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BROKERS' TAKE

DBS downgrades Shopee, Garena owner Sea to 'sell'

Shopee - Reuters.jpg
DBS values Shopee at US$32.70 based on enterprise value to FY21 forecast adjusted revenue of 4.5 times.

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.

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