Sea’s FY2023 revenue stood at 98% of Wang’s forecasts while its patmi came in US$0.7 billion below her estimates. The company’s 4QFY2023 revenue and patmi were in line with her expectations.
PhillipCapital analyst Helena Wang has downgraded Sea Limited to “accumulate” from “buy” even though Sea has hit its first profitable year since its initial public offering (IPO) in 2017. The downgrade comes due to a “recent share price change”.
On March 4, Sea reported a net profit of US$162.7 million ($218.5 million) for the FY2023 ended Dec 31, 2023, reversing from its net loss of US$1.66 billion in the FY2022.
