New Street Research - NetEase Inc. Sponsored ADR (NEH) ... NTES 2Q23 Results: Mobile Games to Remain Resilient in 2H

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New Street Research

Jin Yoon

NTES 2Q23 Results: Mobile Games to Remain Resilient in 2H

What's new: NetEase’s reported 2Q23 top-line results were largely in line with consensus. Mobile games could sequentially improve in 2H driven by new game launches such as Justice Mobile. PC games could remain under pressure partly due to termination of licensing agreement with Blizzard. We increase our PT from USD95 to USD110 on improving margin outlook. Our revised PT of USD110 implies 15.7x FY24 P/E. We maintain our BUY rating.

Analysts:
Jin Yoon

25/08/2023 1 EN

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NetEase Inc. Sponsored ADR

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US64110W1027 Berlin Stock Exchange Germany

NetEase Inc

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Analysts

Jin Yoon

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NTES 2Q23 Results: Mobile Games to Remain Resilient in 2H

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

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