Sea's revenue for its Garena business is likely to grow further in 4Q after it reaccelerated in 3Q, Daiwa Capital Markets analysts say in a research report.
The quarterly active user count for Garena, an online games developer and publisher, climbed 16% on year in 3Q, the analysts note, adding that Sea expects bookings for Garena's 'Free Fire' game to rise by over 30% in 2024.
Daiwa forecasts Garena's revenue to grow by 30% on year in 4Q as new-user count for 'Free Fire' increased by 25% in 3Q. The brokerage also raises its target price for Sea's American depositary shares to US$130.00 from US$110.00, with an unchanged buy rating.
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