Shares in Sea had been steadily climbing even before the pandemic. The company's share price rose 255.3 per cent in 2019 to close out the year as a top-performing foreign stock on a US stock exchange, beating Chinese tech majors Alibaba and JD.com.
Despite this, analysts remain bullish about the group's prospects. According to data from Bloomberg, 13 out of 15 analysts have a"Buy" call on the stock. The consensus target price was US$115.97. Revenue from its digital entertainment arm rose 113.2 per cent to US$369.7 million as the number of active users and paying users increased.
Citi, which was among those with a"Buy" call, noted how lockdowns in many parts of South-east Asia have sped up online shopping adoption and accelerated orders and gross merchandise value growth at Shopee. While e-commerce and digital entertainment are Sea's strong points, some analysts are more cautious about the firm's financial services arm. DBS Group Research bucked the trend when it downgraded Sea from"Fully valued" to"Sell" on July 2, with an unchanged target price of US$72.50.
Source: News Formal (newsformal.com)
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