Sea Ltd: Drowning in a sea of despair

  • Sea has lost most of its value post-pandemic; growth prospects have diminished for its core e-commerce & gaming business

  • We lower our FY 22-23 earnings forecasts on weaker operating performance and GMV per order (fall by 10% in FY 22)

  • We cut our target price to US$71 (from US$120), implying a 20% downside. Reiterate Sell
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This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").

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