07:00 AM EDT, 05/15/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We keep our target price at USD67, 28x 2024 EV/EBITDA, comparable to the peer median. Q1 2024 loss per share of USD0.04 (Q1 2023: EPS of USD0.15) was in line. Revenue rose 23% Y/Y driven by Shopee (+33%) and SeaMoney (+21%). Adjusted EBITDA fell 21% Y/Y on Shopee's loss (0.8% of revenue) due to higher marketing costs, while SeaMoney's margin and profit rose (+5.8%-pts and +50% Y/Y on increased scale efficiency and lower credit provisions). Despite Garena's lower revenue (-15% Y/Y), its adjusted EBITDA rose 27% Y/Y likely on reduced growth experiments. We forecast revenue growth of 13%/15% in 2024/2025 on Shopee's increased traction in Brazil and better monetization and higher adoption of SeaMoney's services. Garena's revenue should stabilize in 2024 with bookings having resumed growth (+11% Y/Y) in Q1 2024. We expect Shopee's operating efficiency and profitability to improve gradually and keep Sea profitable with a better net margin of 1.7%/2.5% in 2024/2025 (2023: 1.2%). We keep our 2024/2025 EPADS forecasts.