Lai highlights that Sea has a Southeast Asian super-app in the making through its three core businesses - digital entertainment platform Garena, e-commerce arm Shopee, and digital financial services subsidiary SeaMoney.
Maybank Kim Eng has commenced coverage on Sea with an initial “buy” rating and target price of US$378.
“We believe Sea is one of the best proxies to ride the Asean digitisation theme, given Shopee’s position as the top e-commerce app regionally, which paves the way for user conversion into digital finance,” says Maybank Kim Eng analyst Gene Lih Lai in the Sept 10 research note.
