CIMB: SEA – Hold Target Price US$92.00

$Sea(SE.US)$ $CGS(06881.HK)$
Shopee scaled back its presence in Latin America; Brazil as a core market remains unaffected. Poland is currently Shopee’s last test market standing.

Shopee entered the four Latam test markets back in 2021; CIMB estimate they contribute LSD of Shopee’s GMV. The move could save SE US$40m a year.