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| ![]() | ![]() FEBRUARY 23, 2005
![]() WORD ON THE STREET Piper Jaffray Reiterates Outperform on Netease.com Analyst Safa Rashtchy sees the company's gaming segment will account for the majority of its revenues in 2005 Piper Jaffray reiterates Netease.com (NTES ) outperform. Analyst Safa Rashtchy says the company posted solid quarter with strong growth in the gaming segment, which rose 23% quarter-over-quarter on expansion of new service packs and seasonal strength. He notes, while the company's wireless segment remains weak, it now represents only 10% of revenues. He sees the gaming business, which was the company's most consistent, strongest growth business, accounting for 80% of 2005 revenues, vs. just 50% at the start of 2004. Rashtchy keeps his 2005 earnings per share estimate at $2.30 due to a 1 time research and development charge in the first quarter which is expected rise in share count. But excluding these items, Rashtchy notes he would have upped 2005 earnings per share by about 20 cents due to its strong gaming segment. ![]() All of the views expressed in this research report accurately reflect the research analyst's personal views regarding any and all of the subject securities or issuers. No part of analyst compensation was, is or will be, directly or indirectly related to the specific recommendations or views expressed in this research report. Standard & Poor's Regulatory Disclosure Any advice, analysis, or recommendations contained in articles labeled "Insight from Standard & Poor's" reflect the views of Standard & Poor's, which operates separately from and independently of BusinessWeek Online. It is possible that BWOL may from time to time publish information that is not consistent with advice, analysis, or recommendations that are published by Standard & Poor's. Standard & Poor's and BusinessWeek Online are each units of The McGraw-Hill Companies, Inc.
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