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<Research>JPM Keeps NTES-S as Industry Top Pick But Trims TP to HKD280
Recommend 5 Positive 8 Negative 5 |
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JPMorgan has published a research report lowering its target price for NTES-S (09999.HK) from HKD295 to HKD280 and for NetEase (NTES.US) from USD190 to USD180, reflecting the broker's 3% reduction in the 2026 EPS forecast to account for delays in new game launches. In JPMorgan's current estimate, NTES-S will launch the games "Sea of Remnants" in 3Q26 (previously forecasted for 2Q26) and "Ananta" in 1H27 (previously forecasted for 2H26), respectively. From a 6- to 12-month perspective, JPMorgan has reiterated NTES-S as its top pick in China's digital entertainment sector, with an Overweight rating for both of its H-shares and US shares. However, the broker believes KUAISHOU-W (01024.HK) may outperform NTES-S over the next three months with its generative AI and related themes. AAStocks Financial News |
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