[ET Net News Agency, 26 February 2021] Jefferies Research lifted its target price for
NetEase Inc. (09999) to HK$197 from HK$179 and maintained its "buy" rating.
The research house said NetEase's 4Q revenue is in line with expectations and earnings
are ahead of Jefferies' estimates. For online games, Jefferies expects the goal is to have
self-developed games with in-house IP that are well-received by global gamers.
In 2021, NetEase has a number of anticipated game titles in the pipeline with domestic
game approvals. For innovation and others, online music is the key revenue contributor and
grows at a fast pace, Jefferies noted.
It lowered its 2021-22 non-GAAP net profit forecasts to RMB17,619mn/RMB20,037mn from
RMB18,493mn/RMB20,240mn. (KL)