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"NTES (slightly undervalued): Chinese gaming/internet giant with strong portfolio including hit titles and int'l partnerships. Diversified into e-commerce, music streaming (400M users), and ed-tech. P/E 19x, FCF yield 5%. Bull: R&D focus, user engagement. Bear: Chinese regulations, Tencent competition, gaming dependence. Fair value $135 vs $128.63 current."
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