Woo notes that the company’s 3QFY2021 results are “above expectations”, adding that YTD FY2021 revenue and profits after tax & minority interests (PATMI) is at 75% and 101% of his FY2021 forecasts respectively.
While Netflix did not win the 45.6 billion Korean won available in Squid Game, the hit series, along with Money Heist, has propelled the company to a strong showing in its 3QFY2021.
With this, PhillipCapital analyst Jonathan Woo has maintained his “accumulate” call on Netflix with an unchanged target price of US$724 ($975.76)
