New Street: NTES 2Q21 Results - Results as Expected; Strong Pipeline to Drive Revs Into 2022
What's new: NetEase reported 2Q21 revenues largely in-line with consensus estimates. Resiliency in legacy games coupled with the strong game pipeline could continue to drive online gaming revenues in 2H. We expect minimal financial impact from the updated guidelines on further restricting minor time spent on online games. We maintain our BUY rating and PT at USD120.Analysts:
Jin Yoon
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