DBS Bank downgraded Sea Limited to Hold from Buy with a price target of $75, down from $96. The firm is projecting slower e-commerce gross merchandise value, or GMV, growth at Sea Limited amid a broader retail slowdown in the region due to rising take-rate and lower promotions, forecasting its GMV at 15% in FY24 and 10% in FY25 – down from prior estimates of 27% and 16% respectively, the analyst tells investors in a research note. DBS also believes that Sea will prioritize profitability over market share.
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