NetEase Inc ADR

  • TickerNEH
  • ISINUS64110W1027
  • ExchangeBerlin Stock Exchange
  • SectorLeisure Goods
  • CountryGermany
Tian Hou
  • Tian Hou
NEH NETEASE INC ADR (Personal & Household Goods)
09999 NetEase (P Chip...

NTES: Newly Released Games Make Contributions To NTES In 2Q21 And 3Q21...

NTES will release 2Q21 results in mid-August. We are positive on NTES for 2Q21. While 2Q21 was a relatively quiet quarter for games and other forms of entertainment, NTES managed to release new games, including Revelation, Yu-Gi-Oh! Duel Links, Dream and Lethe Record, and Pokémon Quest. Among these, Revelation Mobile has become popular. The new games are making contributions to both 2Q21 and 3Q21. In addition to domestic game market, NTES is aggressively expanding internationally. At NTES’s annual product launch event in May, the company released approximately 19 titles that can eventually be ...

Sumeet Singh
  • Sumeet Singh
NEH NETEASE INC ADR (Personal & Household Goods)
1678603D Cloud Village I...

Cloud Village (NetEase Music) Pre-IPO

Cloud Village Inc. (CVI), also known as NetEase Music, plans to raise around US$1bn in its Hong Kong IPO. The company has also obtained investments from Baidu and Alibaba, along with other investors. As of Dec 20, it had 181m online music MAUs, 16m online music services monthly paying users, 327,000 social entertainment services monthly paying users. It had over 60m music tracks, of which more than 1m were created by registered independent artists. Its daily active users on average spent 76mins daily listening to music. CVI’s revenue has grown 4.3x over FY18-20, to RMB4.9bn. There have been...

Jin Yoon
  • Jin Yoon
NEH NETEASE INC ADR (Personal & Household Goods)

New Street: NTES 1Q21 Results - Strong Pipeline for 2H

What's new: NetEase reported 1Q21 revenues a touch above consensus estimates. Resiliency in legacy games coupled with the strong game pipeline in 2H could continue to drive online gaming revenues in 2021. We maintain our PT at USD120 and reiterate our BUY rating on continued strength in online gaming with strong game pipeline in 2H of 2021. Analysts: Jin Yoon

Julia Pan Mengyao
  • Julia Pan Mengyao
NEH NETEASE INC ADR (Personal & Household Goods)

NetEase (NTES US) : 1Q21: In-line results; Online game growth to pick ...

NetEase reported better-than-expected 1Q21 results. Revenue increased 20.2% yoy to Rmb20.5b, in line with our and consensus estimates. Gross profit margin was 53.9%, down 1.1ppt yoy, in line with our and consensus estimates. Non-GAAP net income came in at Rmb5.1b as a result of a sequential decline in marketing expenditure as well as improved gross margin performance from Youdao. We upgrade to HOLD with a higher target price of US$110.00 (HK$171.00).

Julia Pan Mengyao
  • Julia Pan Mengyao
NEH NETEASE INC ADR (Personal & Household Goods)

NetEase (NTES US) : 4Q20: Higher marketing spending dragged on bottom-...

NetEase reported a softer set of results in 4Q20. Revenue increased by 25.6% yoy to Rmb19.8b, in line with consensus estimates. Gross profit margin was 50.2%, down by 1.9ppt yoy, in line with consensus estimates. Non-GAAP net income declined by 56.4% yoy to Rmb1.6b on heavy marketing spending for Youdao. Downgrade to SELL with a higher target price of US$101.00 (HK$156.60) on the softer gaming outlook and high selling & marketing spending outlook.

Tian Hou
  • Tian Hou
NEH NETEASE INC ADR (Personal & Household Goods)
09999 NetEase (P Chip...

NTES: Newly Released Games Make Contributions To NTES In 2Q21 And 3Q21...

NTES will release 2Q21 results in mid-August. We are positive on NTES for 2Q21. While 2Q21 was a relatively quiet quarter for games and other forms of entertainment, NTES managed to release new games, including Revelation, Yu-Gi-Oh! Duel Links, Dream and Lethe Record, and Pokémon Quest. Among these, Revelation Mobile has become popular. The new games are making contributions to both 2Q21 and 3Q21. In addition to domestic game market, NTES is aggressively expanding internationally. At NTES’s annual product launch event in May, the company released approximately 19 titles that can eventually be ...

