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<Research>HSBC Research Lowers 2025-27 Earnings Forecasts for NTES-S by 1-3%; TP Adjusted to HKD245
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NTES-S (09999.HK) (NTES.US) saw its gaming revenue 1% shy of market expectations, possibly due to the later-stage recovery of mobile games during the season, HSBC Global Research wrote in its report. The broker believed that NTES-S' mobile games would resume YoY growth in 3Q25, an estimate that was supported by deferred revenue growth beating expectations. HSBC Global Research's 2025-27 earnings forecasts for NTES-S were lowered by 1-3% to reflect higher promotional costs and lower interest income. The broker also cut its target prices for the company's H-shares from HKD246 to HKD245 and for its US shares from USD158 to USD157, with a Buy rating remaining in place, believing that the strong performance of end games, the recovery of mobile games, and two blockbuster games next year should continue to support robust earnings growth. AAStocks Financial News |
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