Sea Ltd SE (former Garena)

[winston]

not vested

What is really driving the share price?

Over the last 12-months, Gaming has pipped E-commerce as the key share price driver while Loan-book growth has also begun to drive the share price

Gaming is a big beneficiary of AI and could surprise in FY26F if “Free City” performs well;

Fintech is the fastest growing business with higher adjusted EBITDA than E-commerce

BUY with a higher TP of USD241 (previous: USD204) led by higher growth and valuation of Gaming & Fintech segments

Source: DBS

https://www.dbs.com/insightsdirect/comp ... ecid=27797