SAN SAN FRANCISCO, March 29 evening news, Deutsche Bank today released
research report, announced that it will the NetEase downgraded to The full
report
following:
downgrade based on valuation reasons
so far this year, the company's stock over the performance of the Hong Kong Hang Seng index in excess of 23% in over the past six months exceeded 31%. We believe that the recent rise of the company's stock was mainly due to the successful renewal of the NetEase's 2012 growth outlook has not changed, but on the basis of current performance expectations, the company's stock rose space is limited. We believe that NetEase shares have been a reasonable valuation, and therefore downgraded to
renewal of the authorization. However, we believe that developments. 2) due to government approval process, Online market share
in 2012 will be Tencent seize
Although we expected, 2012 NetEase revenue growth of 23%, the NetEase online game market share of Tencent to seize . We believe that NetEase 2012 online revenues will be limited, this is due to: 1) the core game, including 2) the growth of 3) independently developed a new game to face fierce competition. 4)
Lowered the rating on the stock to U.S. General Accounting Standards, 13%, the 2012 non-per ADS shares earnings of $ 4.86-earnings growth ratio (PEG), 1.0 times. Our target price is equivalent to 12 times the NetEase 2012 non-U.S. General Accounting Standards profit.
163 facing the risks include: new games and content, the weaker performance; gaming performance uncertainty. (Qiu Yue)
Share: microblogging | SAN official microblogging
following:
downgrade based on valuation reasons
so far this year, the company's stock over the performance of the Hong Kong Hang Seng index in excess of 23% in over the past six months exceeded 31%. We believe that the recent rise of the company's stock was mainly due to the successful renewal of the NetEase's 2012 growth outlook has not changed, but on the basis of current performance expectations, the company's stock rose space is limited. We believe that NetEase shares have been a reasonable valuation, and therefore downgraded to
renewal of the authorization. However, we believe that developments. 2) due to government approval process, Online market share
in 2012 will be Tencent seize
Although we expected, 2012 NetEase revenue growth of 23%, the NetEase online game market share of Tencent to seize . We believe that NetEase 2012 online revenues will be limited, this is due to: 1) the core game, including 2) the growth of 3) independently developed a new game to face fierce competition. 4)
Lowered the rating on the stock to U.S. General Accounting Standards, 13%, the 2012 non-per ADS shares earnings of $ 4.86-earnings growth ratio (PEG), 1.0 times. Our target price is equivalent to 12 times the NetEase 2012 non-U.S. General Accounting Standards profit.
163 facing the risks include: new games and content, the weaker performance; gaming performance uncertainty. (Qiu Yue)
Share: microblogging | SAN official microblogging
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