SE 3Q24 Results: Focus Remains on Disciplined Growth Heading into FY25
What’s new: SE’s reported 3Q24 results that were above consensus and our expectations. Shopee FY24 GMV growth guidance remains intact, while Free Fire FY24 bookings could grow over 30% YoY. We up our PT from USD120 to USD130 on improving outlook. Our revised PT of USD130 implies 3.7x FY25E EV/Rev. We maintain our BUY rating.Analysts:
Jin Yoon
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
- Japan Telecoms
- Asian Internet
- Pan European Healthcare
- Global healthcare thematic research
We provide debt research on:
- Pan European Telecom Services and Cable
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