Sumeet Singh
  • Sumeet Singh
NEH NETEASE INC ADR (Personal & Household Goods)
1678603D Cloud Village I...

Cloud Village (NetEase Music) Pre-IPO

Cloud Village Inc. (CVI), also known as NetEase Music, plans to raise around US$1bn in its Hong Kong IPO. The company has also obtained investments from Baidu and Alibaba, along with other investors. As of Dec 20, it had 181m online music MAUs, 16m online music services monthly paying users, 327,000 social entertainment services monthly paying users. It had over 60m music tracks, of which more than 1m were created by registered independent artists. Its daily active users on average spent 76mins daily listening to music. CVI’s revenue has grown 4.3x over FY18-20, to RMB4.9bn. There have been...

Jin Yoon
  • Jin Yoon
NEH NETEASE INC ADR (Personal & Household Goods)

New Street: NTES 1Q21 Results - Strong Pipeline for 2H

What's new: NetEase reported 1Q21 revenues a touch above consensus estimates. Resiliency in legacy games coupled with the strong game pipeline in 2H could continue to drive online gaming revenues in 2021. We maintain our PT at USD120 and reiterate our BUY rating on continued strength in online gaming with strong game pipeline in 2H of 2021. Analysts: Jin Yoon

Julia Pan Mengyao
  • Julia Pan Mengyao
NEH NETEASE INC ADR (Personal & Household Goods)

NetEase (NTES US) : 1Q21: In-line results; Online game growth to pick ...

NetEase reported better-than-expected 1Q21 results. Revenue increased 20.2% yoy to Rmb20.5b, in line with our and consensus estimates. Gross profit margin was 53.9%, down 1.1ppt yoy, in line with our and consensus estimates. Non-GAAP net income came in at Rmb5.1b as a result of a sequential decline in marketing expenditure as well as improved gross margin performance from Youdao. We upgrade to HOLD with a higher target price of US$110.00 (HK$171.00).

Julia Pan Mengyao
  • Julia Pan Mengyao
NEH NETEASE INC ADR (Personal & Household Goods)

NetEase (NTES US) : 4Q20: Higher marketing spending dragged on bottom-...

NetEase reported a softer set of results in 4Q20. Revenue increased by 25.6% yoy to Rmb19.8b, in line with consensus estimates. Gross profit margin was 50.2%, down by 1.9ppt yoy, in line with consensus estimates. Non-GAAP net income declined by 56.4% yoy to Rmb1.6b on heavy marketing spending for Youdao. Downgrade to SELL with a higher target price of US$101.00 (HK$156.60) on the softer gaming outlook and high selling & marketing spending outlook.

Tian Hou
  • Tian Hou
NEH NETEASE INC ADR (Personal & Household Goods)
09999 NetEase (P Chip...

NTES: Newly Released Games Make Contributions To NTES In 2Q21 And 3Q21...

NTES will release 2Q21 results in mid-August. We are positive on NTES for 2Q21. While 2Q21 was a relatively quiet quarter for games and other forms of entertainment, NTES managed to release new games, including Revelation, Yu-Gi-Oh! Duel Links, Dream and Lethe Record, and Pokémon Quest. Among these, Revelation Mobile has become popular. The new games are making contributions to both 2Q21 and 3Q21. In addition to domestic game market, NTES is aggressively expanding internationally. At NTES’s annual product launch event in May, the company released approximately 19 titles that can eventually be ...

Sumeet Singh
  • Sumeet Singh
NEH NETEASE INC ADR (Personal & Household Goods)
1678603D Cloud Village I...

Cloud Village (NetEase Music) Pre-IPO

Cloud Village Inc. (CVI), also known as NetEase Music, plans to raise around US$1bn in its Hong Kong IPO. The company has also obtained investments from Baidu and Alibaba, along with other investors. As of Dec 20, it had 181m online music MAUs, 16m online music services monthly paying users, 327,000 social entertainment services monthly paying users. It had over 60m music tracks, of which more than 1m were created by registered independent artists. Its daily active users on average spent 76mins daily listening to music. CVI’s revenue has grown 4.3x over FY18-20, to RMB4.9bn. There have been...

