T. H. Data Flash - NetEase, Inc. – November & 4Q21E: No New Games Approval May Negatively Impact Game Growth In Near Term
We are neutral on NTES’s performance in 4Q21. Since August 21st, there have not been any new approvals from the government, which in general is negative to game companies as they need to publish new games as well as expansion packs to sustain growth. From our initial data of 4Q21, NTES games’ popularity was up Y/Y. The top 10 games are still contributing 82%+ of total game servers.
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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