New Street Research - NetEase Inc. Sponsored ADR (NEH) ... New Street: NTES 4Q22 Results - Gaming Could Remain Resilient in FY23

Report

New Street Research

Jin Yoon

New Street: NTES 4Q22 Results - Gaming Could Remain Resilient in FY23

What's new: NetEase’s reported 4Q22 top-line results were largely in-line with consensus and our expectations. Gaming revenues could remain resilient in FY23 driven by launch of new game titles such as Eggy Party and longevity of legacy titles such as FWJ. We increase our PT from USD 90 to USD 95 amid resiliency in the gaming segment. Our updated PT of USD 95 implies 16.8x FY23E P/E. We maintain our BUY rating.

Analysts:
Jin Yoon

24/02/2023 1 EN

Underlyings

NetEase Inc. Sponsored ADR

See profile

US64110W1027 Berlin Stock Exchange Germany

NetEase Inc

See profile

Provider

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:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
Global healthcare thematic research

We provide debt research on:

Pan European Telecom Services and Cable

See profile

Analysts

Jin Yoon

Other Reports on these Companies

SmartInsider

NetEase Inc: 1 director

A director at NetEase Inc sold 23,425 shares at 23.600USD and the significance rating of the trade was 87/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board me...

Free Trial

May 20, 2025 May 20, 2025 1 EN

New Street Research

NTES 1Q25 Results: Gaming Rev Growth Momentum to Continue in 2Q

What’s new: NetEase’s reported 1Q25 results that were above consensus estimates and our expectations. Gaming rev growth momentum could continue in 2Q partly driven by key titles such as Marvel Rivals and Where Winds Meet. We up our PT from US$120 to US$140 on improving outlook. Our updated PT of US$140 implies 16.7x FY25E P/E. We maintain our BY rating. Analysts: Jin Yoon

May 16, 2025 May 16, 2025 1 EN

UOB

NetEase (9999 HK): 1Q25: Solid earnings beat fuelled by revitalised online games growth.

NetEase’s 1Q25 earnings exceeded expectations. Revenue grew 7.4% yoy to Rmb28.8b, largely in line with consensus forecast. Gross profit grew 8.6% yoy to Rmb18.5b, with gross margin rising 1ppt yoy to 64%. Non-GAAP operating profit grew 34% yoy to Rmb11.4b, with operating margin at 39.5%. Non-GAAP net profit rose 32% yoy to Rmb11.2b, beating consensus estimate. Net margin expanded 7ppt yoy to 39% in 1Q25. Maintain BUY with a higher target price of HK$210.00 (US$129.00).

May 16, 2025 May 16, 2025 1 EN

SATS, Carr, and the Art of the No Deal…Yet

SATS just filed a new 8-K saying it will make the interest payments on Monday, avoiding a Chapter 11 filing. Our New Street colleagues have published a note today with their perspective. In this note we describe the filing and its implications.

EUR 8533.00

15h / 28m 15h / 28m 1 EN

Blair Levin

Blair Levin

Supreme Court Upholds USF Framework but Reform Still Ahead

Today, the Supreme Court issued its opinion in the case challenging the legality of Universal Service Fund (USF) framework. As we had predicted, the Court upheld the current framework. In this note we analyze the implications of the decision for the USF reform efforts ahead in the Congress and FCC.

EUR 8533.00

15h / 31m 15h / 31m 1 EN

Jonathan Chaplin

Jonathan Chaplin

CMCSA quick hit: Comcast continues to make the right pricing moves

After launching 5-year price guarantee plans in April, Comcast has now announced some tweaks to plans that are discounted for one year, and to rack rates. These announcements are less meaningful than the 5-year plans, though they continue to inch gradually in the right direction. Our quick thoughts in this brief note.

EUR 8533.00

15h / 35m 15h / 35m 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

New Street: NTES 4Q22 Results - Gaming Could Remain Resilient in FY23

NetEase Inc: 1 director

NTES 1Q25 Results: Gaming Rev Growth Momentum to Continue in 2Q

NetEase (9999 HK): 1Q25: Solid earnings beat fuelled by revitalised online games growth.

SATS, Carr, and the Art of the No Deal…Yet

Supreme Court Upholds USF Framework but Reform Still Ahead

CMCSA quick hit: Comcast continues to make the right pricing moves

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe