SEA (SE US)
4Q22: Results Beat With Strong Focus On Cost Efficiency; Upgrade To BUY
SEA’s 4Q22 core earnings of US$271m beat our and the street’s estimates that are still
expecting a loss, due to strong cost efficiency in significantly reducing sales and
marketing expenses.
Although there could be near-term fluctuations in the performance of SEA, management remains confident on its long-term growth potential.
We have raised our 2023 earnings to US$935m, from a US$1.6b loss after this earnings surprise.
Upgrade to BUY with a higher target price of US$94.34.
Source: UOBKH
https://research.uobkayhian.com/content ... 4fe3e41fe1