Sea Likely has Further Re-Rating Potential -- Market Talk

Dow Jones10-02

0249 GMT - Southeast Asian tech conglomerate Sea likely has further re-rating potential given several positive developments in the past few weeks, UOB Kay Hian analysts write in a note. Sea's e-commerce unit, Shopee, has partnered with video-sharing platform YouTube to launch YouTube Shopping in Indonesia, which will be followed by Thailand and Vietnam in the coming weeks, they say. Sea has also formed a consortium with four Thai companies to apply for a virtual bank license in Thailand, which may expand Sea's digital financial services arm, SeaMoney's ecosystem, they say. UOB Kay Hian raises the target price on Sea's ADRs to $112.54 from $88.21 and maintains a buy rating. The ADRs last closed at $97.49.(amanda.lee@wsj.com)

(END) Dow Jones Newswires

October 01, 2024 22:49 ET (02:49 GMT)

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