Announcement • Jan 28
NetEase, Inc. to Report Q4, 2025 Results on Feb 11, 2026 NetEase, Inc. announced that they will report Q4, 2025 results at 6:00 PM, China Standard Time on Feb 11, 2026 Announcement • Nov 20
NetEase, Inc. Announces Dividend for the Third Quarter Ended 30 September 2025, Payable on 16 December 2025 NetEase, Inc. announced dividend of USD 0.114 per share for the third quarter ended 30 September 2025. Ex-dividend date 04 December 2025. Record date 05 December 2025. Payment date 16 December 2025. Announcement • Nov 06
NetEase, Inc. to Report Q3, 2025 Results on Nov 20, 2025 NetEase, Inc. announced that they will report Q3, 2025 results Pre-Market on Nov 20, 2025 Announcement • Jul 31
NetEase, Inc. to Report Q2, 2025 Results on Aug 14, 2025 NetEase, Inc. announced that they will report Q2, 2025 results at 6:00 PM, China Standard Time on Aug 14, 2025 Announcement • May 15
NetEase, Inc. Approves Dividend for the First Quarter of 2025, Payable on June 10, 2025 The board of directors of NetEase, Inc. approved a dividend of USD 0.1350 per share (USD 0.6750 per ADS) for the first quarter of 2025 to holders of ordinary shares and holders of ADSs as of the close of business on May 30, 2025, Beijing/Hong Kong Time and New York Time, respectively, payable in U.S. dollars. The payment date is expected to be June 10, 2025, for holders of ordinary shares and on or around June 13, 2025, for holders of ADSs. Announcement • Apr 30
NetEase, Inc. to Report Q1, 2025 Results on May 15, 2025 NetEase, Inc. announced that they will report Q1, 2025 results Pre-Market on May 15, 2025 Announcement • Apr 16
NetEase, Inc., Annual General Meeting, Jun 25, 2025 NetEase, Inc., Annual General Meeting, Jun 25, 2025, at 10:00 China Standard Time. Location: company`s offices, no. 399 wangshang road, binjiang district, zhejiang province, 310052, hangzhou, China Announcement • Feb 20
NetEase, Inc. Approves Dividend to Ordinary Share Holders and ADSs Holders for the Fourth Quarter of 2024, Expect to Pay on March 17, 2025 and on or Around March 20, 2025, Respectively The board of directors of NetEase, Inc. approved a dividend of USD 0.24405 per share (USD 1.22025 per ADS) for the fourth quarter of 2024 to holders of ordinary shares and holders of ADSs as of the close of business on March 6, 2025, Beijing/Hong Kong Time and New York Time, respectively, payable in U.S. dollars. For holders of ordinary shares, in order to qualify for the dividend, all valid documents for the transfer of shares accompanied by the relevant share certificates must be lodged for registration with the Company's Hong Kong branch share registrar, Computershare Hong Kong Investor Services Limited, at Shops 1712-1716, 17 Floor, Hopewell Centre, 183 Queen's Road East, Wanchai, Hong Kong, no later than 4:30 p.m. on March 6, 2025 (Beijing/Hong Kong Time). The payment date is expected to be March 17, 2025, for holders of ordinary shares and on or around March 20, 2025, for holders of ADSs. Announcement • Feb 06
NetEase, Inc. to Report Q4, 2024 Results on Feb 20, 2025 NetEase, Inc. announced that they will report Q4, 2024 results Pre-Market on Feb 20, 2025 Announcement • Nov 14
NetEase, Inc. Announces Dividend for the Third Quarter Ended September 30, 2024, Payable on December 10, 2024 NetEase, Inc. announced the dividend of USD 0.087 per share for the third quarter ended September 30, 2024. Ex-dividend date is November 28, 2024. Record date is November 29, 2024. Payment date is December 10, 2024. Announcement • Oct 31
NetEase, Inc. to Report Q3, 2024 Results on Nov 14, 2024 NetEase, Inc. announced that they will report Q3, 2024 results Pre-Market on Nov 14, 2024 Valuation Update With 7 Day Price Move • Oct 02
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to Mex$1,828, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 17x in the Entertainment industry globally. Total returns to shareholders of 12% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at Mex$2,411 per share. Declared Dividend • Aug 26
Second quarter dividend of US$0.43 announced Shareholders will receive a dividend of US$0.43. Ex-date: 6th September 2024 Payment date: 20th September 2024 Dividend yield will be 2.1%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is well covered by both earnings (40% earnings payout ratio) and cash flows (34% cash payout ratio). The dividend has increased by an average of 27% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 28% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 25
Second quarter 2024 earnings released: EPS: CN¥10.50 (vs CN¥12.80 in 2Q 2023) Second quarter 2024 results: EPS: CN¥10.50 (down from CN¥12.80 in 2Q 2023). Revenue: CN¥25.5b (up 6.1% from 2Q 2023). Net income: CN¥6.76b (down 18% from 2Q 2023). Profit margin: 27% (down from 34% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 9.2% growth forecast for the Global Entertainment industry. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Announcement • Aug 22
