NTES 2Q24 Results: 2H Gaming Revs Dependent on Performance of Key Titles
What’s new: NetEase’s reported 2Q24 revs that were below consensus but largely in-line with our expectations. Naraka Bladepoint mobile user trend remains healthy, while revs from FWJ PC version could start to stabilize heading into the 2H. We lower our PT from USD100 to USD90 on lowered outlook. Our updated PT of USD90 implies a 12.2x FY25E P/E. We maintain our NEUTRAL rating.Analysts:
Jin Yoon
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- Pan European Telecom Services and Cable
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