NTES: Leading China Online Game Operator and Developer

Source:iResearchJuly 02,20197:34 AM Overview
Initiating coverage on NetEase (NTES) with a positive view but neutral on valuation: Our SOTP-based fair value of RMB242.7 bln or USD35.7 bln for NTES implies 3% upside potential.We forecast NTES online games revenue to reach RMB57.8 billion in 2021 at 3-year CAGR of 12.9%, driven by robust monetization of legacy IPs, innovative game development and overseas expansions. e-Commerce business will generate revenue of RMB42.3 billion in 2021 at 3-year CAGR of 30.0%, thanks to continuous consumption upgrade in China.The full report has 58 pages.

Table of Contents of The Full Report

1. Company Overview
1.1 NetEase, A China Leading Internet Technology Company
1.2 NetEase’s Business Segments Overview

2. Key Cornerstones of Success
2.1 A Group of Experienced Product Managers
2.2 A Flat Organization Structure
2.3 Good Brand Image with Artisan Spirits

3. Online Games Business
3.1 Robust Monetization of Legacy RPG and SLG IPs
3.2 Leading Position in Mobile Game Development
3.3 Overseas Expansion

4. E-commerce Business
4.1 Kaola: Cross-border Business Flies on Market Tailwind
4.2 Yanxuan: ODM is Losing First-Mover Advantage Against e-Commerce Platforms

5. Advertising and Other Business
5.1 Advertising, Cloud Music and Youdao

6. Financial Analysis and Valuation

7. Appendix

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