Broker Name: Maybank Research Pte Ltd
Date of Report: October 23, 2025
Excerpt from Maybank Research Pte Ltd report.
Report Summary
- Maybank downgrades Sea Ltd (SE US) to HOLD, citing that growth is being prioritized over margins amid increased competition and reinvestment in its core segments (Shopee, SeaMoney, Garena).
- The broker cuts its 12-month target price by 28% to USD172, reflecting slower-than-expected margin improvement, especially in e-commerce and digital financial services, despite robust topline growth forecasts.
above is an excerpt from a report by Maybank Research Pte Ltd. Clients of Maybank Research Pte Ltd can be the first to access the full report from the Maybank Research website : www.maybank-keresearch.com