NetEase, Inc. Approves A Dividend for the Second Quarter of 2024, Payable on September 17, 2024 The board of directors of NetEase, Inc. has approved a dividend of USD 0.0870 per share (USD 0.4350 per ADS) for the second quarter of 2024 to holders of ordinary shares and holders of ADSs as of the close of business on September 6, 2024, Beijing/Hong Kong Time and New York Time, respectively, payable in U.S. dollars. For holders of ordinary shares, in order to qualify for the dividend, all valid documents for the transfer of shares accompanied by the relevant share certificates must be lodged for registration with the Company's Hong Kong branch share registrar, Computershare Hong Kong Investor Services Limited, at Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen's Road East, Wanchai, Hong Kong no later than 4:30 p.m. on September 6, 2024 (Beijing/Hong Kong Time). The payment date is expected to be September 17, 2024 for holders of ordinary shares and on or around September 20, 2024 for holders of ADSs. Announcement • Aug 05
NetEase, Inc. to Report Q2, 2024 Results on Aug 22, 2024 NetEase, Inc. announced that they will report Q2, 2024 results Pre-Market on Aug 22, 2024 Declared Dividend • May 27
First quarter dividend of US$0.49 announced Shareholders will receive a dividend of US$0.49. Ex-date: 6th June 2024 Payment date: 21st June 2024 Dividend yield will be 2.5%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is well covered by both earnings (33% earnings payout ratio) and cash flows (33% cash payout ratio). The dividend has increased by an average of 27% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 28% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • May 25
Now 25% undervalued after recent price drop Over the last 90 days, the stock has fallen 17% to Mex$1,473. The fair value is estimated to be Mex$1,964, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.8% over the last 3 years. Earnings per share has grown by 33%. For the next 3 years, revenue is forecast to grow by 8.3% per annum. Earnings are also forecast to grow by 7.8% per annum over the same time period. Reported Earnings • May 24
First quarter 2024 earnings released: EPS: CN¥11.89 (vs CN¥10.49 in 1Q 2023) First quarter 2024 results: EPS: CN¥11.89 (up from CN¥10.49 in 1Q 2023). Revenue: CN¥26.9b (up 7.2% from 1Q 2023). Net income: CN¥7.63b (up 13% from 1Q 2023). Profit margin: 28% (up from 27% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.3% p.a. on average during the next 3 years, compared to a 8.8% growth forecast for the Global Entertainment industry. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Announcement • May 22
NetEase, Inc. Showcases Latest Game Advancements at 2024 Annual Product Launch Event NetEase, Inc. announced an exciting product lineup, content reveals and plans for over 40 game franchises and products at its annual product launch event on May 20. The 120-minute online event showcased an array of NetEase's vibrant and diversified gaming offerings across genres and platforms. Some highlights from the event include: Exciting new game plans and content updates, such as: Where Winds Meet (an open-world action-adventure RPG), NARAKA: BLADEPOINT Mobile (a melee-focused hero battle royale), Once Human (a supernatural open-world survival game), Ashfall (a cross-platform post-apocalyptic MMORPG) and Lost Light (an endless loot shooting game), for domestic audiences; Dedicated layouts and plans to further extend the appeal of iconic titles, such as new expansion packs, crossovers, gameplay and upcoming events for games including Fantasy Westward Journey series, Westward Journey series, Justice series, Eggy Party, Racing Master and Identity V, among others; and Numerous reveals from games collaborated between NetEase and its global partners. For instance, the producer of Marvel Snap introduced behind-the-scenes stories of its inspirations and other anecdotes. First introduced in 2015, NetEase's product launch event is an annual celebration and carnival for developers, players and NetEase partners. This year's presentations again demonstrate NetEase's unwavering commitment to offering players the best and most exhilarating gaming experiences possible. Announcement • May 08
NetEase, Inc. to Report Q1, 2024 Results on May 23, 2024 NetEase, Inc. announced that they will report Q1, 2024 results at 6:00 PM, China Standard Time on May 23, 2024 Announcement • Apr 28
