“Sea has chronic difficulties that are not reflected in its elevated valuation,” writes analyst Nirgunan Tiruchelvam in his report dated Oct 26.
Aletheia Capital has initiated coverage on Sea with a “sell” recommendation and a target price of US$40 ($56.36).
The brokerage’s target price implies that there’s a 20% downside to the NYSE-listed counter’s last-closed share price of US$50 on Oct 25.
