Sea ADS

  • TickerSE
  • ISINUS81141R1005
  • ExchangeNew York Stock Exchange
  • SectorSoftware & Computer Services
  • CountryCayman Islands
Jin Yoon
  • Jin Yoon
SE SEA ADS (Technology)

New Street: SE - Initiating with BUY; PT $325; Upside in Indonesia Rem...

What’s New: We are initiating on Sea Limited (SE US) with a BUY rating at a PT of USD 325, which implies 12.6x FY22 EV/Rev. Our positive view is based on: 1) further acceleration in e-commerce penetration in Indonesia outpacing adoption levels in China at similar scale; 2) monetization upside in marketplace take rate – particularly on the potential ad opportunity in Indonesia; and 3) free call option in Latin American markets as Shopee continues to gain significant traction.; 4) mobile wallet adoption trend with the large unbanked population in countries such as Indonesia, Vietnam, and the Phi...

Clement Ho Jia Xing
  • Clement Ho Jia Xing
SE SEA ADS (Technology)

Sea Limited (SE US) - High growth momentum to drive share price gains

Sea is one of the largest Internet companies in Southeast Asia and is making inroads into Latin America. Revenue grew an impressive 101% to US$4.4b in 2020, with key segments reporting maiden gross profits. Sea’s next engine of growth, digital financial services, provides good synergies with the e-commerce segment to drive the latter’s sales momentum, while the profitable digital entertainment segment continues to expand. Initiate coverage with a BUY and target price of US$314.48.

Nirgunan Tiruchelvam
  • Nirgunan Tiruchelvam
SE SEA ADS (Technology)

Sea Ltd: Set to sweep through ASEAN

We have raised our revenue and earnings forecasts for Sea for 2021-24 by 6% and 5%, respectively, and we expect profitability from FY 23. In Q1 21, adjusted EBITDA from the digital entertainment (gaming) segment grew by a huge 140% yoy, to US$717mn. We raise our target from US$295 to US$320, and reiterate our Buy recommendation on the stock. Earnings revision table [/NOW0PBYt4MgVdwI39o0NDvTI33PtgjVHuZV2uJ2y.png] PANDEMIC BOOST The benefits of the pandemic-driven boost ...

Nirgunan Tiruchelvam
  • Nirgunan Tiruchelvam
SE SEA ADS (Technology)

Singapore's new lockdown set to boost Sea Ltd

Singapore announced the return to a lockdown-like situation following a rise in Covid infections. The month-long restrictions, which will start on Sunday, include limiting social gatherings to two people and the closure of restaurants. As was the case last year when lockdown measures were in place, the restrictions could spur strong sales for Shopee – Sea Ltd’s e-commerce platform. WE ARE BULLISH ON THE STOCK We reiterate our Buy recommendation on Sea with a target price of US$295, implying a...

Nirgunan Tiruchelvam
  • Nirgunan Tiruchelvam
SE SEA ADS (Technology)

Sea Ltd: Cash burn continues

We upgrade our target price to US$160, implying 30% downside. Despite Sea Limited's (SE US) net cash position, we see serious vulnerabilities in the business and its valuation. At 18x P/Sales, SE US's valuation is hard to defend for the risks it carries. It is particularly vulnerable in light of rising US interest rates and the tech sell-off. SE US extended its losses further in Q4 20, reporting a net loss of US$524mn, up 86% yoy. Cash burn from e-commerce and digital financial services conti...

Jin Yoon
  • Jin Yoon
SE SEA ADS (Technology)

New Street: SE - Initiating with BUY; PT $325; Upside in Indonesia Rem...

What’s New: We are initiating on Sea Limited (SE US) with a BUY rating at a PT of USD 325, which implies 12.6x FY22 EV/Rev. Our positive view is based on: 1) further acceleration in e-commerce penetration in Indonesia outpacing adoption levels in China at similar scale; 2) monetization upside in marketplace take rate – particularly on the potential ad opportunity in Indonesia; and 3) free call option in Latin American markets as Shopee continues to gain significant traction.; 4) mobile wallet adoption trend with the large unbanked population in countries such as Indonesia, Vietnam, and the Phi...

