DBS Group Research analyst Sachin Mittal has maintained his ‘buy’ rating on Sea Limited with an unchanged target price of US$330 ($442.23), citing a strong e-commerce outlook and continued momentum for its gaming business.

Mittal believes that contrary to popular perception, Shopee is “highly undervalued” as it offers the highest growth among major e-commerce players globally.

“Shopee’s gross merchandise value (GMV) has been growing faster than its peers in Asia and Latin America in the past and is expected to have the highest GMV growth of 52% during FY2020 to FY2022,” he says.

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