NetEase, Inc., Annual General Meeting, Jun 26, 2024 NetEase, Inc., Annual General Meeting, Jun 26, 2024, at 10:00 China Standard Time. Location: offices located at No. 399 Wangshang Road, Binjiang District Hangzhou, Zhejiang Province, People’s Republic of China 310052 Hangzhou China Agenda: To re-elect the following five directors to serve for the ensuing year until the next annual general meeting of shareholders and until their successors are elected and duly qualified, or until such directors are otherwise vacated in accordance with the Company’s Memorandum and Articles of Association: Mr. William Lei Ding, Ms. Alice Cheng, Ms. Grace Tang, Mr. Joseph Tong and Mr. Michael Leung; to ratify the appointment of PricewaterhouseCoopers Zhong Tian LLP and PricewaterhouseCoopers as auditors of the Company for the fiscal year ending December 31, 2024 for U.S. financial reporting and Hong Kong financial reporting purposes, respectively; and to consider other business matters. Reported Earnings • Apr 28
Full year 2023 earnings released: EPS: CN¥45.73 (vs CN¥30.20 in FY 2022) Full year 2023 results: EPS: CN¥45.73 (up from CN¥30.20 in FY 2022). Revenue: CN¥103.5b (up 7.2% from FY 2022). Net income: CN¥29.4b (up 49% from FY 2022). Profit margin: 28% (up from 20% in FY 2022). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Global Entertainment industry. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. New Risk • Apr 28
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.0% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shares are highly illiquid. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (3.0% increase in shares outstanding). Upcoming Dividend • Mar 06
Upcoming dividend of US$1.08 per share Eligible shareholders must have bought the stock before 13 March 2024. Payment date: 28 March 2024. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of Mexican dividend payers (6.2%). Higher than average of industry peers (1.5%). Declared Dividend • Mar 04
Fourth quarter dividend of US$1.08 announced Shareholders will receive a dividend of US$1.08. Ex-date: 13th March 2024 Payment date: 28th March 2024 Dividend yield will be 1.5%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by both earnings (40% earnings payout ratio) and cash flows (37% cash payout ratio). The dividend has increased by an average of 27% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 32% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 01
Full year 2023 earnings released: EPS: CN¥45.73 (vs CN¥30.20 in FY 2022) Full year 2023 results: EPS: CN¥45.73 (up from CN¥30.20 in FY 2022). Revenue: CN¥103.5b (up 7.2% from FY 2022). Net income: CN¥29.4b (up 49% from FY 2022). Profit margin: 28% (up from 20% in FY 2022). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 8.5% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Global Entertainment industry. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Announcement • Feb 29
NetEase, Inc. Announces Dividend for the Fourth Quarter Ended 31 December 2023, Payable on 25 March 2024 NetEase, Inc. announced dividend of USD 0.21597 per share for the fourth quarter ended 31 December 2023. Ex-dividend date is 13 March 2024. Record date is 14 March 2024. Payment date is 25 March 2024. Announcement • Feb 07
NetEase, Inc. to Report Q4, 2023 Results on Feb 29, 2024 NetEase, Inc. announced that they will report Q4, 2023 results at 6:00 PM, China Standard Time on Feb 29, 2024 Buying Opportunity • Dec 22
Now 29% undervalued after recent price drop Over the last 90 days, the stock is down 9.1%. The fair value is estimated to be Mex$2,122, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 29%. For the next 3 years, revenue is forecast to grow by 9.6% per annum. Earnings is also forecast to grow by 8.2% per annum over the same time period. Reported Earnings • Nov 17
Third quarter 2023 earnings released: EPS: CN¥12.19 (vs CN¥10.27 in 3Q 2022) Third quarter 2023 results: EPS: CN¥12.19 (up from CN¥10.27 in 3Q 2022). Revenue: CN¥27.3b (up 12% from 3Q 2022). Net income: CN¥7.84b (up 17% from 3Q 2022). Profit margin: 29% (up from 27% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.4% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Global Entertainment industry. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Announcement • Oct 27
NetEase, Inc. to Report Q3, 2023 Results on Nov 16, 2023 NetEase, Inc. announced that they will report Q3, 2023 results at 6:00 PM, China Standard Time on Nov 16, 2023 Reported Earnings • Aug 25
Second quarter 2023 earnings released: EPS: CN¥12.80 (vs CN¥7.13 in 2Q 2022) Second quarter 2023 results: EPS: CN¥12.80 (up from CN¥7.13 in 2Q 2022). Revenue: CN¥24.0b (up 3.7% from 2Q 2022). Net income: CN¥8.24b (up 77% from 2Q 2022). Profit margin: 34% (up from 20% in 2Q 2022). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 9.3% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Global Entertainment industry. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Announcement • Aug 25
