Investment Rating - Maintains a "Buy" rating with a target price raised to 125[7][9]CoreViews−Sea′s3Q24revenuereached4.33 billion, up 30.8% YoY, surpassing market expectations by 6.4% [5] - Adjusted EBITDA for 3Q24 was 520million,exceedingmarketexpectationsby8.4330 million, 6.2% above market expectations [5] E-commerce Business - E-commerce revenue in 3Q24 was 3.18billion,up4325.1 billion, with total orders up 24% to 2.8 billion [5] - Adjusted EBITDA for e-commerce turned positive at 34.5million,with30.9 million from Asia and 3.5millionfromothermarkets[5]−Thecompanymaintainsitsfull−yearGMVgrowthguidanceofaround25620 million, up 38% YoY, driven by consumer and SME lending [6] - Loan principal increased 73% YoY to 4.6billion,withanon−performingloanratioimprovingto1.2190 million, up 13% YoY [6] Digital Entertainment - Digital entertainment revenue in 3Q24 was 500million,down16560 million [6] - Quarterly active users increased 16% YoY, and quarterly paying users grew 24% [6] - Adjusted EBITDA for digital entertainment was 310million,up3416.3 billion and 18.9billion,respectively[7]−Adjustednetprofitfor2024Eand2025Eisprojectedat1.09 billion and 1.73billion,respectively[8]−AdjustedtargetP/Eratiosfor2024E,2025E,and2026Eare69.0x,43.5x,and31.9x,respectively[8]ValuationandMarketPerformance−Thecurrentstockpriceis107.65, with a 52-week range of 34.35to117.52 [9] - The total market capitalization stands at $61.61 billion [9] - The stock has shown significant outperformance relative to the S&P 500 index over the past year [9]
