$Sea (SE.US)$ UOBKH maintain buy with a lower tp of USD63.35...

UOBKH maintain buy with a lower tp of USD63.35.

4Q23: missed expectations but mid-term prospects intact.

SEA's 2023 net profit of USD163m was below their expectations, making up 81% of their full-year estimate. The 4Q23 net loss of USD91.4m was largely due to higher sales and marketing expenses (+132% yoy) for the e-commerce segment, offset by its revenue growth. They expect all segments to record growth in 2024, particularly the e-commerce segment as competition stabilises.