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<Research>JPM Keeps Overweight on NTES-S; Game Rev. to Continue Growing
Recommend 1 Positive 4 Negative 2 |
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NTES-S (09999.HK)'s revenue grew by 13% YoY or 3% QoQ in 3Q25, according to a report from JPMorgan. Although this increase missed market expectations, considering the limited release of new games during the period, JPMorgan considers it a reasonable performance. Meanwhile, NTES-S' net profit was in line with the market forecast. The report also highlighted that NTES-S' cash revenue, with contract liabilities factored in, logged strong growth of 14% YoY or 18% QoQ in 3Q25, and that its game revenue may remain solid in 4Q25. Feeling increasingly positive about NTES-S' main game product line for next year, JPMorgan has kept an Overweight rating on the company, with a target price of HKD295. It is believed that its game "Sea of Remnants" should drive an average annual growth of 12% in 2026-27 game revenue. AAStocks Financial News |
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