INITIATE COVERAGE

High Growth Momentum To Drive Share Price Gains Sea is one of the largest Internet companies in Southeast Asia and is making inroads into Latin America. Revenue grew an impressive 101% to US$4.4b in 2020, with key segments reporting maiden gross profits. Sea’s next engine of growth, digital financial
services, provides good synergies with the e-commerce segment to drive the latter’s sales momentum, while the profitable digital entertainment segment continues to expand. Initiate coverage with a BUY and target price of US$314.48.