Clement Ho Jia Xing
  • Clement Ho Jia Xing
SE SEA ADS (Technology)

Sea Limited (SE US) - High growth momentum to drive share price gains

Sea is one of the largest Internet companies in Southeast Asia and is making inroads into Latin America. Revenue grew an impressive 101% to US$4.4b in 2020, with key segments reporting maiden gross profits. Sea’s next engine of growth, digital financial services, provides good synergies with the e-commerce segment to drive the latter’s sales momentum, while the profitable digital entertainment segment continues to expand. Initiate coverage with a BUY and target price of US$314.48.

Nirgunan Tiruchelvam
  • Nirgunan Tiruchelvam
SE SEA ADS (Technology)

Sea Ltd: Set to sweep through ASEAN

We have raised our revenue and earnings forecasts for Sea for 2021-24 by 6% and 5%, respectively, and we expect profitability from FY 23. In Q1 21, adjusted EBITDA from the digital entertainment (gaming) segment grew by a huge 140% yoy, to US$717mn. We raise our target from US$295 to US$320, and reiterate our Buy recommendation on the stock. Earnings revision table [/NOW0PBYt4MgVdwI39o0NDvTI33PtgjVHuZV2uJ2y.png] PANDEMIC BOOST The benefits of the pandemic-driven boost ...

Nirgunan Tiruchelvam
  • Nirgunan Tiruchelvam
SE SEA ADS (Technology)

Singapore's new lockdown set to boost Sea Ltd

Singapore announced the return to a lockdown-like situation following a rise in Covid infections. The month-long restrictions, which will start on Sunday, include limiting social gatherings to two people and the closure of restaurants. As was the case last year when lockdown measures were in place, the restrictions could spur strong sales for Shopee – Sea Ltd’s e-commerce platform. WE ARE BULLISH ON THE STOCK We reiterate our Buy recommendation on Sea with a target price of US$295, implying a...

Nirgunan Tiruchelvam
  • Nirgunan Tiruchelvam
SE SEA ADS (Technology)

Sea Ltd: Cash burn continues

We upgrade our target price to US$160, implying 30% downside. Despite Sea Limited's (SE US) net cash position, we see serious vulnerabilities in the business and its valuation. At 18x P/Sales, SE US's valuation is hard to defend for the risks it carries. It is particularly vulnerable in light of rising US interest rates and the tech sell-off. SE US extended its losses further in Q4 20, reporting a net loss of US$524mn, up 86% yoy. Cash burn from e-commerce and digital financial services conti...

Jin Yoon
  • Jin Yoon
SE SEA ADS (Technology)

New Street: SE - Initiating with BUY; PT $325; Upside in Indonesia Rem...

What’s New: We are initiating on Sea Limited (SE US) with a BUY rating at a PT of USD 325, which implies 12.6x FY22 EV/Rev. Our positive view is based on: 1) further acceleration in e-commerce penetration in Indonesia outpacing adoption levels in China at similar scale; 2) monetization upside in marketplace take rate – particularly on the potential ad opportunity in Indonesia; and 3) free call option in Latin American markets as Shopee continues to gain significant traction.; 4) mobile wallet adoption trend with the large unbanked population in countries such as Indonesia, Vietnam, and the Phi...

Clement Ho Jia Xing
  • Clement Ho Jia Xing
SE SEA ADS (Technology)

Sea Limited (SE US) - High growth momentum to drive share price gains

Sea is one of the largest Internet companies in Southeast Asia and is making inroads into Latin America. Revenue grew an impressive 101% to US$4.4b in 2020, with key segments reporting maiden gross profits. Sea’s next engine of growth, digital financial services, provides good synergies with the e-commerce segment to drive the latter’s sales momentum, while the profitable digital entertainment segment continues to expand. Initiate coverage with a BUY and target price of US$314.48.

