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09999 NTES-S
RTNominal up162.800 +1.300 (+0.805%)
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28/07/2020 13:55

{I-bank focus}Nomura starts NetEase (09999) at HK$168

[ET Net News Agency, 28 July 2020] Nomura initiated coverage of NetEase Inc (09999)
with a "buy" rating and a target price of HK$168.
In 2Q, the research house expects NetEase to register 17% growth in its top line. Its
non-GAAP operating margin likely remained stable at 30%. Nomura expects the company to
report non-GAAP EPS at CNY1.41, up 17%, largely owing to a higher margin estimate.
It said that 2Q witnessed a normalization in time spent for most online entertainment
apps including mobile games, which were boosted by the pandemic-triggered lockdown in 1Q.
The outlook for 2H remains solid, buoyed by the upcoming launch of two promising new
titles as well as a more favorable base in 2H 2019. (KL)

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