Jin Yoon
  • Jin Yoon
NEH NETEASE INC ADR (Personal & Household Goods)

New Street: NTES 1Q21 Results - Strong Pipeline for 2H

What's new: NetEase reported 1Q21 revenues a touch above consensus estimates. Resiliency in legacy games coupled with the strong game pipeline in 2H could continue to drive online gaming revenues in 2021. We maintain our PT at USD120 and reiterate our BUY rating on continued strength in online gaming with strong game pipeline in 2H of 2021. Analysts: Jin Yoon

Julia Pan Mengyao
  • Julia Pan Mengyao
NEH NETEASE INC ADR (Personal & Household Goods)

NetEase (NTES US) : 1Q21: In-line results; Online game growth to pick ...

NetEase reported better-than-expected 1Q21 results. Revenue increased 20.2% yoy to Rmb20.5b, in line with our and consensus estimates. Gross profit margin was 53.9%, down 1.1ppt yoy, in line with our and consensus estimates. Non-GAAP net income came in at Rmb5.1b as a result of a sequential decline in marketing expenditure as well as improved gross margin performance from Youdao. We upgrade to HOLD with a higher target price of US$110.00 (HK$171.00).

Julia Pan Mengyao
  • Julia Pan Mengyao
NEH NETEASE INC ADR (Personal & Household Goods)

NetEase (NTES US) : 4Q20: Higher marketing spending dragged on bottom-...

NetEase reported a softer set of results in 4Q20. Revenue increased by 25.6% yoy to Rmb19.8b, in line with consensus estimates. Gross profit margin was 50.2%, down by 1.9ppt yoy, in line with consensus estimates. Non-GAAP net income declined by 56.4% yoy to Rmb1.6b on heavy marketing spending for Youdao. Downgrade to SELL with a higher target price of US$101.00 (HK$156.60) on the softer gaming outlook and high selling & marketing spending outlook.

Tian Hou
  • Tian Hou
NEH NETEASE INC ADR (Personal & Household Goods)
09999 NetEase (P Chip...

NTES: Newly Released Games Make Contributions To NTES In 2Q21 And 3Q21...

NTES will release 2Q21 results in mid-August. We are positive on NTES for 2Q21. While 2Q21 was a relatively quiet quarter for games and other forms of entertainment, NTES managed to release new games, including Revelation, Yu-Gi-Oh! Duel Links, Dream and Lethe Record, and Pokémon Quest. Among these, Revelation Mobile has become popular. The new games are making contributions to both 2Q21 and 3Q21. In addition to domestic game market, NTES is aggressively expanding internationally. At NTES’s annual product launch event in May, the company released approximately 19 titles that can eventually be ...

Sumeet Singh
  • Sumeet Singh
NEH NETEASE INC ADR (Personal & Household Goods)
1678603D Cloud Village I...

Cloud Village (NetEase Music) Pre-IPO

Cloud Village Inc. (CVI), also known as NetEase Music, plans to raise around US$1bn in its Hong Kong IPO. The company has also obtained investments from Baidu and Alibaba, along with other investors. As of Dec 20, it had 181m online music MAUs, 16m online music services monthly paying users, 327,000 social entertainment services monthly paying users. It had over 60m music tracks, of which more than 1m were created by registered independent artists. Its daily active users on average spent 76mins daily listening to music. CVI’s revenue has grown 4.3x over FY18-20, to RMB4.9bn. There have been...

Jin Yoon
  • Jin Yoon
NEH NETEASE INC ADR (Personal & Household Goods)

New Street: NTES 1Q21 Results - Strong Pipeline for 2H

What's new: NetEase reported 1Q21 revenues a touch above consensus estimates. Resiliency in legacy games coupled with the strong game pipeline in 2H could continue to drive online gaming revenues in 2021. We maintain our PT at USD120 and reiterate our BUY rating on continued strength in online gaming with strong game pipeline in 2H of 2021. Analysts: Jin Yoon

Julia Pan Mengyao
  • Julia Pan Mengyao
NEH NETEASE INC ADR (Personal & Household Goods)

NetEase (NTES US) : 1Q21: In-line results; Online game growth to pick ...

