NetEase's Rollout of New Mobile Games Continues; Increasing FVE to $260
NetEase released solid third-quarter results with net revenue up 38% and operating profit up 36% year over year. The top-line growth was in line with our estimates but missed Street consensus by about 4.5%. The share price retreated almost 5% after the close of U.S. market Nov. 9, and we believe this is an opportunity to accumulate the stock, which has multi-leg growth drivers. We are increasing our fair value estimate to $260 per ADR from $219 after increasing our stage II EBI growth rate to re...
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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