Woo says that Sea’s near-term outlook is clouded by increased spending and competition. Although Sea’s 3QFY2023 revenue was in line with expectations, its US$14 million net loss was a “disappointment”, due to a 50% y-o-y surge in e-commerce sales and marketing spend.
Following Sea’s third quarter results ended Sept 30, analysts from PhillipCapital and Maybank Securities have lowered their target price, but maintained their “buy” calls on the internet company.
PhillipCapital’s Jonathan Woo has a target price of US$61 ($81.86) from US$87, while Maybank’s Kelvin Tan has a target price of US$62 from US$80 previously.