NetEase, Inc. Approves Dividend for the Second Quarter of 2023, Payable on September 19, 2023 The board of directors of NetEase, Inc. has approved a dividend of USD 0.1050 per share (USD 0.5250 per ADS) for the second quarter of 2023 to holders of ordinary shares and holders of ADSs as of the close of business on September 8, 2023 The payment date is expected to be September 19, 2023 for holders of ordinary shares, and on or around September 22, 2023 for holders of ADSs. Announcement • Aug 04
NetEase, Inc. to Report Q2, 2023 Results on Aug 24, 2023 NetEase, Inc. announced that they will report Q2, 2023 results at 9:30 AM, US Eastern Standard Time on Aug 24, 2023 Announcement • May 26
NetEase, Inc. Approves A Dividend for the First Quarter of 2023, Payable on June 21, 2023 The board of directors of NetEase, Inc. has approved a dividend of USD 0.0930 per share (USD 0.4650 per ADS) for the first quarter of 2023 to holders of ordinary shares and holders of ADSs as of the close of business on June 9, 2023, Beijing/Hong Kong Time and New York Time, respectively, payable in U.S. dollars. For holders of ordinary shares, in order to qualify for the dividend, all valid documents for the transfer of shares accompanied by the relevant share certificates must be lodged for registration with the Company's Hong Kong branch share registrar, Computershare Hong Kong Investor Services Limited, at Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen's Road East, Wanchai, Hong Kong no later than 4:30 p.m. on June 9, 2023 (Beijing/Hong Kong Time). The payment date is expected to be June 21, 2023 for holders of ordinary shares, and on or around June 23, 2023 for holders of ADSs. Reported Earnings • May 26
First quarter 2023 earnings released: EPS: CN¥10.49 (vs CN¥6.70 in 1Q 2022) First quarter 2023 results: EPS: CN¥10.49 (up from CN¥6.70 in 1Q 2022). Revenue: CN¥25.0b (up 6.3% from 1Q 2022). Net income: CN¥6.75b (up 54% from 1Q 2022). Profit margin: 27% (up from 19% in 1Q 2022). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 9.4% p.a. on average during the next 3 years, compared to a 8.5% growth forecast for the Global Entertainment industry. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • May 22
Netease, Inc. Updates to Existing and Pipeline Games at Product Launch Event NetEase, Inc. announced robust game content updates and plans for over 50 Chinese and international games across various genres. Catering to NetEase's growing global audience, these updates were streamed in English and Japanese during NetEase Connect 2023, the Company's annual product launch event that took place on May 20, 2023. The latest content updates are part of NetEase's efforts to grow its development pipeline of quality products for players around the world. Earlier this year, the Company announced two newly formed games studios, Anchor Point Game Studios and Spliced Inc. Limited, spearheaded by industry veterans and talents who are focused on bringing more fresh and thrilling experiences to players worldwide. Alongside the many announcements at NetEase Connect 2023, the Company revealed its global aspiration for its casual game Eggy Party, which was first launched internationally in the Philippines last month. Other key highlights included: First real-time gameplay preview of Justice mobile game which is slated to launch on June 30, 2023 in Chinese mainland; Exclusive look at highly anticipated domestic and global projects: Harry Potter: Magical Awakened, Badlanders, Racing Master, Mission Zero, Once Human, Ashfall, and Dunk City Dynasty; Content updates to Naraka: Bladepoint, Knives Out, Fantasy Westward Journey series, Dead by Daylight Mobile, Lost Light, Identity V, and many more; Presented the official soundtrack for Ashfall by world-renowned composers Hans Zimmer, recipient of the 67th Academy Award for Best Original Score, and Steve Mazzaro, who has composed music for numerous films including Iron Man and The Dark Knight Rises; A detailed look at NetEase's 2023 global esports strategy at the event. Announcement • May 05
NetEase, Inc. to Report Q1, 2023 Results on May 25, 2023 NetEase, Inc. announced that they will report Q1, 2023 results at 6:00 AM, US Eastern Standard Time on May 25, 2023 Reported Earnings • Apr 29
Full year 2022 earnings released: EPS: CN¥30.20 (vs CN¥25.34 in FY 2021) Full year 2022 results: EPS: CN¥30.20 (up from CN¥25.34 in FY 2021). Revenue: CN¥96.5b (up 10% from FY 2021). Net income: CN¥19.7b (up 17% from FY 2021). Profit margin: 20% (up from 19% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.3% p.a. on average during the next 3 years, compared to a 8.5% growth forecast for the Global Entertainment industry. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Upcoming Dividend • Mar 01
Upcoming dividend of US$0.27 per share at 1.8% yield Eligible shareholders must have bought the stock before 08 March 2023. Payment date: 24 March 2023. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 1.8%. Lower than top quartile of Mexican dividend payers (6.0%). Higher than average of industry peers (1.6%). Reported Earnings • Feb 24