NetEase reported better-than-expected 1Q21 results. Revenue increased 20.2% yoy to Rmb20.5b, in line with our and consensus estimates. Gross profit margin was 53.9%, down 1.1ppt yoy, in line with our and consensus estimates. Non-GAAP net income came in at Rmb5.1b as a result of a sequential decline in marketing expenditure as well as improved gross margin performance from Youdao. We upgrade to HOLD with a higher target price of US$110.00 (HK$171.00).

Julia Pan Mengyao
  • Julia Pan Mengyao
NEH NETEASE INC ADR (Personal & Household Goods)

NetEase (NTES US) : 4Q20: Higher marketing spending dragged on bottom-...

NetEase reported a softer set of results in 4Q20. Revenue increased by 25.6% yoy to Rmb19.8b, in line with consensus estimates. Gross profit margin was 50.2%, down by 1.9ppt yoy, in line with consensus estimates. Non-GAAP net income declined by 56.4% yoy to Rmb1.6b on heavy marketing spending for Youdao. Downgrade to SELL with a higher target price of US$101.00 (HK$156.60) on the softer gaming outlook and high selling & marketing spending outlook.

Tian Hou
  • Tian Hou
NEH NETEASE INC ADR (Personal & Household Goods)
09999 NetEase (P Chip...

NTES: Newly Released Games Make Contributions To NTES In 2Q21 And 3Q21...

NTES will release 2Q21 results in mid-August. We are positive on NTES for 2Q21. While 2Q21 was a relatively quiet quarter for games and other forms of entertainment, NTES managed to release new games, including Revelation, Yu-Gi-Oh! Duel Links, Dream and Lethe Record, and Pokémon Quest. Among these, Revelation Mobile has become popular. The new games are making contributions to both 2Q21 and 3Q21. In addition to domestic game market, NTES is aggressively expanding internationally. At NTES’s annual product launch event in May, the company released approximately 19 titles that can eventually be ...

Sumeet Singh
  • Sumeet Singh
NEH NETEASE INC ADR (Personal & Household Goods)
1678603D Cloud Village I...

Cloud Village (NetEase Music) Pre-IPO

Cloud Village Inc. (CVI), also known as NetEase Music, plans to raise around US$1bn in its Hong Kong IPO. The company has also obtained investments from Baidu and Alibaba, along with other investors. As of Dec 20, it had 181m online music MAUs, 16m online music services monthly paying users, 327,000 social entertainment services monthly paying users. It had over 60m music tracks, of which more than 1m were created by registered independent artists. Its daily active users on average spent 76mins daily listening to music. CVI’s revenue has grown 4.3x over FY18-20, to RMB4.9bn. There have been...

Jin Yoon
  • Jin Yoon
NEH NETEASE INC ADR (Personal & Household Goods)

New Street: NTES 1Q21 Results - Strong Pipeline for 2H

What's new: NetEase reported 1Q21 revenues a touch above consensus estimates. Resiliency in legacy games coupled with the strong game pipeline in 2H could continue to drive online gaming revenues in 2021. We maintain our PT at USD120 and reiterate our BUY rating on continued strength in online gaming with strong game pipeline in 2H of 2021. Analysts: Jin Yoon

Julia Pan Mengyao
  • Julia Pan Mengyao
NEH NETEASE INC ADR (Personal & Household Goods)

NetEase (NTES US) : 1Q21: In-line results; Online game growth to pick ...

NetEase reported better-than-expected 1Q21 results. Revenue increased 20.2% yoy to Rmb20.5b, in line with our and consensus estimates. Gross profit margin was 53.9%, down 1.1ppt yoy, in line with our and consensus estimates. Non-GAAP net income came in at Rmb5.1b as a result of a sequential decline in marketing expenditure as well as improved gross margin performance from Youdao. We upgrade to HOLD with a higher target price of US$110.00 (HK$171.00).

