Equity Analysis /

Sea Ltd: All at sea

  • We cut our SOTP derived target price to US$52 implying 19% downside

  • The digital entertainment (gaming) segment is under pressure. We expect FCF losses to worsen

  • Sea Ltd's is overvalued compared to its peers and needs to be derated

Sea Ltd: All at sea
Nirgunan Tiruchelvam
Nirgunan Tiruchelvam

Head of Consumers Equity Research

Tellimer Research
30 August 2022
Published byTellimer Research


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