NetEase’s 85% Stock Comeback Defies China’s Slowdown
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NetEase’s 85% Stock Comeback Defies China’s Slowdown
NetEase’s 85% Stock Comeback Defies China’s Slowdown
(Bloomberg) -- A slew of recent blockbuster video game hits by NetEase Inc. is giving bulls renewed optimism that the firm’s 85% rally since an October low has more room to run.
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Since launching in China on Friday, the company’s Justice Mobile — an AI powered martial arts game — has ranked among the top three highest-grossing video games in the country. Along with Eggy Party and the Racing Master, they made up China’s three most downloaded video games on July 2, according to Goldman Sachs Group Inc.
The blockbuster hits are changing fortunes for NetEase, which about a year ago was still reeling from a freeze in new gaming approvals following Beijing’s crackdown on the sector. They are also offering a much-needed boost to investors looking for proof that the recent gains will hold even as the broader Chinese equities market remains lackluster given broader economic weakness.
“The online gaming sector is one of the best sectors across the whole Internet space. Investors should consider to hold on to in time of macro uncertainty,” said Jialong Shi, an analyst at Nomura International HK Ltd. “We think NetEase will do better than most of these online gaming peers on the back of a stronger game pipeline.”
NetEase has edged out rivals Tencent Holdings Ltd. and Bilibili Inc. to become one of the best performers on the Hang Seng Tech Index since the end of October, when news of China’s reopening sent markets soaring. While e-commerce and online advertising are directly impacted by weak consumption, mobile game revenue is considered less vulnerable to economic volatility as its users tend to be sticky.
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