DBS Group Research analyst Sachin Mittal has maintained his “buy” recommendation on Sea Limited due to the “surging popularity” of its in-house developed game, Free Fire.

Free Fire became the most downloaded mobile game in 2Q2020 beating rival PUBG Mobile, and it continues to be aided by the ongoing Covid-19-induced movement restrictions and the PUBG ban in India, one of the latter’s biggest markets.

“The mounting cash flows from gaming business would be a big competitive edge in consolidating its leadership position in the e-commerce business and kick-starting growth of its nascent payment business,” says Mittal in an Oct 16 report.

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