Nirgunan Tiruchelvam
  • Nirgunan Tiruchelvam
SE SEA ADS (Technology)

Sea Ltd: Set to sweep through ASEAN

We have raised our revenue and earnings forecasts for Sea for 2021-24 by 6% and 5%, respectively, and we expect profitability from FY 23. In Q1 21, adjusted EBITDA from the digital entertainment (gaming) segment grew by a huge 140% yoy, to US$717mn. We raise our target from US$295 to US$320, and reiterate our Buy recommendation on the stock. Earnings revision table [/NOW0PBYt4MgVdwI39o0NDvTI33PtgjVHuZV2uJ2y.png] PANDEMIC BOOST The benefits of the pandemic-driven boost ...

Nirgunan Tiruchelvam
  • Nirgunan Tiruchelvam
SE SEA ADS (Technology)

Singapore's new lockdown set to boost Sea Ltd

Singapore announced the return to a lockdown-like situation following a rise in Covid infections. The month-long restrictions, which will start on Sunday, include limiting social gatherings to two people and the closure of restaurants. As was the case last year when lockdown measures were in place, the restrictions could spur strong sales for Shopee – Sea Ltd’s e-commerce platform. WE ARE BULLISH ON THE STOCK We reiterate our Buy recommendation on Sea with a target price of US$295, implying a...

Nirgunan Tiruchelvam
  • Nirgunan Tiruchelvam
SE SEA ADS (Technology)

Sea Ltd: Cash burn continues

We upgrade our target price to US$160, implying 30% downside. Despite Sea Limited's (SE US) net cash position, we see serious vulnerabilities in the business and its valuation. At 18x P/Sales, SE US's valuation is hard to defend for the risks it carries. It is particularly vulnerable in light of rising US interest rates and the tech sell-off. SE US extended its losses further in Q4 20, reporting a net loss of US$524mn, up 86% yoy. Cash burn from e-commerce and digital financial services conti...

Jin Yoon
  • Jin Yoon
SE SEA ADS (Technology)

New Street: SE - Initiating with BUY; PT $325; Upside in Indonesia Rem...

What’s New: We are initiating on Sea Limited (SE US) with a BUY rating at a PT of USD 325, which implies 12.6x FY22 EV/Rev. Our positive view is based on: 1) further acceleration in e-commerce penetration in Indonesia outpacing adoption levels in China at similar scale; 2) monetization upside in marketplace take rate – particularly on the potential ad opportunity in Indonesia; and 3) free call option in Latin American markets as Shopee continues to gain significant traction.; 4) mobile wallet adoption trend with the large unbanked population in countries such as Indonesia, Vietnam, and the Phi...

Clement Ho Jia Xing
  • Clement Ho Jia Xing
SE SEA ADS (Technology)

Sea Limited (SE US) - High growth momentum to drive share price gains

Sea is one of the largest Internet companies in Southeast Asia and is making inroads into Latin America. Revenue grew an impressive 101% to US$4.4b in 2020, with key segments reporting maiden gross profits. Sea’s next engine of growth, digital financial services, provides good synergies with the e-commerce segment to drive the latter’s sales momentum, while the profitable digital entertainment segment continues to expand. Initiate coverage with a BUY and target price of US$314.48.

Nirgunan Tiruchelvam
  • Nirgunan Tiruchelvam
SE SEA ADS (Technology)

Sea Ltd: Set to sweep through ASEAN

We have raised our revenue and earnings forecasts for Sea for 2021-24 by 6% and 5%, respectively, and we expect profitability from FY 23. In Q1 21, adjusted EBITDA from the digital entertainment (gaming) segment grew by a huge 140% yoy, to US$717mn. We raise our target from US$295 to US$320, and reiterate our Buy recommendation on the stock. Earnings revision table [/NOW0PBYt4MgVdwI39o0NDvTI33PtgjVHuZV2uJ2y.png] PANDEMIC BOOST The benefits of the pandemic-driven boost ...

