Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>700 HK: Tencent’s &lt;Delta Force&gt; Global Version Launch Scheduled for December 5 (+)</li>
<li>700 HK: Tencent Meeting Announces Free Meeting Time Limit Reduced to 40 Minutes (+)</li>
<li>BABA US/700 HK: New user installs reach new high in September (+/+)</li>
</ul>


700 HK: Tencent’s &lt;Delta Force&gt; Global Version Launch Scheduled for December 5 (+)
700 HK: Tencent Meeting Announces Free Meeting Time Limit Reduced to 40 Minutes (+)
BABA US/700 HK: New user installs reach new high in September (+/+)


[Blue Lotus Daily-TMT Update]:BABA US/700 HK/NTES US/JD US/PDD US/BABA US/VIPS US/1024 HK

Analyst - Media&Entertainment Sector, Blue Lotus Research Institute

Stan Zhao

Analyst - Media&Entertainment Sector

<ul>
<li>Tencent’s &lt;Peacekeeper&gt; saw a strong player return and robust revenue performance due to introducing new gameplay modes, with projected gross billings for 2024 expected to exceed RMB 20 billion.</li>
<li>&lt;DnF Mobile&gt; continues to perform well, maintaining high popularity, leading to an upward revision of its annual revenue forecast.</li>
<li>New games &lt;Civilization Mobile&gt; and &lt;Need for Speed Mobile&gt; experienced a sharp decline in popularity, and with a late release, their contribution to 2024 revenue is expected to be limited.</li>
</ul>


Tencent’s &lt;Peacekeeper&gt; saw a strong player return and robust revenue performance due to introducing new gameplay modes, with projected gross billings for 2024 expected to exceed RMB 20 billion.
&lt;DnF Mobile&gt; continues to perform well, maintaining high popularity, leading to an upward revision of its annual revenue forecast.
New games &lt;Civilization Mobile&gt; and &lt;Need for Speed Mobile&gt; experienced a sharp decline in popularity, and with a late release, their contribution to 2024 revenue is expected to be limited.


China Online Game Grossing Monitor: September 23 - October 10, 2024

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.

<ul><li>We update our sector investment views for the next six months post earnings as follows: 1) Companies with solid fundamentals and high revenue and profit growth visibility; 2) sustained profitability and willingness to lift shareholder returns; and 3) a sizeable TAM for new initiatives and business explorations likely to generate a decent ROIC.</li><li>We believe the market will continue to allocate to such names and value them fairly.</li><li>Taking into account 2Q results and recent stock performances, we find our previous view has been testified: better-than-expected earnings are not enough to drive a share rally, but better-than-expected 3Q/full-year outlook and enhanced shareholder return measures could provide key support. </li></ul><p><em>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.</em></p>

We update our sector investment views for the next six months post earnings as follows: 1) Companies with solid fundamentals and high revenue and profit growth visibility; 2) sustained profitability and willingness to lift shareholder returns; and 3) a sizeable TAM for new initiatives and business explorations likely to generate a decent ROIC.We believe the market will continue to allocate to such names and value them fairly.Taking into account 2Q results and recent stock performances, we find our previous view has been testified: better-than-expected earnings are not enough to drive a share rally, but better-than-expected 3Q/full-year outlook and enhanced shareholder return measures could provide key support. 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.

Internet - 2Q24 Recap & Stock-Picking Ideas: Seeking Certainty

<ul>
<li>NTES US: &lt;Hearthstone&gt; PC Preload Begins, Official Return on September 25 (+)</li>
<li>700 HK: Tencent's &lt;Peacekeeper Elite&gt; Tops iOS Grossing Chart After Major Gameplay Update.(+)</li>
<li>700 HK: Tencent's FPS Game &lt;Delta Force&gt; Pre-launch Character Creation Event Starts, Launch on September 26 (/)</li>
</ul>


NTES US: &lt;Hearthstone&gt; PC Preload Begins, Official Return on September 25 (+)
700 HK: Tencent's &lt;Peacekeeper Elite&gt; Tops iOS Grossing Chart After Major Gameplay Update.(+)
700 HK: Tencent's FPS Game &lt;Delta Force&gt; Pre-launch Character Creation Event Starts, Launch on September 26 (/)


[Blue Lotus Daily-TMT Update]:NTES US/700 HK/BABA US/JD US/AMZN US/PDD US/SHEIN/VIPS US/3690HK/IQ US

