Maybank Kim Eng has commenced coverage on Sea with an initial “buy” rating and target price of US$378.

“We believe Sea is one of the best proxies to ride the Asean digitisation theme, given Shopee’s position as the top e-commerce app regionally, which paves the way for user conversion into digital finance,” says Maybank Kim Eng analyst Gene Lih Lai in the Sept 10 research note.

Lai highlights that Sea has a Southeast Asian super-app in the making through its three core businesses - digital entertainment platform Garena, e-commerce arm Shopee, and digital financial services subsidiary SeaMoney.

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