SE 2Q24 Results: Improving Outlook
What’s new: SE’s reported 2Q24 results that were above consensus and our expectations. Shopee will reach adjusted EBITDA positive in 3Q24 and Shopee GMV growth could reach mid-20% in FY24. Garena could also reach double digit user and bookings growth in FY24 despite weaker seasonality in 2H. We up our PT from USD75 to USD85 on improving outlook. Our revised PT of USD85 implies 2.5x FY25E EV/Rev. We maintain our BUY rating.Analysts:
Jin Yoon
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