Nirgunan Tiruchelvam
  • Nirgunan Tiruchelvam
SE SEA ADS (Technology)

Singapore's new lockdown set to boost Sea Ltd

Singapore announced the return to a lockdown-like situation following a rise in Covid infections. The month-long restrictions, which will start on Sunday, include limiting social gatherings to two people and the closure of restaurants. As was the case last year when lockdown measures were in place, the restrictions could spur strong sales for Shopee – Sea Ltd’s e-commerce platform. WE ARE BULLISH ON THE STOCK We reiterate our Buy recommendation on Sea with a target price of US$295, implying a...

Nirgunan Tiruchelvam
  • Nirgunan Tiruchelvam
SE SEA ADS (Technology)

Sea Ltd: Cash burn continues

We upgrade our target price to US$160, implying 30% downside. Despite Sea Limited's (SE US) net cash position, we see serious vulnerabilities in the business and its valuation. At 18x P/Sales, SE US's valuation is hard to defend for the risks it carries. It is particularly vulnerable in light of rising US interest rates and the tech sell-off. SE US extended its losses further in Q4 20, reporting a net loss of US$524mn, up 86% yoy. Cash burn from e-commerce and digital financial services conti...

Jin Yoon
  • Jin Yoon
SE SEA ADS (Technology)

New Street: SE - Initiating with BUY; PT $325; Upside in Indonesia Rem...

What’s New: We are initiating on Sea Limited (SE US) with a BUY rating at a PT of USD 325, which implies 12.6x FY22 EV/Rev. Our positive view is based on: 1) further acceleration in e-commerce penetration in Indonesia outpacing adoption levels in China at similar scale; 2) monetization upside in marketplace take rate – particularly on the potential ad opportunity in Indonesia; and 3) free call option in Latin American markets as Shopee continues to gain significant traction.; 4) mobile wallet adoption trend with the large unbanked population in countries such as Indonesia, Vietnam, and the Phi...

Clement Ho Jia Xing
  • Clement Ho Jia Xing
SE SEA ADS (Technology)

Sea Limited (SE US) - High growth momentum to drive share price gains

Sea is one of the largest Internet companies in Southeast Asia and is making inroads into Latin America. Revenue grew an impressive 101% to US$4.4b in 2020, with key segments reporting maiden gross profits. Sea’s next engine of growth, digital financial services, provides good synergies with the e-commerce segment to drive the latter’s sales momentum, while the profitable digital entertainment segment continues to expand. Initiate coverage with a BUY and target price of US$314.48.

Nirgunan Tiruchelvam
  • Nirgunan Tiruchelvam
SE SEA ADS (Technology)

Sea Ltd: Set to sweep through ASEAN

We have raised our revenue and earnings forecasts for Sea for 2021-24 by 6% and 5%, respectively, and we expect profitability from FY 23. In Q1 21, adjusted EBITDA from the digital entertainment (gaming) segment grew by a huge 140% yoy, to US$717mn. We raise our target from US$295 to US$320, and reiterate our Buy recommendation on the stock. Earnings revision table [/NOW0PBYt4MgVdwI39o0NDvTI33PtgjVHuZV2uJ2y.png] PANDEMIC BOOST The benefits of the pandemic-driven boost ...

Nirgunan Tiruchelvam
  • Nirgunan Tiruchelvam
SE SEA ADS (Technology)

Singapore's new lockdown set to boost Sea Ltd

Singapore announced the return to a lockdown-like situation following a rise in Covid infections. The month-long restrictions, which will start on Sunday, include limiting social gatherings to two people and the closure of restaurants. As was the case last year when lockdown measures were in place, the restrictions could spur strong sales for Shopee – Sea Ltd’s e-commerce platform. WE ARE BULLISH ON THE STOCK We reiterate our Buy recommendation on Sea with a target price of US$295, implying a...

