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<Research>JPM Reiterates Overweight Rating on NTES-S (09999.HK) w/ TP $295
Recommend 3 Positive 8 Negative 2 |
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The share price of NTES-S (09999.HK) has fallen by 10% YTD, JPMorgan issued a research report saying. According to the broker's communication with investors, the main concerns include the increase in VAT, the competitive risk from Google Genie 3 to game companies, and the lack of company-specific catalysts in the short term. Furthermore, JPMorgan considered NTES-S' valuation attractive. After the recent correction, NTES-S' current PE ratio is 13x, a 25% discount to its 5-year average. As a top game developer with success in the global market, the broker believed that NTES-S' current valuation is appealing. Therefore, JPMorgan reiterated that NTES-S is its top pick in the Chinese digital entertainment sector, and kept rating at Overweight, with a target price of $295. AASTOCKS Financial News Website: www.aastocks.com |
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