In today’s briefing:
- [Sea (SE US, SELL, TP US$55) Target Price Change]: A Margin-Beat Quarter Followed by a Tough 2023
[Sea (SE US, SELL, TP US$55) Target Price Change]: A Margin-Beat Quarter Followed by a Tough 2023
- We estimate SEA’s 4Q22 revenue to be largely in line with cons., while non-GAAP net loss to be narrower than cons.
- We see SEA to continue to experience challenges in top-line growth because of inflation, competition with TikTok, and weak performance of Free Fire. Yet, the losses will be better managed.
- We slightly raise SE’s TP by 6% to US$55 to reflect 4Q22’s margin beat, yet maintain SELL because of the mid-to-long-term challenges.
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