NTES: While Promotions Lead to Better e-Commerce and Higher Popularity of Two New Games in 4Q17, Margin Is Likely To Be Under Pressure; Maintain BUY As NTES Has Released More Games In 1Q18

  • NTES: While Promotions Lead to Better e-Commerce and Higher Popularity of Two New Games in 4Q17, Margin  Is Likely To Be Under Pressure; Maintain BUY As NTES Has Released More Games In 1Q18

NTES will report 4Q17 results on Wednesday, February 7th after the close of the market followed by an 8pm EST conference call. We are cautious ahead of earnings, as the slowdown in game revenue is likely to be negative to the company’s topline growth. Based on our data and assumptions, the company’s revenue in 4Q17 is likely to be RMB13,560M, below consensus at RMB13,788M.

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