New Street: NTES 1Q21 Results - Strong Pipeline for 2H

What's new: NetEase reported 1Q21 revenues a touch above consensus estimates. Resiliency in legacy games coupled with the strong game pipeline in 2H could continue to drive online gaming revenues in 2021. We maintain our PT at USD120 and reiterate our BUY rating on continued strength in online gaming with strong game pipeline in 2H of 2021.

Jin Yoon
NetEase Inc ADR

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Jin Yoon

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