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 as growth is prioritized over margin improvement, with earnings forecasts for 2025–27 cut by 8–24% and target price reduced by 28% to USD172.
• Shopee’s growth focus slows margin expansion due to reinvestment into incentives, new markets, and competitive pressures, especially in Brazil and ASEAN; Garena and SeaMoney margins also decline as the company invests in growth and faces lower yields and higher costs.

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: https://www.maybank-keresearch.com