NetEase Sees Accelerated Growth in 3Q; Shares Undervalued
We maintain our fair value estimate for narrow-moat NetEase at $344 per share and continue to think the shares are undervalued. The recovery of online gaming and deferred revenue growth once again testifies to the company's strong research and development capability. That said, near-term operating expense increased, especially for research and development, and the ongoing shift to lower-margin e-commerce business will put pressure on margins, in our view.Net revenue growth in the third quarter...
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