NetEase, Inc. (NTES.US) (09999.HK) -4.900 (-3.091%) Short selling $146.43M; Ratio 15.312% held an event and announced 12 new games to be launched, BofA Securities released a research report saying. Of which, Where Winds Meet PC game, Lost Night and Operation Apocalypse will be launched on 26 July, 6 June and 30 June, and two other games have already launched on 16 May.
BofA Securities believed that NetEase's game pipeline remains positive, but the broker waited for the launch timetable and development progress of Where Winds Meet mobile game and Naraka：Bladepoint mobile game.
Of which, Naraka：Bladepoint mobile game is expected to be launched in the summer, while Where Winds Meet mobile game will probably take more time, and is estimated to be launched in 2025.
BofA Securities maintained its target price at $223 for NetEase's H-shares, equivalent to 20x of projected 2024 PE ratio, and reiterated rating at Buy, with a target price of US$142 for NetEase's ADR.
Amid further layoffs and cost control, the report raised its 1Q24 non-GAAP net profit forecast to RMB7.6 billion, with a net margin of 29%, but below the market consensus of RMB8.2 billion.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-05-22 16:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)
