Saifee has also raised his e-commerce adjusted earnings before interest, taxes, depreciation and amortisation (ebitda) to gross merchandise value (GMV) margins to 2.7% by 2030, up from 1.9% previously.
Maybank Securities analyst Hussaini Saifee has maintained his “buy” call on Sea while upgrading his target price to US$110 ($143.41) from US$96.
In his Oct 9 report, Saifee notes that e-commerce competition has been benign, resulting in monetisation initiatives including seller take-rate increases of 1% to 3% alongside advertising growth, driving margin improvements. As such, Saifee has raised his earnings estimates by 2% to 9%.
