DBS downgrades Shopee, Garena owner Sea to 'sell'
Add BT as a preferred source
Singapore
INTERNET company Sea Ltd, which owns e-commerce platform Shopee and game developer Garena, is now rated "sell" by DBS Group Research down from "fully valued", given its slower-than-expected e-commerce sales, higher losses in the e-wallet business, and rich valuations.
In a report on Thursday, DBS kept its target price unchanged at US$72.50 for the Singapore-based, New York-listed company. Sea shares had closed at US$114.46 on Wednesday, up US$7.11 or 6.6 per cent.
TRENDING NOW
Not in education, employment or training: Why more Hong Kong youths are opting out of work
Taiwan’s wealthy seeks diversification to Singapore, sparking private banking race: Bloomberg
Malaysian tycoon Vincent Tan’s sell-downs point to pruning rather than an exit plan
Palm oil stocks set to surge as Indonesia said to be scaling back export overhaul: analysts
