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Lead: Goldman Sachs Investment Report released today, maintaining NetEase (Nasdaq: NTES) shares "neutral" (Neutral) rating,nike high heels, but its price target raised to $ 39 from $ 52.
The following is the summary report:
change
Netease fourth quarter revenue 1.634 billion yuan,ken griffey shoes 2011, achieving U.S. GAAP earnings per American Depositary Share $ 0.83, respectively,Nike Air Griffey Max 2, higher than our expectations,new era hats After the earnings announcement,Nike heels, 11% and 18%. We will from 2011 to 2013 of non-US GAAP earnings per share is expected to increase 14-17%,ken griffey jr shoes, and 12-month price target raised to $ 52.
meaning
(1) a positive surprise Netease game business developed mainly from the strong performance of the game. The 8 to 10 years old game "Fantasy Westward Journey" and "Westward Journey Online II" continues to record revenues in recent quarters, record,king griffey shoes, and the relatively new game,roger vivier, "Tang unparalleled" and "World II" also performed well. In our opinion, the Companys self-developed game has a stable track record,nike heel sandals,jordan heels, and has a very diverse game portfolio, the main contribution to the game by 5% to 30% of revenue. Collaboration with Blizzard will be developed in the game, more games. We expect the "World of Warcraft: big disaster,jordan heels shoes,air griffey max 1 on Friday," "StarCraft II" and "Ghost" will be the major growth of its power in 2011,diamond turf, I estimate that in 2011 will contribute 28% of NetEase,mlb caps, 5% and 1% income.
(2) NetEases portal business continued to benefit from the content of restructuring and new marketing plan, we expect 2011 online advertising will grow 47% faster than Sina (Nasdaq: SINA) and Sohu (Nasdaq: SOHU)) 20-30% annual growth rate,nike heels for women, but a low base.
valuation
we 2011/2012/2013 year non-US GAAP earnings per share is expected to rise 14-17 percent to reflect its self-developed games and upcoming games momentum. We still maintain the NetEase shares "neutral" rating,new griffey shoes 2012, but based on the classification method of valuation of the sum from the $ 39 price target raised to $ 52. Valuation adjustment for the corresponding game in 2011 net operating profit after tax of 13 times (11 times before), corresponding to the advertising business for 22 times (20 times before), corresponding to 10 times the wireless value-added services (unchanged),griffey jr shoes, and in accordance with 15% of the discounted net cash ratio (unchanged).
key risk
"big disaster" and "StarCraft II" release; important competition between the game. (Book Yu)