Julia Pan Mengyao
  • Julia Pan Mengyao
NEH NETEASE INC ADR (Personal & Household Goods)

NetEase (NTES US) : 4Q20: Higher marketing spending dragged on bottom-...

NetEase reported a softer set of results in 4Q20. Revenue increased by 25.6% yoy to Rmb19.8b, in line with consensus estimates. Gross profit margin was 50.2%, down by 1.9ppt yoy, in line with consensus estimates. Non-GAAP net income declined by 56.4% yoy to Rmb1.6b on heavy marketing spending for Youdao. Downgrade to SELL with a higher target price of US$101.00 (HK$156.60) on the softer gaming outlook and high selling & marketing spending outlook.

Tian Hou
  • Tian Hou
NEH NETEASE INC ADR (Personal & Household Goods)
09999 NetEase (P Chip...

NTES: Newly Released Games Make Contributions To NTES In 2Q21 And 3Q21...

NTES will release 2Q21 results in mid-August. We are positive on NTES for 2Q21. While 2Q21 was a relatively quiet quarter for games and other forms of entertainment, NTES managed to release new games, including Revelation, Yu-Gi-Oh! Duel Links, Dream and Lethe Record, and Pokémon Quest. Among these, Revelation Mobile has become popular. The new games are making contributions to both 2Q21 and 3Q21. In addition to domestic game market, NTES is aggressively expanding internationally. At NTES’s annual product launch event in May, the company released approximately 19 titles that can eventually be ...

Sumeet Singh
  • Sumeet Singh
NEH NETEASE INC ADR (Personal & Household Goods)
1678603D Cloud Village I...

Cloud Village (NetEase Music) Pre-IPO

Cloud Village Inc. (CVI), also known as NetEase Music, plans to raise around US$1bn in its Hong Kong IPO. The company has also obtained investments from Baidu and Alibaba, along with other investors. As of Dec 20, it had 181m online music MAUs, 16m online music services monthly paying users, 327,000 social entertainment services monthly paying users. It had over 60m music tracks, of which more than 1m were created by registered independent artists. Its daily active users on average spent 76mins daily listening to music. CVI’s revenue has grown 4.3x over FY18-20, to RMB4.9bn. There have been...

Jin Yoon
  • Jin Yoon
NEH NETEASE INC ADR (Personal & Household Goods)

New Street: NTES 1Q21 Results - Strong Pipeline for 2H

What's new: NetEase reported 1Q21 revenues a touch above consensus estimates. Resiliency in legacy games coupled with the strong game pipeline in 2H could continue to drive online gaming revenues in 2021. We maintain our PT at USD120 and reiterate our BUY rating on continued strength in online gaming with strong game pipeline in 2H of 2021. Analysts: Jin Yoon

Julia Pan Mengyao
  • Julia Pan Mengyao
NEH NETEASE INC ADR (Personal & Household Goods)

NetEase (NTES US) : 1Q21: In-line results; Online game growth to pick ...

NetEase reported better-than-expected 1Q21 results. Revenue increased 20.2% yoy to Rmb20.5b, in line with our and consensus estimates. Gross profit margin was 53.9%, down 1.1ppt yoy, in line with our and consensus estimates. Non-GAAP net income came in at Rmb5.1b as a result of a sequential decline in marketing expenditure as well as improved gross margin performance from Youdao. We upgrade to HOLD with a higher target price of US$110.00 (HK$171.00).

Julia Pan Mengyao
  • Julia Pan Mengyao
NEH NETEASE INC ADR (Personal & Household Goods)

NetEase (NTES US) : 4Q20: Higher marketing spending dragged on bottom-...

NetEase reported a softer set of results in 4Q20. Revenue increased by 25.6% yoy to Rmb19.8b, in line with consensus estimates. Gross profit margin was 50.2%, down by 1.9ppt yoy, in line with consensus estimates. Non-GAAP net income declined by 56.4% yoy to Rmb1.6b on heavy marketing spending for Youdao. Downgrade to SELL with a higher target price of US$101.00 (HK$156.60) on the softer gaming outlook and high selling & marketing spending outlook.

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