• NTES2017-11-10

    NTES: Stronger eCommerce in 3Q17 to Drive Topline; New Games Launched in Early November Bring Popularity; LT Margins May be Impacted by Higher Investment in E-Commerce; Maintain BUY

    NTES will report 3Q17 results on Wednesday, November 15th after the close of the market followed by an 8pm EST conference call. Based on our data for 3Q17, we believe NTES’s 3Q revenue is likely to be better than consensus at $1,890.6M (RMB12,550M) driven by better ecommerce while the game business was a bit soft. ……

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  • NTES2016-05-12

    T.H. Capital - NetEase, Inc.: Steady Growth In Games and Ads Combining with Better Kaola Drives Better 1Q16 Results; Maintain Buy and Price Target

    NTES will report 1Q16 results on Wednesday, May11th after the close of themarket followed by an 9pm EST conference call. NTES is highlylikely to deliver 1Q16 results better thanconsensus expectation ofnet revenue at $1,225.98M (117.1%Y/Y growth) drivenmainly by ecommerce while game and advertising are growing nicely. We believethat NTES can continue its strong growth in mobile games due to its strongcontent development capability. Wemaintain our Buy rating and raise our price target at $168.00.·……

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  • NTES2016-02-22

    NTES: 4Q15 Results May Be Driven by Mobile Games Upside; Maintain Buy and Raise Price Target

    NTES will report 4Q15 results on Wednesday, February 24th after the close of the market followed by an 8pm EST conference call. NTES is highly likely to deliver 4Q15 results better than consensus expectation of net revenue at $1,152.9M (107% Y/Y growth) driven by robust mobile games growth as well as mobile advertising growth. We believe that NTES can continue its strong growth momentum in mobile games because of its strong content development capability, which has an advantage over any distribu……

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  • NTES2015-11-09

    NTES: Mobile Games Continue to Outperform Expectations; Maintain Buy

    NTES will report 3Q15 results on Wed., November 11 after the close of the market followed by an 8pm EST conference call. We believe that NTES’s mobile games continue to perform strongly, even though the consensus 3Q15 revenue at 73.9% Y/Y growth may look aggressive. We maintain our Buy rating and we will revisit our model and valuation after earnings.……

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  • NTES2015-10-07

    T. H. Data Flash – NetEase, Inc. (NTES) – September 2015: Mobile Games and Mobile Apps Continue to Grow

    •Strong momentum in mobile game downloads -. As of 3Q15, the cumulative number of downloads of NTES's major mobile games was 313M, up significantly from 161M at the end of 2Q15 with a net add of 152M (Figure 1) The growth continues to be mainly driven by LDXY (melee West) at 98M and FWWJ (Fantasy Westward Journey hand tour) at 33M while DXHY was only at 6M. ……

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  • NTES2015-08-13

    NTES: Mobile Games Continue to be Growth Driver for 2H15; Kaola.com is in the Phase of Investment; Maintain Buy and Price Target

    NTES reported 2Q15 revenue that outperformed consensus by a wide margin driven by the strong performance of its mobile games. While there are many mobile games and mobile game companies in China, there are very few that have lasting success and NTES is one of the rare ones. We believe that NTES is on a trajectory of sustainable long term growth fueled by its marketing expertise and game R&D know-how. Contrary to the certainty of its games, the company’s new business, cross-border e-commerce ……

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  • NTES2015-08-10

    NTES: Mobile Games Drive Upside; Kaola.com is in the Phase of Investment; Maintain Buy

    NTES will report 2Q15 results on Wed., August 12 after the close of the market followed by a 9pm EST conference call. We are expecting another solid quarter from NTES driven by the strong performance of its mobile games. We believe that NTES is well positioned for the booming mobile game market in China due to its R&D capability. While its new business, cross-border ecommerce Kaola.com, may present a certain level of risk to the company’s general margin, we believe it does not affect the val……

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  • NTES2015-07-21

    T. H. Data Flash – Netease, Inc. (NTES) – June 2015: Strong Performance of Mobile Games and Mobile Apps

    April 1 - June 30, 2015 Operating Data Highlights:Data in this report is extracted from publicly available sources and processed with our proprietary methodology. •Strong momentum in mobile game downloads - As of 2Q15, the cumulative number of downloads of NTES's major mobile games was 173.2M, up significantly from 97.0M at the end of March 2015 with a net add of 76.2M. The growth continues to be mainly driven by LDXY (乱斗西游)and FWWJ (梦幻西游手游) and to a lesser extent Ninja Must Die 2 (忍者必须死2) a……

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  • NTES2015-05-12

    NTES: Mobile Games Drive Growth; Expect 1Q15 Revenue to be Better; Maintain BUY

    NTES will report 1Q15 results on Wed., May 13 after the close of the market followed by a 9pm EST conference call. We believe it is highly likely that NTES will report 1Q15 revenue above Street consensus with upside coming from its mobile games and to a certain extent, its PC MMO games. With its market expertise and game R&D know-how, we believe NTES is well positioned to capture millions of new mobile gamers. The mobile game market is just beginning its run.  As such, we maintain our B……

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  • NTES2015-04-22

    T. H. Data Flash – NetEase, Inc. (NTES) - March 2015: Strong Performance of Mobile Games; Maintain Buy

    We believe that NTES has the expertise in developing, launching and marketing a game in a very efficient manner. Such expertise applies to mobile games. As such, we believe its mobile games under operation and in its pipeline are highly likely to drive upside to its performance. Based on our proprietary data, we believe such upside can be shown in 1Q15 as its newly released games have been strong. We maintain our Buy rating and our price target of $125.00.……

