Zhi Tong Cai Jing·2025-11-24 09:29Core Viewpoint - Daiwa released a report indicating that NetEase-S (09999) experienced a 12.7% year-on-year increase in online gaming revenue for the third quarter, with stable game sales performance. Net profit largely met market expectations, driven by investment income. The firm reiterated a "Buy" rating and raised the target price from HKD 260 to HKD 263 [1] Group 1: Financial Performance - Online gaming revenue increased by 12.7% year-on-year in Q3 [1] - Net profit was in line with market expectations, supported by investment income [1] Group 2: Analyst Recommendations - Daiwa maintained a "Buy" rating for NetEase-S [1] - Target price was raised from HKD 260 to HKD 263 [1] Group 3: Dividend Expectations - The firm expects a 75% quarterly dividend payout ratio in Q4 to achieve an annual payout ratio target of 40% [1] - Share buyback activity was limited in the first three quarters of the year [1]