NTES-S (09999.HK) -3.600 (-2.437%) Short selling $181.05M; Ratio 18.834% (NTES.US) 's “Naraka：Bladepoint” mobile game was officially released yesterday (25th), Citi Research issued a research report saying.
As expected, the game topped the download chart immediately after launch, and rapidly climbed up to 3rd rank on the iOS best-seller chart. Considering that its pre-registration reached 40 million, and its prior strong performance in the PC version, Citi Research believed that its first day performance was in line with expectations.
NTES-S' share price outperformed the market in the past 2 days, and believed that the game's performance will meet investors' expectations, Citi Research said.
Citi Research predicted that the game's sales revenue ranking can be further improved to the 1st/ 2nd ranks in the coming days. If the game can sustain in the top three of best-selling list in the coming weeks, Citi Research expected that there will be upside room for 3Q24 revenue forecast of Naraka：Bladepoint mobile game.
The broker conservatively anticipated that 3Q24 revenue can reach RMB500 million. Therefore, Citi Research currently rated NTES-S at Buy, with a target price of US$116.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-26 16:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)
