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《大行報告》大摩:市場過份看淡網易(NTES.US) 估值吸引
大摩發表報告指,網易(NTES.US)目前估值低,認為市場過度看淡。該行將網易今年的每股盈利預期提高13%,以反映首九個月單次性項目。明年和後年的收入預測下調3%,每股盈利預測下調1%至3%,以反映與暴雪(ATVI.US)協議到期的影響。予「增持」評級,目標價85美元。 報告形容網易估值吸引,現價相當於預測2023財年市盈率15倍(撇除現金後預測核心市盈率約10倍),今年經營現金流達38億美元,並撥出50億美元作回購。 該行指出,網易旗下遊戲《FWJ》第三季流水創新高,顯示宏觀環境對遊戲群體的影響有限,相信網易下半年增長減慢純粹是由於高基數所致。 大摩認為,《逆水寒》手遊將是內地下一代的大型多人在線角色扮演遊戲,在最近的測試中,預註冊人數已超過1,000萬。《永劫無間》手遊仍在開發中。據網易稱,2025年將是一個大年,隨著過去幾年的海外投資開始邁向收成期,多個大型遊戲將在不同地區和平台上發布。
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