《大行報告》大摩:網易(NTES.US)呈買入機會 憧憬潛在版號批准重啟
摩根士丹利發表研究報告指,網易(09999.HK)(NTES.US)在去年末季強勁業績憧憬、潛在版號批准重啟,以及第二季料有新重磅遊戲登場下,現時呈另一買入機會,予美股ADR「增持」評級,目標價140美元。
該行料網易末季遊戲收入按年升幅加快至29%達173億元人民幣,按季升9%;料非通用會計準則經營溢利53億元人民幣,按年升45%,按季升18%,經營利潤率21.5%,按年升3.1個百分點,按季升1.4個百分點,因非遊戲業務虧損收窄,以及銷售及推廣開支按季減少。
大摩稱網易去年下半年有兩大核心遊戲主導業績,即《永劫無間》及《哈利波特》中國版。該行料網易今年遊戲收入增長21%(當中手遊增25%,個人電腦遊戲增12%),較去年料約14%增幅加快。該行料網易2021至2023年每股盈利年均複合增長約20%,現價相當於2022年預測市盈率21倍,或核心業務預測市盈率16倍,宏觀經濟及監管影響有限,中期利潤率看俏,屬內地線上娛樂股首選。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.