BOCOM INTL: Maintains "Buy" rating on NTES-S (09999) with target price raised to HKD 206.
Guosen Securities International expects that Netease-S (09999) fourth-quarter game revenue will increase by 23% year-on-year due to deferred revenue and continued contribution from new games.
BOCOM INTL has published a research report stating that it maintains a "buy" rating for NTES-S (09999) with the target price raised by 10% to HKD 206. The company's third-quarter revenue met expectations, while profits exceeded those of the bank and the market forecast. Total revenue for the period increased by 12% year-on-year, with gross profit margin increasing by 6 percentage points to 62%. The bank stated that NetEase's third-quarter mobile game revenue exceeded expectations, with a year-on-year increase of 33%. The management team also updated their new game launch plan and projected a 23% year-on-year growth in game revenue for the fourth quarter, driven by deferred revenue and the continuous contribution of new games.
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