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<Research>G Sachs: NetEase Fundamentals Improving; Upside Risk Still Bigger than Downside
Recommend 7 Positive 19 Negative 8 |
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Goldman Sachs said in its report that NTES-S (09999.HK) had announced the launch of its Naraka Bladepoint Mobile on 25 July, in line with its original guidance of a July-August launch. According to the broker, there were positive responses to the testing of the game, including optimizations to balance picture quality and performance. Although TENCENT (00700.HK)’s Honour of Fight will woo diverse game demand, its development is at an early stage compared with that of Naraka Bladepoint Mobile. The broker tracked more than 170 servers that have been running for more than three years, including the Fantasy Westward Journey, and that token depreciation persisted on 88 of those servers, while the rest showed initial signs of improvement. Based on improving fundamentals, reset market expectations and a valuation that is still just above the 10-year low, the broker believed that there are more upside risks than downside risks to NTES-S' share price, and continued to rate the stock a Buy with a target price of $196. AAStocks Financial News |
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