SE 4Q23 Results: Shopee to Breakeven in 2H
What’s new: SE’s reported 4Q23 top-line results were above consensus and largely in line with our expectations. Shopee’s FY24 GMV growth could be in the high-teens range, while adjusted EBITDA could turn positive in 2H24 (either 3Q or 4Q). Free Fire could also grow double digits YoY in both user base and bookings in FY24. We up our PT from USD60 to USD70 on better visibility in both gaming and e-commerce. Our revised PT of USD70 implies 2.6x FY24E EV/Rev. We maintain our BUY rating.Analysts:
Jin Yoon
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