《大行报告》瑞银将网易(NTES.US)目标价降至105美元 评级「买入」
瑞银发表的研究报告指,网易(09999.HK)的手游增长前景亮丽,惟有道短期为其利润带来了压力,认为公司仍然是其中一家该行倾向选择的游戏企业。近期股价回调,主要反映市场对公司在线上教育业务有道方面投资的忧虑,相信投资者仍会关注公司核心游戏业务,认为即将推出的游戏(例如《哈里波特》和《天谕手游》)有望带动市场气氛。
该行认为公司游戏发行能力有所改善,故看法正面,认为可配合其研发能力,带动游戏表现好过预期。另外亦预期公司可带动内地的流量经营模式快速发展,而其高端研发及品牌亦有助改善效率并令利润表现更具弹性。而公司在游戏多元化及国际化方面的举措亦有助进一步提升。该行估计第三季公司手游收入应按季持平,并按年升22%至100亿元人民币,但受有道方面进取的营销开支和外汇亏损所拖累,料第三季利润或大幅收窄。
该行相信公司在暑假时的利润受压,大部分是源於有道方面的营销开支,而手游及云音乐方面的宣传影响则较细。瑞银相信在疫情下线上教育行业有结构性转变,而线上教育平台均进取地在暑假期间获取流量,有道亦推出的积极的推广;另外,瑞银估计公司将录19亿元人民币的外汇亏损。该行将网易(NTES.US)目标价由110美元降至105美元,评级维持「买入」。(el/u) ~
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 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. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.