Full year 2022 earnings released: EPS: CN¥30.20 (vs CN¥25.34 in FY 2021) Full year 2022 results: EPS: CN¥30.20 (up from CN¥25.34 in FY 2021). Revenue: CN¥96.5b (up 10% from FY 2021). Net income: CN¥19.7b (up 17% from FY 2021). Profit margin: 20% (up from 19% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.6% p.a. on average during the next 3 years, compared to a 8.8% growth forecast for the Global Entertainment industry. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Announcement • Feb 03
NetEase, Inc. to Report Q4, 2022 Results on Feb 23, 2023 NetEase, Inc. announced that they will report Q4, 2022 results at 9:30 AM, US Eastern Standard Time on Feb 23, 2023 Reported Earnings • Nov 18
Third quarter 2022 earnings released: EPS: CN¥10.27 (vs CN¥4.78 in 3Q 2021) Third quarter 2022 results: EPS: CN¥10.27 (up from CN¥4.78 in 3Q 2021). Revenue: CN¥24.4b (up 10% from 3Q 2021). Net income: CN¥6.70b (up 111% from 3Q 2021). Profit margin: 27% (up from 14% in 3Q 2021). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 9.5% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Global Entertainment industry. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 8% per year. Reported Earnings • Aug 18
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: CN¥23.2b (up 13% from 2Q 2021). Net income: CN¥4.67b (up 32% from 2Q 2021). Profit margin: 20% (up from 17% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 13%, compared to a 21% growth forecast for the Entertainment industry in Mexico. Reported Earnings • May 25
First quarter 2022 earnings released: EPS: CN¥6.70 (vs CN¥6.63 in 1Q 2021) First quarter 2022 results: EPS: CN¥6.70. Revenue: CN¥23.6b (up 15% from 1Q 2021). Net income: CN¥4.39b (down 1.0% from 1Q 2021). Profit margin: 19% (down from 22% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 13%, compared to a 31% growth forecast for the industry in Mexico. Board Change • May 17
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 6 highly experienced directors. Independent Non-Executive Director Alice Cheng was the last director to join the board, commencing their role in 2007. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Mar 15
Investor sentiment deteriorated over the past week After last week's 17% share price decline to Mex$1,515, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 19x in the Entertainment industry globally. Total returns to shareholders of 72% over the past three years. Reported Earnings • Feb 26
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: CN¥25.34 (up from CN¥18.25 in FY 2020). Revenue: CN¥87.6b (up 19% from FY 2020). Net income: CN¥16.9b (up 40% from FY 2020). Profit margin: 19% (up from 16% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 14%, compared to a 25% growth forecast for the industry in Mexico. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Jan 19
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 6 highly experienced directors. Independent Non-Executive Director Alice Cheng was the last director to join the board, commencing their role in 2007. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Dec 18
Investor sentiment deteriorated over the past week After last week's 19% share price decline to Mex$1,957, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 21x in the Entertainment industry globally. Total returns to shareholders of 111% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at Mex$2,807 per share. Reported Earnings • Nov 18
Third quarter 2021 earnings released The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: CN¥22.2b (up 19% from 3Q 2020). Net income: CN¥3.18b (up 6.1% from 3Q 2020). Profit margin: 14% (down from 16% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 36% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Sep 21
Investor sentiment deteriorated over the past week After last week's 17% share price decline to Mex$1,597, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 23x in the Entertainment industry globally. Total returns to shareholders of 111% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at Mex$2,902 per share. Reported Earnings • Sep 01
Second quarter 2021 earnings released: EPS CN¥5.29 (vs CN¥7.00 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: CN¥20.5b (up 13% from 2Q 2020). Net income: CN¥3.54b (down 22% from 2Q 2020). Profit margin: 17% (down from 25% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 37% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 11
Investor sentiment deteriorated over the past week After last week's 15% share price decline to CN¥1,806, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 23x in the Entertainment industry globally. Total returns to shareholders of 130% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at Mex$1,514 per share. Upcoming Dividend • May 26
