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commented on a stock09/15/2022 19:04

CIMB: SEA – Hold Target Price US$92.00

OnlookerShopee scaled back its presence in Latin America; Brazil as a core market remains unaffected. Poland is currently Shopee’s last test market standing.

OnlookerShopee 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.

OnlookerThe move is aligned with SE’s latest focus on prioritising profitability. Maintain Hold as sentiment likely to remain negative near-term on further cost-cutting.
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