[ET Net News Agency, 12 June 2020] Goldman Sachs initiated coverage on NetEase Inc.
(09999) with a "buy" rating and target price of HK$147.
After two decades of listing in NASDAQ, NetEase has debuted its secondary listing in HK
stock exchange on 11 June, with net proceeds of Rmb19bn, the research house noted.
With regard to strategy for the next 20 years, CEO William Ding shared four areas of
focus, namely (1) Organizational development and talent grooming; (2) Pursuit of
excellence in product quality; (3) International expansion with further solidified
position in China; and (4) Continued exploration/innovation in the areas of entertainment,
education and other aspects of internet users' life.
Goldman lifted its target price of ADS by 9% to US$470. It continues to see NetEase as a
quality name with relatively stable cash flow from online games and two promising
businesses under incubation (Youdao Education and Cloud Music), as well as a strong
balance sheet and disciplined capital allocation. (KL)
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09999 NTES-S
Nominal 
142.800 -0.100 (-0.070%) Research Report
12/06/2020 17:25
{I-bank focus}Goldman starts NetEase Inc. (09999) at HK$147
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