Key Indices
Top Stories
Company Results | SEA (SE US/BUY/US$77.96/Target: US$123.72)
- SEA’s 9M26 revenue and PATMI reached US$23.5b (+46% yoy) and US$1.4b (+15% yoy) respectively, ahead of our forecasts. In 3Q26, Shopee’s monetisation improved, Monee’s loan book expanded and Garena bookings recovered. We raise our 2026-28 earnings forecasts following these strong results. Maintain BUY with a lower SOTP-based target price of US$123.72 (US$181.18 previously), following a broader industry de-rating.
Market Spotlight
- US stocks were lower on Tuesday. All indices fell as information technology, materials and utilites sectors lost. There were more decliners than advancers on both the NYSE and NASDAQ.
- The FSSTI rose 79.42 points to 5,258.59, on the back of strength in DBS, Seatrium and OCBC Bank. Both midand small-cap indices rose, with a broad market advance on S$2.76b turnover.
Technical Analysis
Jardine Matheson Southeast Asia (JCNC SP)
Trading Buy Range: S$24.07-24.08
First Resources (FR SP)
Trading Buy Range: S$2.58-2.59
Top Stories
Company Results | SEA (SE US/BUY/US$77.96/Target: US$123.72)
- SEA’s 9M26 revenue and PATMI reached US$23.5b (+46% yoy) and US$1.4b (+15% yoy) respectively, ahead of our forecasts. In 3Q26, Shopee’s monetisation improved, Monee’s loan book expanded and Garena bookings recovered. We raise our 2026-28 earnings forecasts following these strong results. Maintain BUY with a lower SOTP-based target price of US$123.72 (US$181.18 previously), following a broader industry de-rating.
Market Spotlight
- US stocks were lower on Tuesday. All indices fell as information technology, materials and utilites sectors lost. There were more decliners than advancers on both the NYSE and NASDAQ.
- The FSSTI rose 79.42 points to 5,258.59, on the back of strength in DBS, Seatrium and OCBC Bank. Both midand small-cap indices rose, with a broad market advance on S$2.76b turnover.
Technical Analysis
Jardine Matheson Southeast Asia (JCNC SP)
Trading Buy Range: S$24.07-24.08
First Resources (FR SP)
Trading Buy Range: S$2.58-2.59
Key Indices
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