New Street: SE - Initiating with BUY; PT $325; Upside in Indonesia Remain Central to Our Thesis

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 Philippines.; and 5) resiliency in the gaming business.

Jin Yoon
New Street Research
New Street Research

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Jin Yoon

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