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绝对回报 (%) (0.36) (5.29) (29.36) (28.12) (37.18) (11.41) 0 (10.15)
绝对回报 (美元, %) (0.36) (5.29) (29.36) (28.12) N.A. (10.38) N.A. (9.67)
相对于 HSI 回报 (%) 1.45 (1.06) (20.59) (22.19) N.A. (0.11) 7.41 7.15
网龙网络 (777 HK) 双引擎助力增长 - 9月 6, 2018 (7 页)  

Netdragon Webs (777 HK) Pioneer in E-education community - 5月 3, 2018 (7 页)  
On April 8, Netdragon (ND) announced the acquisition of US education service provider Edmodo. Post FY17 annual result conference call, despite China education market stays competitive, we are upbeat on its (1) global e-learning business to be profitable in 2018 with #1 in global market share; (2) China market to continue its user acquisition strategy; and (3) stable cash flow from gaming business with mobile extension strategy. Our SOTP-TP lifts to HKD30.0 from HKD28.7, on higher China education sales.

Netdragon Webs (777 HK) Invest Today for Better Tomorrow - 12月 15, 2017 (8 页)  
NetDragon (ND) reported 3Q17 with net profit attributable to owner at RMB5m from the net loss RMB65m in 3Q16, thanks to (1) rapid growth in game sales; (2) fast-paced development in the education business and (3) successful mobile user monetization. We are upbeat on ND’s long-term development in education while expect the games to support the monetization process. Our HKD28.1 SOTP-TP implies 2.9x FY18F P/S, below peers’ average of 4.1x.

NetDragon 777HK more fuel on education business - 9月 26, 2017 (7 页)  
On 24 Sept, NetDragon (ND) announced its top-up placement of 38.5m new shares at HKD25.4/s, 7% of enlarged shareholdings. Post analyst call on 25 Sept, we see ND likely to have (1) certain famous global funds to be the placees; and (2) more capital to drive its long-term growth from education sales. Keep BUY with lower SOTP-TP at HKD31.39 on new share dilution.

NetDragon 777 HK hard work pays off - 9月 1, 2017 (21 页)  
We initiate BUY rating on NetDragon Webs (ND), at our HKD35.27 TP. We expect the strong rebound of sales growth CAGR of +21.7% during 2016-2019, on the successful monetization of the education business. Our SOTP-derived TP reflects a 3.6x FY18F P/S. We forecast ND will rebound to have an underlying profit of RMB123m/ RMB179m in 2017F/18F, turning around from a net loss during previous years.

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