NTES: Core Game Business Is Strong; Investment In Short Video Can Be An Uncertain Factor For Margins
NTES will report 4Q20 results on February 25th before the markets open with a 7am EST conference call. We are positive on the long-term growth trajectory of the underlying game business, but the company’s new investment in video content has potential of causing some level of margin pressure. For its game business, NTES did not release new hit games in 4Q20, but it did release a couple of new ones in January to meet winter holiday demand from students. Based on our data and model, NTES’s 4Q20E revenue is likely to be at least in line with the Street consensus at RMB19,755M.
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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