＜Research＞JPM Reiterates NTES-S (09999.HK) as Industry's Top Pick for Faster Online Game Rev. Growth From 3Q

　　A recent JPMorgan report has revealed that NTES-S (09999.HK) -0.600 (-0.403%) Short selling $275.42M; Ratio 22.350% 's share price rose about 5% intraday yesterday (24 July) against a 1% drop in the Hang Seng Index, which JPMorgan believes is due to the positive sentiment ahead of NARAKA: BLADEPOINT Mobile (Naraka M) launch today.

　　JPMorgan reiterated NTES-S as its China online game sector top pick, expecting that Naraka M's strong performance, together with the successful global debut of Once Human in early July, should drive online game revenue growth acceleration from 3Q24 onwards and share price re-rating.

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　　JPMorgan views the current valuation of 12x 2024 P/E (trough level of the past 5 years, against 20x+ for global leading online game peers) as an attractive entry point. Its TP for NTES-S' H-share is $200.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-24 16:25.)

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