Increasing NetEase’s Moat to Narrow; New FVE is $326
We upgrade our moat rating for NetEase to narrow from none, as we anticipate that intangible assets based on its strong intellectual property will drive prolonged profit and a sustained market position. Meanwhile, we are increasing our fair value estimate to $326 per ADR from $291, as we anticipate the company will be able to sustain excess returns over its weighted cost of capital for at least 15 years. During the forecast market consolidation of the online gaming sector, we believe that the ex...
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