NTES-S (09999.HK) -2.400 (-1.625%) Short selling $206.87M; Ratio 18.170% (NTES.US) 's “Naraka:Bladepoint” mobile game was officially released yesterday (25th), Citi Research issued a research report saying.
As expected, the game topped the download chart immediately after launch, and rapidly climbed up to 3rd rank on the iOS best-seller chart. Considering that its pre-registration reached 40 million, and its prior strong performance in the PC version, Citi Research believed that its first day performance was in line with expectations.
NTES-S' share price outperformed the market in the past 2 days, and believed that the game's performance will meet investors' expectations, Citi Research said.
Citi Research predicted that the game's sales revenue ranking can be further improved to the 1st/ 2nd ranks in the coming days. If the game can sustain in the top three of best-selling list in the coming weeks, Citi Research expected that there will be upside room for 3Q24 revenue forecast of Naraka:Bladepoint mobile game.
The broker conservatively anticipated that 3Q24 revenue can reach RMB500 million. Therefore, Citi Research currently rated NTES-S at Buy, with a target price of US$116.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-25 16:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)
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