Analyst - Media&Entertainment Sector, Blue Lotus Research Institute

Stan Zhao

Analyst - Media&Entertainment Sector

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>Tencent's &lt;Honor of Kings&gt; has seen significant grossing growth following gameplay features' expansion and global servers' launch.</li>
<li>Additionally, &lt;Teamfight Tactics Mobile&gt; saw a surge in grossing rankings after its anniversary event and has since maintained a stable position.</li>
<li>&lt;Justice Mobile&gt; has stabilized following its anniversary update, while &lt;Naraka Mobile&gt; experienced a noticeable drop in revenue rankings. Future updates will be monitored to assess the game's performance moving forward.</li>
</ul>


Tencent's &lt;Honor of Kings&gt; has seen significant grossing growth following gameplay features' expansion and global servers' launch.
Additionally, &lt;Teamfight Tactics Mobile&gt; saw a surge in grossing rankings after its anniversary event and has since maintained a stable position.
&lt;Justice Mobile&gt; has stabilized following its anniversary update, while &lt;Naraka Mobile&gt; experienced a noticeable drop in revenue rankings. Future updates will be monitored to assess the game's performance moving forward.


Online Game Monitor: August 13 - September 8, 2024

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

<ul>
<li>NTES US/BABA US: NPPA Released August Domestic Game Code Approvals.(+/+)</li>
<li>700 HK: 700 HK: &lt;Honor of Kings&gt; July Grossing Up 26% MoM. (+)</li>
<li>BABA US: Alibaba backed AI-startup launches video and music generation model (+)</li>
</ul>


NTES US/BABA US: NPPA Released August Domestic Game Code Approvals.(+/+)
700 HK: 700 HK: &lt;Honor of Kings&gt; July Grossing Up 26% MoM. (+)
BABA US: Alibaba backed AI-startup launches video and music generation model (+)


[Blue Lotus Daily-TMT Update]:NTESUS/BABAUS/700HK/PDDUS/JDUS/VIPSUS/1810HK/SHEIN/WMTUS/4385JP/EBAYUS

<ul>
<li>PDD US:PDD valuation cheaper than slower growing e-commerce peers. (/)</li>
<li>SHEIN: SHEIN launches semi- consignment model in the EU.  (/)</li>
<li>BABA US: Taobao launches “Grass-Planting Plan” to drive off-site traffic to Taobao (+) </li>
</ul>


PDD US:PDD valuation cheaper than slower growing e-commerce peers. (/)
SHEIN: SHEIN launches semi- consignment model in the EU.  (/)
BABA US: Taobao launches “Grass-Planting Plan” to drive off-site traffic to Taobao (+) 


[Blue Lotus Daily-TMT Update]:PDD US/SHEIN/SE US/BABA US/JD US/700 HK/NTES US

<ul>
<li>JD US/1810 HK/BABA US: Government insider says home appliance subsidies to be fully disbursed by end of August (+)</li>
<li>JD US/2618 HK/PDD US/BABA US: JD adjusts its algorithm to improve traffic of low price and fast shipping products (+/+/-/-)</li>
<li>BABA US: Alibaba launches demo of LLM support for mathematical reasoning based on sketches (+)</li>
</ul>


JD US/1810 HK/BABA US: Government insider says home appliance subsidies to be fully disbursed by end of August (+)
JD US/2618 HK/PDD US/BABA US: JD adjusts its algorithm to improve traffic of low price and fast shipping products (+/+/-/-)
BABA US: Alibaba launches demo of LLM support for mathematical reasoning based on sketches (+)


[Blue Lotus Daily-TMT Update]:JD US/1810 HK/BABA US/2618 HK/PDD US/700 HK/NTES US/3690 HK/TCOM US

Quantitative Equity Analyst, DMA

Charlotte van Tiddens, CFA

Quantitative Equity Analyst

Technology-First Company

DMA is a technology-first company that provides an end-to-end SaaS solution to institutional investors. DMA enables regulated entities like asset managers, wealth managers, investment managers and financial advisors to connect their front and back office, break silos and reduce headcount.

