New Street Research - Sea Limited (SE US) SE 3Q24 Preview: Positive Momentum to Continue in 3Q

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New Street Research

Jin Yoon

SE 3Q24 Preview: Positive Momentum to Continue in 3Q

What’s New: We up our 3Q estimates as key segments such as gaming, e-commerce and fintech could continue to see positive momentum. Shopee EBITDA could potentially turn positive in 3Q as increase in take rates could partly offset the promotional spending in the quarter. We up our PT from USD85 to USD120 on upward revision in forward estimates. Our updated PT of USD120 implies 3.5x FY25E EV/Revs. We maintain our BUY rating.

Analysts:
Jin Yoon

17/10/2024 1 EN

Underlying

Sea Limited

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New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
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Pan European Telecom Services and Cable

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Analysts

Jin Yoon

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SE 3Q24 Preview: Positive Momentum to Continue in 3Q

SE 3Q24 Preview: Shopee Could Remain Resilient in 4Q

SE 3Q24 Results: Focus Remains on Disciplined Growth Heading into FY25

Regional Morning Notes - Wednesday, November 13, 2024

Orange (Buy, TP: €15.1, +48%) Altice France (Most Preferred) Iliad (Equal Weight)

NSR Policy: Did BEAD Dodge the EO Bullet?

SE 3Q24 Preview: Shopee Could Remain Resilient in 4Q

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