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<Research>G Sachs: CN Gaming Sector Shows Resilience in 1Q; New Game Launches Should Sustain Momentum
Recommend 25 Positive 38 Negative 11 |
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According to a research report by Goldman Sachs, valuations of China's gaming sector under the broker's coverage are currently close to the lower end of the past five-year historical range. That said, Chinese game publishers demonstrated resilience in 1Q26, with aggregate domestic revenue growing by 13% YoY and overseas sales rising by 32% YoY. As the market enters the peak season with multiple new game launches, Goldman Sachs envisions the strong momentum to continue. The broker is positive about BILIBILI-W (09626.HK), anticipating increased gaming advertising budgets in 2Q26 and 3Q26 to boost strong advertising revenue performance. It also predicts NTES-S (09999.HK) to re-accelerate new game launches and growth from 2Q26 onward. Meanwhile, TENCENT (00700.HK), supported by its strong domestic franchise portfolio and contributions from multiple new titles, is expected to deliver double-digit YoY growth in gaming revenue in 1Q26 and for the full year. As for new games from PERFECT WORLD (002624.HK) and XD INC (02400.HK), Goldman Sachs believes more feedback and data are needed to assess their sustainability. Auto-translated by AI AASTOCKS Financial News |
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