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 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

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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.

Rojana Industrial Park / Equity Bottom-Up

<ul><li>Technically, the SET Index is expected to move sideways, with resistance at 1,270/1,275 points and the support at 1,254/1,244 points.</li><li>In the medium term, the index remains in a zig-zag down downtrend, searching for the bottom within the 1,220-1,506 point range.</li><li>In the short term, a technical rebound is underway after the index hit a 4-year 3-month low at 1,236.80 points (on the morning of Monday, Feb. 17).</li></ul>

Technically, the SET Index is expected to move sideways, with resistance at 1,270/1,275 points and the support at 1,254/1,244 points.In the medium term, the index remains in a zig-zag down downtrend, searching for the bottom within the 1,220-1,506 point range.In the short term, a technical rebound is underway after the index hit a 4-year 3-month low at 1,236.80 points (on the morning of Monday, Feb. 17).

<ul><li>NetEase announced 3Q24 financial results: total revenue declined by 4% YoY to RMB26.2bn, largely in line with Bloomberg consensus estimate; operating profit was down by 5% YoY to RMB7.15bn, in line with consensus estimate of RMB7.22bn.</li><li>3Q24 revenue was down YoY, mainly due to the high-base effect and softer-than-expected performance of certain new game titles.</li><li>Looking ahead, we expect the launch of Marvel Rivals and Where Winds Meet in December will be the key catalysts to watch, the performance of which shall be the key drivers of NetEase valuation and revenue growth in FY25E. </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 3Q24 financial results: total revenue declined by 4% YoY to RMB26.2bn, largely in line with Bloomberg consensus estimate; operating profit was down by 5% YoY to RMB7.15bn, in line with consensus estimate of RMB7.22bn.3Q24 revenue was down YoY, mainly due to the high-base effect and softer-than-expected performance of certain new game titles.Looking ahead, we expect the launch of Marvel Rivals and Where Winds Meet in December will be the key catalysts to watch, the performance of which shall be the key drivers of NetEase valuation and revenue growth in FY25E. 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 3Q24 Results; Eyes on New Game Launch in December

<ul><li>NetEase reported inline 2Q24 results: total revenue grew by 6% YoY to RMB25.5bn, in line with our/consensus estimate of RMB25.1/26.1bn; operating profit grew by 15% YoY to RMB7.0bn, vs our/consensus estimate of RMB6.7/7.2bn.</li><li>Looking ahead, we expect game revenue growth to bottom out and reaccelerate in 2H24E, underpinned by the resilient performance of legacy titles, incremental revenue contribution from new titles and the return of Blizzard’s game portfolio.</li><li>We maintain our FY24-26E total revenue forecast largely unchanged. We fine-tune our SOTP-derived target price to US$130.0 (previous: US$131.5). 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 inline 2Q24 results: total revenue grew by 6% YoY to RMB25.5bn, in line with our/consensus estimate of RMB25.1/26.1bn; operating profit grew by 15% YoY to RMB7.0bn, vs our/consensus estimate of RMB6.7/7.2bn.Looking ahead, we expect game revenue growth to bottom out and reaccelerate in 2H24E, underpinned by the resilient performance of legacy titles, incremental revenue contribution from new titles and the return of Blizzard’s game portfolio.We maintain our FY24-26E total revenue forecast largely unchanged. We fine-tune our SOTP-derived target price to US$130.0 (previous: US$131.5). Maintain BUY.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) - Intact Quality Game Portfolio Despite Short-Term Growth Deceleration

<ul><li>NetEase announced 1Q24 results on 23 May: total revenue was up by 7% YoY to RMB26.9bn, in line with our/consensus estimate; non-GAAP net income grew by 12% YoY to RMB8.5bn, 2% ahead of consensus estimate thanks to the better-than-expected performance of games and music business GPM.</li><li>We are positive on its game revenue growth reacceleration in 2H24E supported by the quality game pipeline, despite that certain games adjustment and competition may cause short-term volatility.</li><li>We raise FY24-26E non-GAAP net income forecast by 2-5% to reflect the better-than-expected GPM expansion.</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 1Q24 results on 23 May: total revenue was up by 7% YoY to RMB26.9bn, in line with our/consensus estimate; non-GAAP net income grew by 12% YoY to RMB8.5bn, 2% ahead of consensus estimate thanks to the better-than-expected performance of games and music business GPM.We are positive on its game revenue growth reacceleration in 2H24E supported by the quality game pipeline, despite that certain games adjustment and competition may cause short-term volatility.We raise FY24-26E non-GAAP net income forecast by 2-5% to reflect the better-than-expected GPM expansion.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 1Q24 Results; Upbeat on Game Revenue Growth Reacceleration in 2H24E

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) - 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

Strategic Daily Picks

Technically, the SET Index is expected to move sideways, with resistance at 1,270/1,275 points and the support at 1,254/1,244 points. In the...

Krungthai XSpring

NetEase (NTES US) - Inline 3Q24 Results; Eyes on New Game Launch in December

NetEase announced 3Q24 financial results: total revenue declined by 4% YoY to RMB26.2bn, largely in line with Bloomberg consensus estimate

CMB International

NetEase (NTES US) - Intact Quality Game Portfolio Despite Short-Term Growth Deceleration

We maintain our FY24-26E total revenue forecast largely unchanged. We fine-tune our SOTP-derived target price to US$130.0 (previous: US$131.5)....

CMB International

NetEase (NTES US) - Inline 1Q24 Results; Upbeat on Game Revenue Growth Reacceleration in 2H24E

NetEase announced 1Q24 results on 23 May: total revenue was up by 7% YoY to RMB26.9bn, in line with our/consensus estimate; non-GAAP net income...

CMB International

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