While the group returned to black during the period with its 2QFY2024 net profit of US$79.9 million versus its 1QFY2024 net loss of US$23 million, Lim notes that its earnings per share (EPS) of 14 US cents came in below consensus estimates of 18 US cents, making up around 19% of her initial full-year forecast.
OCBC Investment Research’s Ada Lim has kept “buy” on Sea at a raised fair value estimate of US$90 ($118.81) from US$86 previously following the group’s 2QFY2024 ended June results.
Lim notes that during the period, Sea’s revenue came in higher by 1.9% q-o-q and 23% y-o-y at US$3.8 billion, while total adjusted earnings before interest, taxes, depreciation and amortisation (ebitda) came in at US$448.5 million, down 12.1% y-o-y but up 11.8% q-o-q.
