In today’s briefing:
- [Sea Limited (SE US, SELL, TP US$134) Rating Change]: Three Has Been a Charm…DG to SELL
- Biden Era Tire Emission Rule In Bin; USTMA Welcomes It
[Sea Limited (SE US, SELL, TP US$134) Rating Change]: Three Has Been a Charm…DG to SELL
- SEA reported C1Q25 top line, non-GAAP operating profit and GAAP net income (3.7%), 10% and 8.4% vs. our estimates and 1.4%, (16%) and 31% vs. consensus.
- SEA has weathered the return of TikTok Shop better than rivals three quarters in a roll, but we see its e-commerce business vulnerable to future attacks.
- We raised TP from US$75 to US$134 but DG to a SELL on rich valuation
Biden Era Tire Emission Rule In Bin; USTMA Welcomes It
- EPA regulation targeted previously unregulated emissions
- USTMA calls it regulatory overreach that shoots up costs
- Move can bolster domestic manufacturing, competitiveness
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