<Research>CLSA Expects NTES-S (09999.HK) 1Q24 Rev./ EBITDA Growth to Slow to 6%/ 8%

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<Research>CLSA Expects NTES-S (09999.HK) 1Q24 Rev./ EBITDA Growth to Slow to 6%/ 8%

CLSA commented in a report that NTES-S (09999.HK) will face a high base and tougher competition this year, and its revenue and adjusted EBITDA growth are expected to slow to 6% and...

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<Research>CLSA Expects NTES-S (09999.HK) 1Q24 Rev./ EBITDA Growth to Slow to 6%/ 8%

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CLSA commented in a report that NTES-S (09999.HK) +4.400 (+2.778%) Short selling $237.38M; Ratio 16.616% will face a high base and tougher competition this year, and its revenue and adjusted EBITDA growth are expected to slow to 6% and 8% YoY in 1Q24, reaching RMB21.2 billion and RMB8.7 billion respectively. Online game revenue growth is expected to decelerate to 6% YoY, mainly due to lower revenue from "FWJ" and "Eggy Party", while its new game "Shediao (Condor Heroes)" performed poorly.

In addition, the broker mentioned that NetEase will release "Where Winds Meet" on the PC platform on 26 July, while "Naraka Bladepoint Mobile" has yet to confirm its release date.

Related NewsJPM Expects NTES-S (09999.HK) 1Q Rev. to Rise 4% YoY, Missing; Non-GAAP NP to Grow 16%, Beating
CLSA lowered its adjusted net profit forecast on NetEase for 2024 and 2025 by 3.5%, and trimmed its target price on NetEase US shares (NTES.US) from US$142 to US$136, with a Buy rating. The broker believed that the success of "Naraka Bladepoint Mobile" could revive the company's online game growth. The company currently has more than 10 approved games waiting for launch in the pipeline.

(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-05-17 16:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)

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