External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>NetEase announced 1Q24 results on 23 May: total revenue was up by 7% YoY to RMB26.9bn, in line with our/consensus estimate; non-GAAP net income grew by 12% YoY to RMB8.5bn, 2% ahead of consensus estimate thanks to the better-than-expected performance of games and music business GPM.</li><li>We are positive on its game revenue growth reacceleration in 2H24E supported by the quality game pipeline, despite that certain games adjustment and competition may cause short-term volatility.</li><li>We raise FY24-26E non-GAAP net income forecast by 2-5% to reflect the better-than-expected GPM expansion.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NetEase announced 1Q24 results on 23 May: total revenue was up by 7% YoY to RMB26.9bn, in line with our/consensus estimate; non-GAAP net income grew by 12% YoY to RMB8.5bn, 2% ahead of consensus estimate thanks to the better-than-expected performance of games and music business GPM.We are positive on its game revenue growth reacceleration in 2H24E supported by the quality game pipeline, despite that certain games adjustment and competition may cause short-term volatility.We raise FY24-26E non-GAAP net income forecast by 2-5% to reflect the better-than-expected GPM expansion.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NetEase (NTES US) - Inline 1Q24 Results; Upbeat on Game Revenue Growth Reacceleration in 2H24E

<ul><li>NetEase on 10 Apr announced the renewal of publishing agreement with Blizzard Entertainment to bring Blizzard game titles back to China.</li><li>Popular titles such as World of Warcraft, Hearthstone, and Diablo will return to the Chinese market sequentially starting in summer 2024.</li><li>NetEase also reached an agreement with Microsoft to bring NetEase titles to Xbox and other platforms.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NetEase on 10 Apr announced the renewal of publishing agreement with Blizzard Entertainment to bring Blizzard game titles back to China.Popular titles such as World of Warcraft, Hearthstone, and Diablo will return to the Chinese market sequentially starting in summer 2024.NetEase also reached an agreement with Microsoft to bring NetEase titles to Xbox and other platforms.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Netease (NTES US) - Renewed Agreement with Blizzard

<ul><li>NetEase reported 4Q23 financial results on 29 Feb: total revenue grew by 7% YoY to RMB27.1bn, below our/consensus estimate of RMB28.8/28.2bn.</li><li>NonGAAP net income was up by 53% YoY to RMB7.4bn, but 7% shy of consensus estimate, mainly due to the higher-than-expected marketing expenses (+24% YoY).</li><li>Full-year total revenue/non-GAAP net income grew by 7%/43% YoY in FY23 respectively. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NetEase reported 4Q23 financial results on 29 Feb: total revenue grew by 7% YoY to RMB27.1bn, below our/consensus estimate of RMB28.8/28.2bn.NonGAAP net income was up by 53% YoY to RMB7.4bn, but 7% shy of consensus estimate, mainly due to the higher-than-expected marketing expenses (+24% YoY).Full-year total revenue/non-GAAP net income grew by 7%/43% YoY in FY23 respectively. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Netease (NTES US) - Solid Pipeline to Fuel FY24 Revenue Growth

<ul><li>NetEase announced 3Q23 financial results on 16 Nov: total revenue increased by 12% YoY to RMB27.3bn, largely in line with our/consensus estimate of RMB28.2/27.3bn; operating income grew by 59% YoY to RMB7.6bn, beating our/consensus estimate by 9/4%, mainly due to enhanced games GPM (+4.0ppt YoY) on optimized channel costs and favourable revenue mix shift.</li><li>Looking ahead, we expect total revenue growth to further accelerate in 4Q23, underpinned by the strong performance of new game titles.</li><li>NetEase’s quality game pipeline, with several highly-anticipated titles to be launched by 2Q24E, will also support its healthy revenue growth in 2024E, in our view. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NetEase announced 3Q23 financial results on 16 Nov: total revenue increased by 12% YoY to RMB27.3bn, largely in line with our/consensus estimate of RMB28.2/27.3bn; operating income grew by 59% YoY to RMB7.6bn, beating our/consensus estimate by 9/4%, mainly due to enhanced games GPM (+4.0ppt YoY) on optimized channel costs and favourable revenue mix shift.Looking ahead, we expect total revenue growth to further accelerate in 4Q23, underpinned by the strong performance of new game titles.NetEase’s quality game pipeline, with several highly-anticipated titles to be launched by 2Q24E, will also support its healthy revenue growth in 2024E, in our view. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NetEase (NTES US) – Games Revenue Growth Accelerated with Solid Margin Expansion

<ul><li>NetEase announced 2Q23 financial results on 24 Aug: total revenue grew by 3.7% YoY to RMB24.0bn, below our/consensus estimate by 3.4/3.1%, mainly due to softer-than-expected PC game performance.</li><li>But operating income was up 23% YoY to RMB6.1bn, ahead of our/consensus estimate by 7.8/6.5%, supported by the strong GPM improvement (+4.0pct YoY and beat consensus by 2.7pct).</li><li>We raise FY23-25E operating income forecast by 6-8% to reflect the more positive GPM outlook, mainly due to the favourable revenue mix shift to self-developed games and optimized channel costs. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NetEase announced 2Q23 financial results on 24 Aug: total revenue grew by 3.7% YoY to RMB24.0bn, below our/consensus estimate by 3.4/3.1%, mainly due to softer-than-expected PC game performance.But operating income was up 23% YoY to RMB6.1bn, ahead of our/consensus estimate by 7.8/6.5%, supported by the strong GPM improvement (+4.0pct YoY and beat consensus by 2.7pct).We raise FY23-25E operating income forecast by 6-8% to reflect the more positive GPM outlook, mainly due to the favourable revenue mix shift to self-developed games and optimized channel costs. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NetEase (NTES US) – Upbeat on games revenue growth and margin expansion in 2H23E

China

Kunlun Tech Co., Ltd. offers comprehensive Internet value-added services. The Company focuses on social network interactive and online game fields. Kunlun Tech also provides localized translation outsourcing and agency advertising services.

