Lyon: Upgraded NETEASE MUSIC (09899) to "highly confident outperform the market" rating, raised target price to 200 Hong Kong dollars.
In Lyon's opinion, the profit of NetEase Cloud Music in the second half of last year was pleasantly surprising, with adjusted EBIT increasing by 119% year-on-year, exceeding the market and the bank's forecast by 39% and 30% respectively.
Lyon released a research report stating that it has raised its rating on NETEASE MUSIC (09899) to "highly confident outperforming the market", with a target price of 200 Hong Kong dollars, up from 165 Hong Kong dollars. The group's long-term theme is stable, with a forecasted compound annual growth rate of core EBIT of 17 to 19% over the next 3 to 5 years. Lyon also raised its forecast for adjusted net profit for the years 2025 to 2027 by 7 to 19%. Lyon noted that the profit of Cloud Music in the second half of last year was surprisingly strong, with adjusted EBIT growing by 119% year-on-year, outperforming market and bank forecasts by 39% and 30% respectively.
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