Equity Analysis /
Singapore

SG : SEA Ltd - Shopee to pull out of India

    Khangchuen Ong
    Khangchuen Ong

    Research Analyst

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    CGS-CIMB
    29 March 2022
    Published byCGS-CIMB

    Shopee announced it will exit from India, citing global market uncertainties. This does not come as a surprise, in view of SE’s latest developments there. Given India’s huge market size and challenging competitive landscape, Shopee’s exit could put SE on a firmer footing in its path to profitability. Reiterate Add with unchanged SOP-based TP of US$202.