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  • T. H. Data Flash – China’s Mobile Weibo and News Market – January 2015: Sina Dominates Microblog; Tencent Takes the Lead in the Mobile News Market

    January 2015 Data Highlights:•Sina dominates the microblog app market with 88.7% market share measured by cumulative downloads - We believe Sina Weibo is the most important mass media channel for news distribution and acquisition. According to our proprietary data, Sina Weibo leads the market with 88.7% market share, followed by Tencent with 10.9%, as measured by the total cumulative number of app downloads while the downloads for other microblog providers are not meaningful at all (Figure 1 &am……

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  • NTES2015-02-09

    NTES: 4Q14 Top Line Boost from Strong Mobile Games & Other Lines of Business; Raise PT to $125

    NTES will report 4Q14 results on Monday, February 9th after the close of the market with an 8pm ET conference call.  We believe that NTES is highly likely to report results better than consensus driven by strong performance of mobile games and portal business including advertising, e-commerce and others. For NTES’s portal business, the company may generate solid revenue from advertising, e-commerce such as online lottery sales, as well as its entertainment broadcasting business. To elevate ……

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  • NTES2014-12-16

    T. H. Data Flash – NetEase, Inc. – December 2014: Strong Momentum in Mobile Games; Maintain BUY

    We believe NTES’s future upsides may be driven by the growth of its mobile games fueled by the company’s strong R&D and content development capabilities. Based on our proprietary data for the period of 10/01/2014-12/08/2014, we believe there is significant improvement in NTES’s mobile game performance driven by its newly released games. We maintain our Buy rating and raise our price target to $107.00 from $95.00.……

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  • NTES2014-11-12

    NTES: Expect Better Topline Growth in 3Q14 on Higher Spending; Maintain BUY

    NTES will report 3Q14 results on Wednesday, November 12th after the market closes followed by an 8pm ET conference call. We believe NTES is likely to report better top-line growth on better performance of its non-game business as well as mobile games. As the company is introducing new mobile games this quarter, we believe NTES spent significantly on promotions. While these games may have longer positive results, they may also pressure short term margins. We maintain our Buy rating and will revis……

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  • T. H. Data Flash – Mobile Apps for Auto Services – August 2014: Car Rental Market Might Be The Biggest X Factor

    New car: Vertical internet vendors are taking ground from portal in terms of mobile downloads with 85.8% market share - The internet automobile information and marketing services vendors can be classified into vertical websites and comprehensive portals. Measured by the number of total cumulative downloads of mobile APPs in this sector, the market share of vertical vendors increased to 85.8% in August 2014 from 77.8% at the beginning of 2014 (Figure 1). The top 3 vendors with the highest number ……

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  • NTES2014-08-16

    NTES: Strong 2Q14 Results; Diversified Game Content and Platform Portfolio Ensure Growth; Mobile Initiatives are Promising, Upgrade to BUY with a PT of $95.00

    NetEase, Inc.Strong 2Q14 Results; Diversified Game Content and Platform Portfolio Ensure Growth; Mobile Initiatives are Promising, Upgrade to BUY with a PT of $95.00NTES reported stellar 2Q14 revenue results driven by growth in all three of its business segments. Looking into its main business of online game, we believe NTES’s well diversified content and platform portfolio is likely to enable the company to grow its business and capture various user interests. On the mobile front, we believe NT……

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  • NTES2014-08-13

    NTES: Strong 2Q14 on Mobile Game and World Cup Event; Aggressive Investment on Multiple Fronts; Maintain Hold Rating

    NetEase, Inc. Strong 2Q14 on Mobile Game and World Cup Event; Aggressive Investment on Multiple Fronts; Maintain Hold Rating  NTES will report 2Q14 results on Wed., August 13th after the market close followed by a 9pm ET conference. We believe NTES’s 2Q14 results may be better than consensus driven by the World Cup and mobile games. However, we believe the company might spend a significant amount of investment in mobile apps, promotion of mobile games and sponsor World Cup events. Therefore……

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  • NTES2014-02-19

    NetEase: Improvement of Average Concurrent Users in January, 2014

    T. H. Data Flash –  NetEase, Inc. – January 2014    Improvement of Average Concurrent Users in January, 2014January 1 to January 25, 2014 Operating Data Highlights:Data in this report is extracted from publicly available sources and processed with our proprietary methodology.·  Popularity level of MMO games declined 10.0% to an average of 1.01M for the period 01/01/2014-01/25/2014, a decrease from 1.14M in 4Q13 (Figure 1). Among the major games, World of Warcraft (WOW) decrea……

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  • NTES2014-02-19

    NetEase, Inc. – December 2013

    T. H. Data Flash – NetEase, Inc. – December 2013    Slightly Weaker Performance of FWWJ While Other Games Could Be Stronger October 1 – December 25, 2013 Operating Data Highlights:Data in this report is extracted from publicly available sources and processed with our proprietary methodology.·  Popularity level of MMO games could decrease to an average of 1.16M or 9.0% Q/Q during the period of 10/01/203-12/25/2013 from 1.32M in 3Q13 (Figure 1). Among the major games, World of Warcr……

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  • NTES2013-12-27

    NTES: Performance of Games Could Be Flat Over Last Quarter

    T. H. CAPITAL, LLCT. H. Data Flash – NetEase, Inc. – October 2013    Performance of Games Could Be Flat Over Last Quarter October 1 – November 25, 2013 Operating Data Highlights:Data in this report is extracted from publicly available sources and processed with our proprietary methodology.·  Popularity level of MMO games could decrease to an average of 1.33M or 9.0% Q/Q during the period of 10/01/203-11/25/2013 (Figure 1). Among the major games, World of Warcraft (WOW) could decre……

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