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<Research>Daiwa Lifts NTES-S TP to HKD263, Expects 75% Div. Payout Ratio in 4Q
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NTES-S (09999.HK)'s 3Q25 online game revenue grew by 12.7% YoY, still it was 3% below market expectations, according to Daiwa's recent research report. Despite stable game sales performance during the period, the QoQ growth in NTES-S' revenue fell short of forecasts. In contrast, its net profit largely met market expectations with investment gains. Daiwa lowered its 2026-27 revenue forecasts for NTES-S by 1% to reflect NETEASE MUSIC (09899.HK)'s decreased live streaming revenue. NTES-S' rating was reiterated as Buy, with a target price lifted from HKD260 to HKD263. Given the limited scale of share buybacks in 1-3Q25, the broker estimated the quarterly dividend payout ratio to be maintained at 75% in 4Q25 to achieve the annual payout ratio target of 40%. AAStocks Financial News |
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