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NetEase Newsroom
netease-S (09999.HK): The performance of PC games is good, observing the progress of new games such as "The Sixteen Sounds of Yanyun".
In the third quarter of 2024, revenue decreased by 4% year-on-year, with profits affected by foreign exchange gains and losses. In the third quarter of 2024, the company achieved revenue of 26.2 billion yuan, a year-on-year decrease of 4%. Non-GAAP net income attributable to shareholders was 7.5 billion yuan, a year-on-year decrease of 13%; Non-
U.S. stock anomaly | Netease continues to rise more than 1% pre-market, Citigroup raises its target price to $115.
November 18th, Netease (NTES.US) continued to rise by 1.12% in pre-market trading to $86.45, following a 12% increase over the previous 2 days since the announcement of Q3 results. Citigroup released a report stating that Netease's third-quarter revenue and net profit were below expectations, but they continue to demonstrate the ability to develop and launch high-quality games. The firm raised the target price for Netease ADR from $108 to $115, maintaining a "buy" rating based on attractive valuation, strong cash flow, and ongoing shareholder returns. (Gelonghui)
HTSC raises netease (09999.HK) target price to 118.15 yuan, with third quarter game revenue exceeding expectations.
HTSC's report stated that Netease (09999.HK) saw a 3.9% year-on-year decrease in third-quarter revenue to 26.2 billion RMB, lower than the market's consensus of 1.3%. Adjusted net profit declined by 13.3% year-on-year, below the consensus of 4.7%, mainly due to expanding exchange rate losses. Standalone gaming and deferred revenue exceeded expectations by 21% and 14% respectively, primarily driven by the return of the "Warcraft" gaming and the continued growth of revenue from "Revelation." The bank believes that the return of Blizzard games, the future launch of "Swallow Clouds" and "Code: Endless" will contribute significant revenue growth, thus raising the forecast of Netease's gaming revenue for the years 2024 to 2026.
BOCI Research: Netease (09999.HK) is supported by strong PC gaming in the short term, with the target price raised to 165 yuan.
Bank of China International's report stated that Netease (09999.HK) had mixed performance in the third quarter, with strong support from PC gaming boosting short-term gaming business, and the target price raised from 151 yuan to 165 yuan. The company's continued stable execution of buybacks and quarterly dividend policies maintain a "buy" rating. The report indicated that Netease's 4% decline in total revenue in the third quarter was lower than the market's expected 1%. The market was surprised by the 10% year-on-year decrease in mobile gaming revenue, the 29% year-on-year growth in client-side gaming revenue, and the 2% year-on-year growth in cash receipts. The operating profit margin of 27.3% was slightly lower than market expectations. Bank of China International predicts that due to over
Research Reports | China Merchants: Lowered Netease's target price to HK$181, expecting game revenue to rebound with the launch of "Yan Yun Sixteen Sounds".
On November 18th, Guolonghui reported that China Merchants Securities pointed out in a report that Netease's third-quarter revenue declined by 4% year-on-year to 26.2 billion yuan. Game business revenue decreased by 1% year-on-year (increased by 12% year-on-year in the second quarter), with mobile game revenue declining by 10% year-on-year, while PC game revenue increased by 29% year-on-year, benefiting from better-than-expected Blizzard products and the driving force of the PC game "The Endless Mission". As for shareholder feedback, Netease management emphasized that shareholder returns over the past five years accounted for 78% of net income. Netease repurchased $0.5 billion in the third quarter, with a remaining repurchase quota of $3.4 billion (total repurchase plan amounting to $5 billion), equivalent to approximately 6 times the current market cap.
Nomura Adjusts NetEase's Price Target to HK$159 From HK$157, Keeps at Buy
Express News | CICC: Maintains a "outperform industry" rating on Netease, with overall third-quarter performance exceeding expectations.
Citi raises target price of Netease (NTES.US) to $115. The current gaming performance is resilient and the launch of new games is exciting.
