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09999 NTES-S
RTNominal down146.600 -1.500 (-1.013%)
Research Report

01/03/2021 17:07

{I-bank focus}Goldman lifts NetEase (09999) to HK$205

[ET Net News Agency, 1 March 2021] Goldman Sachs lifted its target price for NetEase
(09999) to HK$205 from HK$171 and maintained its "buy" rating.
The research house said NetEase reported in-line 4Q 2020 revenue while margin missed on
a higher revenue mix from Innovative businesses. Specifically, Mobile games revenue growth
stabilized at +19%. Cloud Music saw continuous improvement in both paying members and
paying ratio, and management remains optimistic in profitability potential across the
industry over the next 2-3 years.
As NetEase has delivered strong growth in its Innovative businesses in consecutive
quarters, Goldman forecasted better revenue at Cloud Music and E-commerce, which resulted
in +4%/-3% changes in revenue/non-GAAP net profit over the next two years. (KL)

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