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China Online Games: Tencent and NetEase Increasingly Dominant.

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New Street Research

Research is provided by our team of experienced analysts. Our work is idea driven, based on independence of thought, sector expertise, and firmly focused on fundamentals and valuation of telecoms and internet names globally. New Street is headquartered in London with offices in New York, Singapore and Australia. 

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
US Healthcare
Japanese Healthcare

We also provide debt research on:
Pan European Telecom Services and Cable

Equity Bottom-Up

<p>Online games offer one of the best ways to monetize the growth of online traffic. The shift in sector revenue mix underscores that. <a href="https://www.smartkarma.com/entities/26" target="_blank" data-smartkarma-citation="entities:26:1">Tencent (700 HK)</a> and <a href="https://www.smartkarma.com/entities/17203" target="_blank" data-smartkarma-citation="entities:17203:1">Netease (NTES US)</a> continue to expand market share with latest data showing +7pp YoY (NSRe). The two firms accounted for around 72% of total online game revenue in China in 2016. We believe the migration of Internet traffic to mobile and the shift in mobile game engagement to mid- and hard-core titles has been of particular benefit to the large…</p>

Online games offer one of the best ways to monetize the growth of online traffic. The shift in sector revenue mix underscores that. Tencent (700 HK) and Netease (NTES US) continue to expand market share with latest data showing +7pp YoY (NSRe). The two firms accounted for around 72% of total online game revenue in China in 2016. We believe the migration of Internet traffic to mobile and the shift in mobile game engagement to mid- and hard-core titles has been of particular benefit to the large…

China Online Gaming: Structural Shifts Reinforce Tencent and Netease. Tencent Remains Our Top Pick