Sea Limited initiated with a Buy at Benchmark

Benchmark initiated coverage of Sea Limited with a Buy rating and $105 price target as part of the firm’s industry launch of Southeast Asia e-commerce stocks. Sea is a leading platform player offering gaming via Garena, e-commerce via Shopee and fintech services through SeaMoney, the analyst tells investors in a research note. The firm’s positive view is based on its belief that growth of Shopee and SeaMoney should continue to benefit from favorable structural factors and the "impressive delivery of profitability" in Q4, which it notes was one year ahead of its guided timeline.