Upcoming dividend of US$0.30 per share Eligible shareholders must have bought the stock before 02 June 2021. Payment date: 18 June 2021. Trailing yield: 0.7%. Lower than top quartile of Mexican dividend payers (5.2%). Lower than average of industry peers (1.1%). Valuation Update With 7 Day Price Move • May 25
Investor sentiment improved over the past week After last week's 18% share price gain to CN¥2,422, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 23x in the Entertainment industry globally. Total returns to shareholders of 162% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at Mex$1,592 per share. Reported Earnings • May 19
First quarter 2021 earnings released: EPS CN¥6.63 (vs CN¥5.50 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were flat. First quarter 2021 results: Revenue: CN¥20.5b (up 20% from 1Q 2020). Net income: CN¥4.44b (up 25% from 1Q 2020). Profit margin: 22% (in line with 1Q 2020). Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 01
Full year 2020 earnings released: EPS CN¥18.25 (vs CN¥20.61 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: CN¥73.7b (up 24% from FY 2019). Net income: CN¥12.1b (down 9.1% from FY 2019). Profit margin: 16% (down from 22% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Feb 27
Full year 2020 earnings released: EPS CN¥18.25 (vs CN¥20.61 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: CN¥73.7b (up 24% from FY 2019). Net income: CN¥12.1b (down 9.1% from FY 2019). Profit margin: 16% (down from 22% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth. Analyst Estimate Surprise Post Earnings • Feb 27
Revenue beats expectations Revenue exceeded analyst estimates by 0.5%. Over the next year, revenue is forecast to grow 22%, compared to a 23% growth forecast for the Entertainment industry in Mexico. Executive Departure • Feb 26
Independent Director has left the company On the 25th of February, Sui Bau Tong's tenure as Independent Director ended after 21.3 years in the role. We don't have any record of a personal shareholding under Sui Bau's name. Sui Bau is the only executive to leave the company over the last 12 months. Is New 90 Day High Low • Feb 11
New 90-day high: Mex$2,610 The company is up 47% from its price of Mex$1,779 on 10 November 2020. The Mexican market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Entertainment industry, which is up 21% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is Mex$1,710 per share. Is New 90 Day High Low • Jan 21
New 90-day high: Mex$2,276 The company is up 31% from its price of Mex$1,734 on 23 October 2020. The Mexican market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Entertainment industry, which is up 24% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is Mex$1,699 per share. Valuation Update With 7 Day Price Move • Jan 07
Investor sentiment improved over the past week After last week's 17% share price gain to CN¥2,245, the stock is trading at a trailing P/E ratio of 31.1x, up from the previous P/E ratio of 26.5x. This compares to an average P/E of 31x in the Entertainment industry. Total returns to shareholders over the past three years are 83%. Is New 90 Day High Low • Jan 06
New 90-day high: Mex$2,000 The company is up 4.0% from its price of Mex$1,930 on 07 October 2020. The Mexican market is up 18% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is up 26% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is Mex$1,687 per share. Reported Earnings • Nov 20
Third quarter 2020 earnings released: EPS CN¥4.43 The company reported a soft third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2020 results: Revenue: CN¥18.7b (up 28% from 3Q 2019). Net income: CN¥3.00b (down 77% from 3Q 2019). Profit margin: 16% (down from 88% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Analyst Estimate Surprise Post Earnings • Nov 20
Revenue beats expectations Revenue exceeded analyst estimates by 2.8%. Over the next year, revenue is forecast to grow 18%, compared to a 21% growth forecast for the Entertainment industry in Mexico. Is New 90 Day High Low • Oct 18
New 90-day low: Mex$1,882 The company is down 11% from its price of Mex$2,124 on 20 July 2020. The Mexican market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is flat over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is Mex$1,615 per share. Is New 90 Day High Low • Oct 11
New 90-day low: Mex$1,904 The company is down 13% from its price of Mex$2,192 on 10 July 2020. The Mexican market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is down 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is Mex$1,599 per share. Is New 90 Day High Low • Oct 03
New 90-day low: Mex$1,930 The company is down 4.0% from its price of Mex$2,000 on 29 June 2020. The Mexican market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is Mex$1,623 per share.