Professional
Added to YB: 2024-11-20
Pitch date: 2024-11-19
NTES [bullish]
NetEase, Inc.
+65.78%
current return
Author Info
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Company Info
NetEase, Inc. engages in online games, music streaming, online intelligent learning services, and internet content services businesses in China and internationally.
Market Cap
HKD 591.8B
Pitch Price
HKD 83.93
Price Target
125.50 (-10%)
Dividend
1.97%
EV/EBITDA
12.03
P/E
16.55
EV/Sales
4.07
Sector
Entertainment
Category
value
NetEase (NTES US) – Eyes on new game launch in December
NTES: BUY, TP $125.5 (42% upside). Trading at 11x FY25E PE, 5-year low. Marvel Rivals & Where Winds Meet launch in Dec key catalysts. 3Q24: rev -4% YoY, op profit -5% YoY. Accelerated buybacks: 6.3mn ADSs, $543mn. Project Mugen test in Dec. SOTP valuation: $118.4 games, $0.7 Youdao, $3.2 Cloud Music, $1.5 innovative, $1.7 cash.
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