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China International Capital Corp: Tencent Holdings and NetEase regain game licenses, easing market concerns

via:新浪科技     time:2022/9/15 6:03:12     readed:176

China International Capital Corporation (CICC) released a rating report on September 14 that the National Press and Publication Administration issued approval information for domestic online games in September this year, including games from Tencent and NetEase, which could ease market concerns.

In the overall issue of the steady progress of the background, CICC believes that the second half of the issue of the license is expected to accelerate, driving the overall market sentiment to further pick up.

Cicc believes that the mainland game business of Tencent and NetEase may still be under pressure in the short term: Tencent's old games "King of Glory" and "Peace Elite" are still affected by the law on the Protection of Minors, and Tencent's quarterly advance revenue this year has declined annually, which may be further transmitted to the revenue growth of the next few quarters.

NetEase is under relatively little pressure. After more than 20 years of operation, Fantasy Journey to the West and A Chinese Odyssey still hit new record revenues in the second quarter. Diablo: Immortal was launched on July 25, and CICC estimated that the revenues in the first month were between 800 million and 1.2 billion yuan, which is expected to contribute to the stable growth of NetEase's game business in the second half of the year. Cicc maintained Tencent's price target of 410 yuan and its rating as neutral, while it also maintained NetEase's price target of 199 Hong Kong dollars and its rating as outperform sector.

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