TikTok Shop's Indonesia Woes Could Be Sea's Gain

Dow Jones2023-09-12

Indonesian regulators' potential restriction of TikTok Shop could spur market shifts in Sea Ltd.'s favor, Maybank analyst Kelvin Tan says in a note.

Media outlets have reported that Indonesia may follow other countries in banning or limiting social media platform TikTok's e-commerce activities, he notes, with regulators expressing concern that TikTok Shop could have an unfair advantage over other platforms and harm local businesses by undercutting prices. Any move to restrain TikTok's operations would likely be a boost to Sea's Shopee e-commerce platform, and ease concerns about rising competition.

Maybank keeps a buy call on Sea stock, seeing scope for revenue growth to pick up on improvements in its overseas e-commerce platforms and gaming businesses.

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