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<Research>HSBC Research Chops NTES-S (09999.HK) TP to $197, Expects 1Q Adj. NP to Rise 11% YoY
Recommend 11 Positive 13 Negative 6 |
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HSBC Global Research was too optimistic on NTES-S (09999.HK)'s revenue growth for 2024, due to the weak performance from its newly-launched Condor Hero, a drop in revenue from the PC version of Fantasy Westward Journey and a delay in the release of the mobile game version of Where Winds Meet, HSBC Global Research issued a research report saying. HSBC Global Research lowered its 2024 game revenue growth forecast for NTES-S to 10%, and maintained its 10% game revenue CAGR forecast from 2024 to 2026. It is expected that PC game revenue will fall 3% YoY in 2024, while mobile game revenue will rise 14% YoY. HSBC Global Research reduced its 2024 to 2026 earnings forecasts for the Company by 1-3%, and chopped its target price from $203 to $197, with rating kept at Buy. HSBC Global Research also forecasted NTES-S' 1Q24 revenue to rise 3% YoY, in which game revenue will grow 3% YoY, with gross profit margin improving to 60%, and adjusted net profit increasing 11% YoY. AAStocks Financial News |
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