market general consensus, Nomura released a research report saying.
Nomura maintained the Company's 2024/ 2025 EPS forecasts largely unchanged, but slightly lowered its target valuation multiple.
Nomura also slightly cut its target price on NTES-S' H-shares from $215 to $210, with rating kept at Buy.
Related News: Citi: NetEase, Inc. (NTES.US) 1Q Rev. in Line; Earnings Beat
NTES-S' track record of adding many new hit titles over the years led to a very diversified and solid game portfolio, Nomura said.
The broker believed that no single game will cause major fluctuations in its entire game business.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/news/ ... -news/AAFN
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
- Posts: 119533
- Joined: Wed May 07, 2008 9:28 am
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