CICC: Maintain NTES-S (09999) "Outperform" rating with a target price of HKD 173.

CICC released a research report stating it maintains a "outperform" rating for NTES-S (09999) with a target price of 173 Hong Kong dollars. The company's overall performance in the third quarter of this year exceeded expectations, mainly due to impressive PC revenue; investment income and interest income also outperformed expectations. CICC mentioned that the company also announced a quarterly dividend of 0.435 US dollars per American depositary share (ADS), with a dividend payout ratio of 30% for the quarter; the company repurchased 540 million US dollars during the quarter. The total cash dividends and repurchases for the first three quarters of the 2024 fiscal year amount to 1.86 billion US dollars.