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China/Asia TMT, Blue Lotus Research Institute

Shawn Yang

China/Asia TMT

China TMT research

Blue Lotus Research Institute

​​​​​​​​Blue Lotus is a China headquartered research institution covering overseas listed China TMT stocks. 

Equity Bottom-Up

<ul>
<li>NetEase reported in-line revenue for 1Q23, while non-GAAP net income exceeded our estimate by 22%. </li>
<li>&lt;Justice Mobile&gt; is set to launch by the end of June. We anticipate that investors may need to wait for some time after June for NetEase's next potential hit title. </li>
<li>Maintain a BUY with TP unchanged, implying 18X PE in 2023.</li>
</ul>


NetEase reported in-line revenue for 1Q23, while non-GAAP net income exceeded our estimate by 22%. 
&lt;Justice Mobile&gt; is set to launch by the end of June. We anticipate that investors may need to wait for some time after June for NetEase's next potential hit title. 
Maintain a BUY with TP unchanged, implying 18X PE in 2023.


NetEase (NTES US, BUY, TP US$106) Earnings Review: Justice Mobile Is the Next Catalyst

NetEase Inc

NetEase (NTES US, BUY, TP US$106) Earnings Review: Justice Mobile Is the Next Catalyst