Citi released a report indicating that netease-S (09999.HK)(NTES.US) fell short of expectations in third quarter revenue and net profit but continues to demonstrate the ability to develop and launch high-quality gaming. The upcoming "Yan Yun Shi Liu Sheng" and the six-on-six shooting game "Marvel Showdown" will serve as short-term catalysts for the stock price. In addition, the rapid rebound of the PC game "Dreamland Westward Journey," along with the resilient performance of "Identity V," "Nirvana in Fire," "Eternal Return," and "Egg Party," as well as the successful relaunch of Blizzard's games "World of Warcraft" and "Hearthstone," should support an improvement in gaming revenue as we approach 2025. The firm has raised its target for netease ADR.
China International Capital Corporation: Maintaining a "Outperform Industry" rating for Netease-S (09999) with a target price of 173 Hong Kong dollars.
In the first three quarters of the 2024 fiscal year, netease's cash dividend and buyback totaled 1.86 billion US dollars.
Goldman Sachs: Upgraded Netease's target price to HK$169, expecting the inflection point of growth to come soon.
Gelonghui November 18 | Goldman Sachs released a report stating that Netease's performance in the third quarter exceeded the market's pessimistic expectations, with strong growth in PC games and deferred revenue during the quarter. After the company announced its earnings and held a conference call with management, the firm still believes that the third quarter may be the worst quarter for Netease's revenue trend (with a 1% year-on-year decline in the gaming business). The firm anticipates that, in the absence of new mobile game contributions, Netease's growth in the fourth quarter may remain modest, but estimates that the turning point for growth is approaching as several new games will be launched before the end of the year, enhancing growth visibility for next year. Additionally, the company's classic IP games such as 'FWJ',
Express News | Nomura Securities raised the target price for netease ADR from 100 dollars to 102 dollars.
CICC: Netease (09999.HK) third-quarter performance better than expected, focus on product cycle inflection point.
CICC released a research report stating that netease (09999.HK) saw a 4% year-on-year decline in revenue in the third quarter of this year; non-GAAP net profit attributable to the parent company fell 13% year-on-year, overall performance was better than the firm's expectations, mainly due to strong PC revenue; investment income and interest income exceeded expectations. CICC mentioned that netease also announced a quarterly dividend of $0.435 per American Depositary Share (ADS), with a quarterly payout rate of 30%; $0.54 billion was repurchased during the quarter. The total cash dividends and buybacks for the first three quarters of fiscal year 2024 amounted to $1.86 billion. Additionally, the firm maintained its forecast for netease's non-GAAP net profit, and maintained its.
Nomura raises the target price for netease (09999.HK) to 159 yuan, expecting improvements starting from the fourth quarter.
Nomura released a research report indicating that netease (09999.HK) performed as expected in the third quarter of this year. The revenue for the period decreased by 4% year-on-year, which is 1% lower than market consensus; the non-GAAP profit fell by 13% year-on-year, which is 6% lower than market expectations, but 4% higher than the bank's forecast. Nomura mentioned that the performance of netease's PC and mobile game businesses in the third quarter showed a divergence. Among them, mobile game revenue declined by 10% year-on-year, which was forecasted to decrease by 8% year-on-year; PC game revenue increased by 29% year-on-year, while the forecast was a 7% increase year-on-year; deferred game revenue returned to positive values, increasing by 17% quarter-on-quarter, which was expected to increase by 5% quarter-on-quarter. Nomura noted.
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Netease-S (09999.HK): Game business exceeds expectations. Pay attention to the launch of new games by the end of the year.
Q3 2024 performance: In Q3 2024, the company achieved revenue of 26.21 billion yuan (year-on-year -3.9%, quarter-on-quarter +2.8%). From a business perspective, games and related value-added services outperformed expectations (20.9 billion vs 20.7 billion).
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NetEase Expected to Face Muted Growth in Mobile Games -- Market Talk
netease-S (09999.HK): The performance in Q3 2024 is stable, paying attention to new games such as "The Sixteen Sounds of Yanyun".
Stable performance in Q3 2024, bullish on the launch of new games driving the product cycle upwards, maintaining a 'buy' rating. The company achieved revenue of 78.5 billion yuan in the first three quarters of 2024 (+2.91% year-on-year), with a net income attributable to the parent of 20.