SG : SEA Ltd - Shopee to pull out of India

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.