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

This Chinese Internet Giant Is Building an All-In-One Platform

NetEase's New Game, Onmyoji, a Big Hit. Upgrade to Forecasts but Concern over Valuation Remains.

Netease (Neutral) Looks to an IPO for Its Mobile News App.

China Online Games: Tencent and NetEase Increasingly Dominant.

China Internet Gaming: Increasingly Competitive as Tencent Expands

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New Street Research Insights

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. 

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Pan European Telecom Services and Cable
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Global Emerging Market Telecoms
Japan Telecoms
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Pan European Healthcare
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We also provide debt research on:
Pan European Telecom Services and Cable

Equity Bottom-Up

<p>We have had a Neutral recommendation on <a href="https://www.smartkarma.com/entities/17203" target="_blank" data-smartkarma-citation="entities:17203:1">Netease (NTES US)</a> since July on concerns that the game business was maturing and that market expectations were overly optimistic. The latest 3Q16 results underscore this concern, with results below expectations on mobile games revenue which declined QoQ for the first time. However, deferred revenue was up QoQ while the solid showing of its new title Onmyoji in daily game rankings indicates there is still meaningful momentum in mobile games. We also…</p>

We have had a Neutral recommendation on Netease (NTES US) since July on concerns that the game business was maturing and that market expectations were overly optimistic. The latest 3Q16 results underscore this concern, with results below expectations on mobile games revenue which declined QoQ for the first time. However, deferred revenue was up QoQ while the solid showing of its new title Onmyoji in daily game rankings indicates there is still meaningful momentum in mobile games. We also…

NetEase: Maturing Game Titles Lead to Weaker Results