Hong Kong shares of China's NetEase hit 2-year peak on strong Q3

NetEase

17/11/2023 03:33

** Hong Kong shares of China's online game developer and
services operator NetEase Inc  9999.HK  climb 3.1% to HK$181.20,
their highest since November 2021
    ** Stock on track for the biggest one-day pct rise since Oct
27, if gains hold; biggest pct gainer in Hang Seng Index  .HSI ,
Hang Seng Tech Index  .HSTECH , Hang Seng China Enterprises
Index  .HSCE  
    ** NetEase posts a 11.6% YoY rise in third quarter revenue
at 27.3 bln yuan ($3.77 bln) with net income attributable to
shareholders up 17% YoY at 7.84 bln yuan ($1.1 bln) 
    ** Citi maintains "Buy" rating on NetEase given its steady
and resilient earnings, proven execution track record, and
strong cash flow generation capability
    ** Nomura keeps "Buy" saying its a strong beat in 3Q
earnings while revenue in line
    ** Hang Seng Tech Index  .HSTECH  falls 2.1%, Hang Seng
Index  .HSI  down 2%
    ** NetEase's Hong Kong shares up 57.6% YTD 


($1 = 7.2436 Chinese yuan renminbi)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))