Sea Ltd: Drowning in a sea of despair
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Sea has lost most of its value post-pandemic; growth prospects have diminished for its core e-commerce & gaming business
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We lower our FY 22-23 earnings forecasts on weaker operating performance and GMV per order (fall by 10% in FY 22)
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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").
The Analyst certifies that the views and forecasts expressed in this report accurately reflect their personal views about the subject, securities, or issuers specified herein. In addition, the Analyst certifies that no part of their compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this report.