Bilibili Inc. provides online entertainment services. The Company offers a platform that covers a wide array of genres and media formats, including videos, live broadcasting, mobile games, animation, and comics. Bilibili serves customers in China.

China Ruyi Holdings Limited operates as a holding company. The Company, through its subsidiaries, focuses on online streaming video and internet community businesses. China Ruyi Holdings also manufactures and sells photographic, electronic, and multimedia accessories.

37 Interactive Entertainment Network Technology Group Co.,Ltd designs, develops, and operates mobile games and web games. The Company also provides game promotion, customer service, top-up payment, and other services. 37 Interactive Entertainment Network Technology Group conducts its businesses in China.

37 Interactive Entertainment N (002555 CH)

Zhejiang Huace Film & TV Co., Ltd. specializes in entertainment media production. The Company's products include Mandarin films, TV programs and advertisements.

Zhejiang Huace Film & Televisi (300133 CH)

Shandong Publishing & Media Co., Ltd offers publishing services. The Company publishes and sells books, textbooks, magazines, audio visuals, and other products. Shandong Publishing & Media also manufactures and sells papers.

China Telecom Corporation Limited, through its subsidiaries, provides wireline telephone, data, and Internet, as well as leased line services in China.

Creative China Holdings Limited is program production company. The Company develops programs for television and online broadcasting, and event organization in PRC.

China United Network Communications Limited provides a variety of telecommunication services, including GSM and CDMA wireless telecommunication services, international and domestic long distance communication services, data communication and Internet services, as well as paging services.

Hello Group Inc. operates as a mobile-based social networking platform. The Company enables users to establish and expand social relationships based on location and interests. Hello Group operates out of the Peoples Republic of China.

Nintendo Co., Ltd. globally develops, manufactures and sells home-use video game hardware and software in home entertainment business.  The company also produces home-game products including cards.

Sea Limited offers information technology services. The Company provides online personal computer and mobile digital content, e-commerce, and payment platforms. Sea serves customers worldwide.

World Wrestling Entertainment, Inc. operates as a media and entertainment company. The Company offers live wrestling events, television programming, music publishing, advertising, licensing, and home video streaming services. World Wrestling distributes its programs worldwide in various languages.

Endeavor Group Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, offers entertainment content, as well as specializes in marketing and licensing, representation, and event management. Endeavor Group Holdings serves customers worldwide.

Roku, Inc. designs and manufactures consumer electronic products. The Company offers wireless enabled devices that stream audio and video content from the internet to home entertainment systems. Roku serves customers globally.

HYBE Co., Ltd. operates as an entertainment company. The Company provides music production, album distribution, entertainers management, publicity, planning, training, and other services. HYBE also makes television shows.

Netmarble Corporation develops and publishes mobile games. The Company develops and publishes casual games, action, sports games, strategy, simulation games, and social casino games. Netmarble offers services worldwide.

Lions Gate Entertainment Corporation develops and distributes film entertainment contents. The Company produces motion pictures, television programming, animation, and digital media. Lions Gate Entertainment serves customers worldwide.

Pearl Abyss Corp. operates as a computer games making company. The Company offers games development, games exporting, and other services. Pearl Abyss serves customers worldwide.

AMC Entertainment Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, provides theatrical exhibition, movie screening, food distribution, online ticket booking, and other related services. AMC Entertainment offers movie theaters worldwide.

NetEase, Inc. operates as an leading internet technology company providing online services including content, community, communication, and commerce. The Company develops and operates online games, electronic commerce, internet media, innovative business, and other businesses. NetEase expands its businesses to Japan, North American, and other other international markets.

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NetEase (9999 HK)

NetEase (NTES US) - Inline 1Q24 Results; Upbeat on Game Revenue Growth Reacceleration in 2H24E

NetEase announced 1Q24 results on 23 May: total revenue was up by 7% YoY to RMB26.9bn, in line with our/consensus estimate; non-GAAP net income...

CMB International

Netease (NTES US) - Renewed Agreement with Blizzard

NetEase on 10 Apr announced the renewal of publishing agreement with Blizzard Entertainment to bring Blizzard game titles back to China.

CMB International

Netease (NTES US) - Solid Pipeline to Fuel FY24 Revenue Growth

NetEase reported 4Q23 financial results on 29 Feb: total revenue grew by 7% YoY to RMB27.1bn, below our/consensus estimate of RMB28.8/28.2bn.

CMB International

NetEase (NTES US) – Games Revenue Growth Accelerated with Solid Margin Expansion

NetEase’s quality game pipeline, with several highly-anticipated titles to be launched by 2Q24E, will also support its healthy revenue growth in...

CMB International

NetEase (NTES US) – Upbeat on games revenue growth and margin expansion in 2H23E

NetEase announced 2Q23 financial results on 24 Aug: total revenue grew by 3.7% YoY to RMB24.0bn, below our/consensus estimate by 3.4/3.1%

CMB International

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