Equity Analysis /

SG : SEA Ltd - Not out of the woods yet

    Khangchuen Ong
    Khangchuen Ong

    Research Analyst

    16 August 2022
    Published byCGS-CIMB

    2Q revenue missed expectations; SE surprised the market by suspending its FY22F revenue guidance for Shopee. SE cited the need to remain nimble in navigating macro challenges, and plans to prioritise profitability and cashflow management. Downgrade to Hold as we think the suspended guidance signals a weaker GMV outlook for Shopee over the near term.