Event-Driven

<ul>
<li>Tencent reported a softer set of results for Q2 relative to Q1. Revenue for the quarter was up 1% QoQ and 8% YoY.</li>
<li>Since our last discount update mid-August, the discounts of both Naspers and Prosus have continued to narrow.</li>
<li>Naspers' discount is trading well off the lows reached at the end of July (~45%). </li>
</ul>


Tencent reported a softer set of results for Q2 relative to Q1. Revenue for the quarter was up 1% QoQ and 8% YoY.
Since our last discount update mid-August, the discounts of both Naspers and Prosus have continued to narrow.
Naspers' discount is trading well off the lows reached at the end of July (~45%). 


Naspers X Prosus Discount Update Post Tencent 2Q FY24 Results, Narrowing Gains Momentum

China

NetEase, Inc. is an Internet technology company that develops applications, services and other Internet technologies in China. The Company's core businesses consist of email service, web portal and online entertainment, including online gaming services. NetEase also offers online advertising, search, mobile applications and e-commerce.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

NetEase Inc (NTES US)

Online Game Monitor: August 13 - September 8, 2024

Tencent's mobile games, like <hok> have seen growth in grossing rankings while NetEase's <naraka mobile> is facing a decline.</naraka></hok>

Blue Lotus Research Institute

[Blue Lotus Daily-TMT Update]:NTESUS/BABAUS/700HK/PDDUS/JDUS/VIPSUS/1810HK/SHEIN/WMTUS/4385JP/EBAYUS

NPPA approves new games, Honor of Kings sees revenue increase, Alibaba-backed AI startup introduces new model for video and music generation.

Blue Lotus Research Institute

[Blue Lotus Daily-TMT Update]:PDD US/SHEIN/SE US/BABA US/JD US/700 HK/NTES US

PDD US valuation cheaper than e-commerce peers, SHEIN launches consignment model in EU, Taobao's "Grass-Planting Plan" drives off-site traffic.

Blue Lotus Research Institute

[Blue Lotus Daily-TMT Update]:JD US/1810 HK/BABA US/2618 HK/PDD US/700 HK/NTES US/3690 HK/TCOM US

Government insider says home appliance subsidies to be fully disbursed by end of August, JD adjusts algorithm for low price products, Alibaba...

Blue Lotus Research Institute

Naspers X Prosus Discount Update Post Tencent 2Q FY24 Results, Narrowing Gains Momentum

The discounts of Naspers and Prosus have continued to narrow through August. We provide an update on how the discounts have traded since Tencent...

DMA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Online Game Monitor: August 13 - September 8, 2024

​Tencent's mobile games, like <hok> have seen growth in grossing rankings while NetEase's <naraka mobile> is facing a decline.</naraka></hok>

Blue Lotus Research Institute

[Blue Lotus Daily-TMT Update]:NTESUS/BABAUS/700HK/PDDUS/JDUS/VIPSUS/1810HK/SHEIN/WMTUS/4385JP/EBAYUS

​NPPA approves new games, Honor of Kings sees revenue increase, Alibaba-backed AI startup introduces new model for video and music generation.

Blue Lotus Research Institute

[Blue Lotus Daily-TMT Update]:PDD US/SHEIN/SE US/BABA US/JD US/700 HK/NTES US

​PDD US valuation cheaper than e-commerce peers, SHEIN launches consignment model in EU, Taobao's "Grass-Planting Plan" drives off-site traffic.

Blue Lotus Research Institute

[Blue Lotus Daily-TMT Update]:JD US/1810 HK/BABA US/2618 HK/PDD US/700 HK/NTES US/3690 HK/TCOM US

​Government insider says home appliance subsidies to be fully disbursed by end of August, JD adjusts algorithm for low price products, Alibaba...

Blue Lotus Research Institute

Naspers X Prosus Discount Update Post Tencent 2Q FY24 Results, Narrowing Gains Momentum

The discounts of Naspers and Prosus have continued to narrow through August. We provide an update on how the discounts have traded since Tencent...

DMA

Tencent's mobile games, like <hok> have seen growth in grossing rankings while NetEase's <naraka mobile> is facing a decline.</naraka></hok>

NPPA approves new games, Honor of Kings sees revenue increase, Alibaba-backed AI startup introduces new model for video and music generation.

PDD US valuation cheaper than e-commerce peers, SHEIN launches consignment model in EU, Taobao's "Grass-Planting Plan" drives off-site traffic.

Government insider says home appliance subsidies to be fully disbursed by end of August, JD adjusts algorithm for low price products, Alibaba...