NetEase’s FVE Raised to $344 per ADR; Shares Fairly Valued
We have raised our 2017 revenue estimate for NetEase to CNY 54 billion, operating income excluding charges to CNY 14 billion, and net profit to CNY 12 billion after its stronger-than-expected third-quarter results. We expect 10-year revenue and operating profit CAGR to be 16% and 10%, respectively, versus 15% and 11% previously. We expect gross margin to decline faster as the contribution of smartphone games and Kaola and Yanxuan increases faster than we previously expected. We forecast gross ma...
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