Nirgunan Tiruchelvam
  • Nirgunan Tiruchelvam
SE SEA ADS (Technology)

Sea Ltd: Cash burn continues

We upgrade our target price to US$160, implying 30% downside. Despite Sea Limited's (SE US) net cash position, we see serious vulnerabilities in the business and its valuation. At 18x P/Sales, SE US's valuation is hard to defend for the risks it carries. It is particularly vulnerable in light of rising US interest rates and the tech sell-off. SE US extended its losses further in Q4 20, reporting a net loss of US$524mn, up 86% yoy. Cash burn from e-commerce and digital financial services conti...

Jin Yoon
  • Jin Yoon
SE SEA ADS (Technology)

New Street: SE - Initiating with BUY; PT $325; Upside in Indonesia Rem...

What’s New: We are initiating on Sea Limited (SE US) with a BUY rating at a PT of USD 325, which implies 12.6x FY22 EV/Rev. Our positive view is based on: 1) further acceleration in e-commerce penetration in Indonesia outpacing adoption levels in China at similar scale; 2) monetization upside in marketplace take rate – particularly on the potential ad opportunity in Indonesia; and 3) free call option in Latin American markets as Shopee continues to gain significant traction.; 4) mobile wallet adoption trend with the large unbanked population in countries such as Indonesia, Vietnam, and the Phi...

Clement Ho Jia Xing
  • Clement Ho Jia Xing
SE SEA ADS (Technology)

Sea Limited (SE US) - High growth momentum to drive share price gains

Sea is one of the largest Internet companies in Southeast Asia and is making inroads into Latin America. Revenue grew an impressive 101% to US$4.4b in 2020, with key segments reporting maiden gross profits. Sea’s next engine of growth, digital financial services, provides good synergies with the e-commerce segment to drive the latter’s sales momentum, while the profitable digital entertainment segment continues to expand. Initiate coverage with a BUY and target price of US$314.48.

Nirgunan Tiruchelvam
  • Nirgunan Tiruchelvam
SE SEA ADS (Technology)

Sea Ltd: Set to sweep through ASEAN

We have raised our revenue and earnings forecasts for Sea for 2021-24 by 6% and 5%, respectively, and we expect profitability from FY 23. In Q1 21, adjusted EBITDA from the digital entertainment (gaming) segment grew by a huge 140% yoy, to US$717mn. We raise our target from US$295 to US$320, and reiterate our Buy recommendation on the stock. Earnings revision table [/NOW0PBYt4MgVdwI39o0NDvTI33PtgjVHuZV2uJ2y.png] PANDEMIC BOOST The benefits of the pandemic-driven boost ...

Nirgunan Tiruchelvam
  • Nirgunan Tiruchelvam
SE SEA ADS (Technology)

Singapore's new lockdown set to boost Sea Ltd

Singapore announced the return to a lockdown-like situation following a rise in Covid infections. The month-long restrictions, which will start on Sunday, include limiting social gatherings to two people and the closure of restaurants. As was the case last year when lockdown measures were in place, the restrictions could spur strong sales for Shopee – Sea Ltd’s e-commerce platform. WE ARE BULLISH ON THE STOCK We reiterate our Buy recommendation on Sea with a target price of US$295, implying a...

Nirgunan Tiruchelvam
  • Nirgunan Tiruchelvam
SE SEA ADS (Technology)

Sea Ltd: Cash burn continues

We upgrade our target price to US$160, implying 30% downside. Despite Sea Limited's (SE US) net cash position, we see serious vulnerabilities in the business and its valuation. At 18x P/Sales, SE US's valuation is hard to defend for the risks it carries. It is particularly vulnerable in light of rising US interest rates and the tech sell-off. SE US extended its losses further in Q4 20, reporting a net loss of US$524mn, up 86% yoy. Cash burn from e-commerce and digital financial services conti...

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