Spinee wrote a post · Jul 14, 2023 01:23

JPM Adds NTES-S TP to $185, Reiterates Stock as Top Pick for CN Online Games

JPMorgan issued a report on $NTES-S(09999.HK)$ , lifting its earnings per share forecasts for 2023/24 by 5%/7% respectively, after it successfully launched "Justice Mobile" and "Racing Master".

The broker also raised its price target from $180 to $185, equivalent to a 20x P/E ratio in 2023, and reiterated that NETEASE is its top pick in the Chinese online gaming sector.

JPM expected NETEASE's YoY online game revenue growth to accelerate to 14% in the third quarter and 23% in the fourth quarter, from 8% in the second quarter, driven by the strong performance of new games.

$JPMorgan(JPM.US)$ $NetEase(NTES.US)$ $TENCENT(00700.HK)$ $Tencent(TCEHY.US)$ $NASDAQ Golden Dragon China(.HXC.US)$ $37 Interactive Entertainment Network Technology Group(002555.SZ)$ $BILIBILI-W(09626.HK)$ $Bilibili(BILI.US)$

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