not vested
SEA (SE US)
Higher Marketplace Commission And Reduction In Subsidies Indicate Better Competition Landscape
We expect SEA’s adjusted EBITDA to continue showing sequential improvement in its upcoming 1Q24 results despite it being a seasonally weaker quarter.
This is due to an improved landscape for e-commerce, as evidenced by the rise in take rates and
subsidy cuts by SEA and its key competitor.
The gaming segment is also expected to do well from a higher average monthly player count.
We raise our target price by 24% to US$78.39 to reflect the better e-commerce industry landscape. Maintain BUY
Source: UOBKH
https://research.uobkayhian.com/content ... e=hs_email