New Street: NTES 3Q22 Results - Blizzard Impact Seems Minimal; Core Gaming Remains Resilient
What's new: NetEase reported 3Q22 results were largely in-line with consensus. While the near-term financial implications are limited, the non-renewal agreement with Blizzard could potentially lead to a multiple derating of the stock as it precludes any future access to Activision Blizzard game pipeline. We lower our PT from USD 125 to USD 90, which implies 16.3x FY23E P/E. We maintain our BUY rating.Analysts:
Jin Yoon
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