08:10 AM EST, 03/05/2024 (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 lift our target price to USD62 (from USD55), 26x 2024 EV/EBITDA, in line with the peer mean. Q4 2023 revenue grew 4.8% Y/Y, supported by Shopee (+23%) and SeaMoney (+24%), whereas normalized gaming activities dragged Garena (-46%). LPADS of USD0.19 exceeded our estimate due to higher Shopee's marketing costs. However, Shopee's EBITDA loss was reduced by 35% Q/Q, and we expect its operating efficiency to improve further in 2024, aided by automation and optimized routing. In 2024, we also expect a better EBITDA margin for SeaMoney (Q4 2023: +12 ppt Y/Y) on scale efficiency, and sustained margin for Garena (Q4 2023: +15 ppt Y/Y) on prudent spending. Shopee's increased traction in Brazil, a ramp-up in live-streaming sales, and higher adoption of SeaMoney's credit services will drive revenue growth of 13%/15% in 2024/2025, while higher efficiency and cost savings will increase net margin to 1.7%/2.5% (2023: 1.2%), in our view. We lift 2024 EPADS forecast to USD0.44 (from USD0.24) and start 2025's at USD0.75.