NTES: Mobile Games and Overseas Driving Positives For 1Q23 Performance And 2023 Outlook
We are positive on NTES’s 1Q23 performance and 2023 outlook. As the Chinese government is refocused on prioritizing economic growth, game approvals have been normalized since late last year. For the recent approvals, NTES had 2 imported games and 6 domestic games, which further strengthen its game pipeline while NTES is continuing to expand its overseas business by opening a 4th game studio in Japan and more studios in other places. The newly launched game, Eggy Go with over 30M DAUs, has become the highest DAU game for NetEase. The game users are mainly students, many of whom are Gen-Z and have become its loyal players.
T.H. Capital is an independent research and investment advisory firm specializing in China. We offers real-time, on-the-ground, bottom-up research across a wide spectrum from macro and industry analysis to company specific projects; from China ADRs to international names that have meaningful exposure to China market. We deliver relevant, comprehensive and data driven research adding immense value to clients.
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