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: 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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T.H. Capital is an independent research and investment advisory firm specializing in China. We offer real-time, on-the-ground, bottom-up research across a wide spectrum from macro and industry analysis to company specific projects, from China ADRs to international names that have meaningful exposure to the China market. We deliver relevant, comprehensive and data driven research adding immense value to clients.
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