NTES 1Q25 Results: Gaming Rev Growth Momentum to Continue in 2Q
What’s new: NetEase’s reported 1Q25 results that were above consensus estimates and our expectations. Gaming rev growth momentum could continue in 2Q partly driven by key titles such as Marvel Rivals and Where Winds Meet. We up our PT from US$120 to US$140 on improving outlook. Our updated PT of US$140 implies 16.7x FY25E P/E. We maintain our BY rating.Analysts:
Jin Yoon
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