New Street: SE 3Q22 Results - Path to Breakeven for Shopee
What’s new: SE reported 3Q22 results were above consensus estimates. Due to uncertainties in macro environment and reopening trend, the company has revised down its digital entertainment bookings for FY22 and does not intend to provide guidance for FY23. We lower our PT from USD120 to USD80 amid the lack of near-term visibility. Our revised PT of USD80 implies a 3.4x FY23E EV/Rev. We maintain our BUY rating.Analysts:
Jin Yoon
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- Pan European Telecom Services and Cable
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