SE 3Q23 Results: Investments to Continue
What’s new: SE’s reported 3Q23 top-line results were above consensus but below our expectations. Margins were also below expectations partly due to investments related to e-commerce which may continue heading into 4Q. Shopee aims to further gain market share and invest in its content e-commerce including live streaming during the promotional season. We lower our PT from USD70 to USD60 amid uncertainties around the level of investments as the company’s pivot to growth mode remains unchanged despite suspension of TikTok Shop in Indonesia. Our revised PT of USD60 implies 2.5x FY24E EV/Rev. We maintain our BUY rating.Analysts:
Jin Yoon
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