Professional
Added to YB: 2026-04-09
Pitch date: 2026-04-07
NTES [bullish]
NetEase, Inc.
-1.49%
current return
Author Info
No bio for this author
Company Info
NetEase, Inc. engages in online games, music streaming, online intelligent learning services, and internet content services businesses in China and internationally.
Market Cap
HKD 486.7B
Pitch Price
HKD 181.30
Price Target
N/A
Dividend
2.67%
EV/EBITDA
8.80
P/E
14.66
EV/Sales
2.98
Sector
Entertainment
Category
value
Q1 2026 GVI Letter - NetEase, Inc.
NTES (repurchased): Repurchased below $130 after Q3 sale. $6.9B FCF, $68B mkt cap, $20B net cash. Fantasy Westward MMORPG + Where Winds Meet/Marvel Rivals driving global expansion. At zero growth, cash = mkt cap in 7yr (5-6yr w/ growth). HK dual listing within 12mo enables inclusion in Hong Kong-Mainland Connect. Apple cut China App Store fees to 25% (from 30%), mini app to 12% (from 15%). China issued 467 game licenses Q1 (+22% YoY, 7yr high). William Ding's capital allocation track record.
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