External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>NetEase announced 3Q25 results: total revenue grew by 8% YoY to RMB28.4bn, 3% below Bloomberg consensus estimate; operating income increased by 12% YoY to RMB8.0bn, below consensus estimate of RMB9.2bn, primarily attributable to the higher-than-expected marketing expenses.</li><li>Nonetheless, we remain upbeat on the games revenue growth outlook in 4Q25E and FY26E, supported by NetEase’s quality game pipeline, solid performance of legacy titles and healthy growth of contract liabilities (+25% YoY in 3Q25).</li><li>In view of increased marketing spending, we slightly lower our FY25-27E nonGAAP net income forecast by 0-1%. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NetEase announced 3Q25 results: total revenue grew by 8% YoY to RMB28.4bn, 3% below Bloomberg consensus estimate; operating income increased by 12% YoY to RMB8.0bn, below consensus estimate of RMB9.2bn, primarily attributable to the higher-than-expected marketing expenses.Nonetheless, we remain upbeat on the games revenue growth outlook in 4Q25E and FY26E, supported by NetEase’s quality game pipeline, solid performance of legacy titles and healthy growth of contract liabilities (+25% YoY in 3Q25).In view of increased marketing spending, we slightly lower our FY25-27E nonGAAP net income forecast by 0-1%. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NetEase (NTES US) - Solid Games Business Outlook on Quality Pipeline and Evergreen Games

<ul><li>NetEase reported 2Q25 results: total revenue increased by 9% YoY to RMB27.9bn, 2% below Bloomberg consensus estimate; non-GAAP net income was up by 22% YoY to RMB9.5bn, largely in line with consensus estimate.</li><li>We expect the slower-than-expected games revenue growth to impact short-term investor sentiment, but we also note that the games revenue outlook in 2H25E remains resilient (+13% YoY on our estimate), supported by the solid performance of evergreen games and strong growth of contract liabilities in 2Q25 (+25% YoY).</li><li>We maintain our FY25-27 earnings forecasts largely unchanged. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NetEase reported 2Q25 results: total revenue increased by 9% YoY to RMB27.9bn, 2% below Bloomberg consensus estimate; non-GAAP net income was up by 22% YoY to RMB9.5bn, largely in line with consensus estimate.We expect the slower-than-expected games revenue growth to impact short-term investor sentiment, but we also note that the games revenue outlook in 2H25E remains resilient (+13% YoY on our estimate), supported by the solid performance of evergreen games and strong growth of contract liabilities in 2Q25 (+25% YoY).We maintain our FY25-27 earnings forecasts largely unchanged. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NetEase (NTES US) - Inline 2Q25 Earnings; Upbeat on 2H25 Game Business Outlook

<ul><li>NetEase announced 1Q25 results: total revenue grew by 7% YoY to RMB28.8bn, largely in line with consensus estimate.</li><li>Operating profit increased by 37% YoY to RMB10.4bn, 25% ahead of consensus estimate, mainly due to the disciplined opex control (-14% YoY).</li><li>Games business regains momentum, with reaccelerating and better-than-expected revenue growth in 1Q25 (+12% YoY), and the strong growth of contract liabilities in 1Q25 (+19%/16% YoY/QoQ) should support the growth of games revenue in the coming quarters, in our view. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NetEase announced 1Q25 results: total revenue grew by 7% YoY to RMB28.8bn, largely in line with consensus estimate.Operating profit increased by 37% YoY to RMB10.4bn, 25% ahead of consensus estimate, mainly due to the disciplined opex control (-14% YoY).Games business regains momentum, with reaccelerating and better-than-expected revenue growth in 1Q25 (+12% YoY), and the strong growth of contract liabilities in 1Q25 (+19%/16% YoY/QoQ) should support the growth of games revenue in the coming quarters, in our view. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NetEase (NTES US) - Strong 1Q25 Results on Solid Games Business and Disciplined Opex Control

<ul><li>NetEase reported 4Q24 results on 20 Feb: total revenue was down by 1.4% YoY to RMB26.7bn, largely in line with consensus estimates; operating profit grew by 13.9% YoY to RMB7.8bn, 8% ahead of consensus estimates, mainly attributable to the prudent control of S&amp;M expenses (-33% YoY).</li><li>Total revenue and operating profit grew by 2% and 7% YoY in FY24 respectively.</li><li>Looking into FY25E, we expect new game titles such as Marvel Rivals and Where Winds Meet to drive reacceleration of games revenue growth.  prudent opex control. We maintain our SOTPderived target price of US$125.5. Maintain BUY</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NetEase reported 4Q24 results on 20 Feb: total revenue was down by 1.4% YoY to RMB26.7bn, largely in line with consensus estimates; operating profit grew by 13.9% YoY to RMB7.8bn, 8% ahead of consensus estimates, mainly attributable to the prudent control of S&amp;M expenses (-33% YoY).Total revenue and operating profit grew by 2% and 7% YoY in FY24 respectively.Looking into FY25E, we expect new game titles such as Marvel Rivals and Where Winds Meet to drive reacceleration of games revenue growth.  prudent opex control. We maintain our SOTPderived target price of US$125.5. Maintain BUYContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NetEase (NTES US) - Steady 4Q24 Performance; New Game Titles to Support FY25 Revenue Growth

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Thematic (Sector/Industry)

<ul><li>For today’s KTX Tactical DR Picks, we recommend cutting loss on POPMART80 with a –4.5% return.</li><li>The KTX Tactical DR Picks portfolio slipped slightly by 0.30% from the previous day, as US markets declined on Wednesday following disappointing earnings results from Netflix and Tesla.</li><li>Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.</li></ul>

For today’s KTX Tactical DR Picks, we recommend cutting loss on POPMART80 with a –4.5% return.The KTX Tactical DR Picks portfolio slipped slightly by 0.30% from the previous day, as US markets declined on Wednesday following disappointing earnings results from Netflix and Tesla.Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.

KTX Tactical DR Picks - October 24, 2025 (Eng.)

China

NetEase, Inc. is an Internet technology company that develops applications, services and other Internet technologies in China. The Company's core businesses consist of email service, web portal and online entertainment, including online gaming services. NetEase also offers online advertising, search, mobile applications and e-commerce.

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NetEase Inc (NTES US)

NetEase (NTES US) - Solid Games Business Outlook on Quality Pipeline and Evergreen Games

We roll forward our valuation window to FY26E, and fine-tune our SOTP-derived target price to US$164.0 (previous: US$160.0). Maintain BUY.

CMB International

NetEase (NTES US) - Inline 2Q25 Earnings; Upbeat on 2H25 Game Business Outlook

We lift our SOTP-derived target price to US$160.0 (previous: US$136.5), given the valuation rerating of the games sector. Maintain BUY on solid...

CMB International

NetEase (NTES US) - Strong 1Q25 Results on Solid Games Business and Disciplined Opex Control

In view of the solid business performance of games, we raise FY25-27E revenue forecast by 2-6%. We lift our SOTP-derived target price to US$136.5...

CMB International

NetEase (NTES US) - Steady 4Q24 Performance; New Game Titles to Support FY25 Revenue Growth

NetEase reported 4Q24 results on 20 Feb: total revenue was down by 1.4% YoY to RMB26.7bn, largely in line with consensus estimates

CMB International

KTX Tactical DR Picks - October 24, 2025 (Eng.)

The KTX Tactical DR Picks portfolio slipped slightly by 0.30% from the previous day, as US markets declined on Wednesday following disappointing...

Krungthai XSpring

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