<ul>
<li>700 HK: Tencent's &lt;Honor of Kings: World&gt;to Launch in 2025.(+)</li>
<li>700 HK: Tencent's &lt;Delta Force&gt; to Launch on September 26 for PC and Mobile (+)</li>
<li>700 HK/NTES US: Tencent and NetEase Announce Playtime Restrictions for Minors During Mid-Autumn and National Day Holidays (/)</li>
</ul>


700 HK: Tencent's &lt;Honor of Kings: World&gt;to Launch in 2025.(+)
700 HK: Tencent's &lt;Delta Force&gt; to Launch on September 26 for PC and Mobile (+)
700 HK/NTES US: Tencent and NetEase Announce Playtime Restrictions for Minors During Mid-Autumn and National Day Holidays (/)


[Blue Lotus Daily-TMT Update]:700 HK/NTES US/1024 HK/3690 HK/PDD US/JD US/BABA US/1810 HK/SE US

China

Kuaishou Technology is a Chinese publicly traded company that operates a leading content community and social platform. It primarily offers short video sharing, live streaming, online marketing services, and e-commerce. The company was founded in March 2011 and is headquartered in Beijing, China.

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Kuaishou Technology (1024 HK)

[Blue Lotus Daily-TMT Update]:BABA US/700 HK/NTES US/JD US/PDD US/BABA US/VIPS US/1024 HK

Tencent's global launch of set for December 5, free meeting time limit reduced to 40 minutes, and Alibaba's new user installs hit record high in...

Blue Lotus Research Institute

China Online Game Grossing Monitor: September 23 - October 10, 2024

Tencent's flagship titles thrive with new gameplay modes, while NetEase's new game struggles with declining popularity and late releases impacting...

Blue Lotus Research Institute

Internet - 2Q24 Recap & Stock-Picking Ideas: Seeking Certainty

We update our sector investment views for the next six months post earnings as follows: 1) Companies with solid fundamentals and high revenue and...

CMB International

[Blue Lotus Daily-TMT Update]:NTES US/700 HK/BABA US/JD US/AMZN US/PDD US/SHEIN/VIPS US/3690HK/IQ US

Preloading for PC has started, official return on Sept 25; tops iOS chart after update; pre-launch event begins, launch on Sept 26.

Blue Lotus Research Institute

[Blue Lotus Daily-TMT Update]:700 HK/NTES US/1024 HK/3690 HK/PDD US/JD US/BABA US/1810 HK/SE US

Tencent announces new game launches and playtime restrictions for minors during holidays in collaboration with NetEase.

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Blue Lotus Daily-TMT Update]:BABA US/700 HK/NTES US/JD US/PDD US/BABA US/VIPS US/1024 HK

​Tencent's global launch of set for December 5, free meeting time limit reduced to 40 minutes, and Alibaba's new user installs hit record high in...

Blue Lotus Research Institute

China Online Game Grossing Monitor: September 23 - October 10, 2024

​Tencent's flagship titles thrive with new gameplay modes, while NetEase's new game struggles with declining popularity and late releases impacting...

Blue Lotus Research Institute

Internet - 2Q24 Recap & Stock-Picking Ideas: Seeking Certainty

We update our sector investment views for the next six months post earnings as follows: 1) Companies with solid fundamentals and high revenue and...

CMB International

[Blue Lotus Daily-TMT Update]:NTES US/700 HK/BABA US/JD US/AMZN US/PDD US/SHEIN/VIPS US/3690HK/IQ US

​Preloading for PC has started, official return on Sept 25; tops iOS chart after update; pre-launch event begins, launch on Sept 26.

Blue Lotus Research Institute

[Blue Lotus Daily-TMT Update]:700 HK/NTES US/1024 HK/3690 HK/PDD US/JD US/BABA US/1810 HK/SE US

​Tencent announces new game launches and playtime restrictions for minors during holidays in collaboration with NetEase.

Blue Lotus Research Institute

Tencent's global launch of set for December 5, free meeting time limit reduced to 40 minutes, and Alibaba's new user installs hit record high in...

Tencent's flagship titles thrive with new gameplay modes, while NetEase's new game struggles with declining popularity and late releases impacting...

Preloading for PC has started, official return on Sept 25; tops iOS chart after update; pre-launch event begins, launch on Sept 26.

Tencent announces new game launches and playtime restrictions for minors during holidays in collaboration with NetEase.