New Street Research - NetEase Inc. Sponsored ADR (NEH) New Street: NTES 3Q21 Results - Strength in Pipeline to Drive Growth into FY22

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New Street Research

Jin Yoon

New Street: NTES 3Q21 Results - Strength in Pipeline to Drive Growth into FY22

What's new: NetEase reported 3Q21 revenues top consensus estimates and our expectations driven by online gaming revenues. Resiliency in legacy games coupled with the strong game pipeline could continue to drive online gaming revenues heading into 2022. We increase our PT from USD120 to USD125 which implies a 27.2x FY22E P/E. We maintain our BUY rating.

Analysts:
Jin Yoon

19/11/2021 7 EN

Underlying

NetEase Inc. Sponsored ADR

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US64110W1027 Berlin Stock Exchange Germany

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New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

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Pan European Telecom Services and Cable

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Analysts

Jin Yoon

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