External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>NetEase reported inline 2Q24 results: total revenue grew by 6% YoY to RMB25.5bn, in line with our/consensus estimate of RMB25.1/26.1bn; operating profit grew by 15% YoY to RMB7.0bn, vs our/consensus estimate of RMB6.7/7.2bn.</li><li>Looking ahead, we expect game revenue growth to bottom out and reaccelerate in 2H24E, underpinned by the resilient performance of legacy titles, incremental revenue contribution from new titles and the return of Blizzard’s game portfolio.</li><li>We maintain our FY24-26E total revenue forecast largely unchanged. We fine-tune our SOTP-derived target price to US$130.0 (previous: US$131.5). Maintain BUY.</li></ul><p><em>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.</em></p>

NetEase reported inline 2Q24 results: total revenue grew by 6% YoY to RMB25.5bn, in line with our/consensus estimate of RMB25.1/26.1bn; operating profit grew by 15% YoY to RMB7.0bn, vs our/consensus estimate of RMB6.7/7.2bn.Looking ahead, we expect game revenue growth to bottom out and reaccelerate in 2H24E, underpinned by the resilient performance of legacy titles, incremental revenue contribution from new titles and the return of Blizzard’s game portfolio.We maintain our FY24-26E total revenue forecast largely unchanged. We fine-tune our SOTP-derived target price to US$130.0 (previous: US$131.5). Maintain BUY.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) - Intact Quality Game Portfolio Despite Short-Term Growth Deceleration

NetEase Inc

NetEase (NTES US) - Intact Quality Game Portfolio Despite Short-Term Growth Deceleration