Sea Ltd ADR

SE: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Sea: Transfer of Coverage With a Fair Value Estimate of USD 159 and Narrow Moat Rating

Chelsey Tam

Nov 29, 2024

Business Strategy and Outlook

We expect Shopee to be Sea’s main valuation driver for the long term. E-commerce as a percentage of retail sales was only 10% in Southeast Asia in 2023 as per eMarketer, leaving ample room for incumbents and new entrants to expand. We assume Shopee’s gross merchandise volume, or GMV, to grow at 10% CAGR during 2023-28, versus eMarketer’s projection of 8% for Southeast Asia.

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Sea Ltd ADR

Sea: Transfer of Coverage With a Fair Value Estimate of USD 159 and Narrow Moat Rating

Business Strategy and Outlook

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