` Comparison: AS, NTES - Alpha Spread

A
AS
vs
NTES

Over the past 12 months, AS has underperformed NTES, delivering a return of -12% compared to the NTES's +53% growth.

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AS
NTES
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Valuation
Growth
Profitability
Solvency
Comparing Valuation
Running a multi-layered valuation analysis to compare how attractive each stock is.
Comparing Growth
Financial growth, forecasts, volatility, and historical drawdowns.
Comparing Profitability
Margins, returns on capital, and the consistency of profitability.
Comparing Solvency
Debt levels, liquidity, interest coverage, and bankruptcy risk.
Summarizing...
We need a little more time to summarize the results

Valuation Comparison

A
AS Intrinsic Value
19.78 THB
Undervaluation 84%
Intrinsic Value
Price
NTES Intrinsic Value
128.723 USD
Overvaluation 2%
Intrinsic Value
Price
Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
A
Asiasoft Corporation PCL
SET:AS
3.12 THB
NetEase Inc
NASDAQ:NTES
131.595 USD
Valuation Scenario:
Bear Case
Base Case
Bull Case

Growth Comparison

Growth Over Time
AS, NTES

AS
NTES
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Revenue
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Company LTM Historical Growth Growth Streak % Positive Years Max Drawdown Volatility Forecasted Growth
3 Years 5 Years 10 Years 1 Year 3 Years
A
Asiasoft Corporation PCL
Revenue
NetEase Inc
Revenue

All metrics are calculated based on data from the last 10 years.

Profitability Comparison

Free Cash Flow
AS, NTES

AS
NTES
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Free Cash Flow
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Company LTM Average Historical Growth FCF Margin Conversion
3 Years 5 Years 3 Years 5 Years 10 Years
A
Asiasoft Corporation PCL
SET:AS
NetEase Inc
NASDAQ:NTES
What is Free Cash Flow?

Gross Margin

AS
46%
NTES
62.7%
LTM 3Y Avg 5Y Avg 10Y Avg
A
Asiasoft Corporation PCL
NetEase Inc

Operating Margin

AS
17.6%
NTES
30.2%
LTM 3Y Avg 5Y Avg 10Y Avg
A
Asiasoft Corporation PCL
NetEase Inc

Net Margin

AS
15%
NTES
30.2%
LTM 3Y Avg 5Y Avg 10Y Avg
A
Asiasoft Corporation PCL
NetEase Inc

FCF Margin

AS
13.1%
NTES
37.2%
LTM 3Y Avg 5Y Avg 10Y Avg
A
Asiasoft Corporation PCL
NetEase Inc

ROE

AS
13.6%
NTES
23.9%
LTM 3Y Avg 5Y Avg 10Y Avg
A
Asiasoft Corporation PCL
NetEase Inc

ROA

AS
9.2%
NTES
16.4%
LTM 3Y Avg 5Y Avg 10Y Avg
A
Asiasoft Corporation PCL
NetEase Inc

ROIC

AS
11.8%
NTES
45.9%
LTM 3Y Avg 5Y Avg 10Y Avg
A
Asiasoft Corporation PCL
NetEase Inc

ROCE

AS
14.4%
NTES
22.6%
LTM 3Y Avg 5Y Avg 10Y Avg
A
Asiasoft Corporation PCL
NetEase Inc

Solvency Comparison

Balance Sheet Comparison

Stocks Performance

Stocks Performance
AS, NTES

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Performance Gap
AS, NTES

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AS
NTES
Difference
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Performance By Year
AS, NTES

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AS
NTES
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