NetEase’s Growth Story Hasn’t Ended; Increase FVE to $291 per ADR
NetEase announced another strong result in the fourth quarter, with net revenue up 53% year on year and operating profit up 60% year on year. The online games segment continued to deliver outstanding performance with 63% year-on-year growth, which beat both our estimates and street consensus. Mobile games, accounting for 64% of online games revenue, are leading this growth with the continuous rollout of new titles, as well as the steady performance from existing hit games. We revise our fair val...
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