Title: MARKET SHAPING NEWS – Comprehensive Analysis of Key Companies
Maybank Research Pte. Ltd. 7 March 2025

Sea Ltd – Firing on Multiple Cylinders

After a strong 4Q24 and upbeat 2025 guidance, Maybank Research has raised its Adj. EBITDA estimates for Sea Ltd by 2-3% and lifted the SoTP-based target price to USD174, rolling target multiples to 2026. The target multiples for Ecommerce and Garena have also been increased given their superior growth prospects.
Maybank Research reiterates its BUY recommendation on Sea, citing multiple tailwinds across the company’s segments, with AI as an additional boost. Despite a 4x share price rise since early 2024, the valuations remain attractive, in line with or below its peers, while growth stays at the high end, offering strong risk-reward.

LHN Ltd – Executing its Expansion Plans

LHN Ltd released its 1QFY25 voluntary business update with no financial details. As of 31 Dec 2024, the group maintained a healthy overall occupancy rate of over 95% for its industrial, commercial and Coliwoo co-living space. Amidst robust rental demand, Maybank Research believes this should continue to support earnings growth as the group is eyeing more partnerships to expand its co-living operations. The research firm keeps its FY25-27E estimates intact and retains a BUY recommendation with an unchanged target price of SGD0.55, still pegged at 7x forward P/E.