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Tuesday, January 27th, 2026

Sea Ltd (SE) 2026 Outlook: Buy Rating, Margin Expansion, and Growth Opportunities in ASEAN & Brazil 12

Broker Name: Maybank Research Pte Ltd
Date of Report: January 16, 2026

Excerpt from Maybank Research Pte Ltd report.

Report Summary

  • Sea Ltd’s recent share price weakness is viewed as an attractive entry point, with risks around Brazil and Shopee margins largely priced in and competitive pressures easing, especially in Taiwan.
  • Maybank maintains a BUY rating and a USD156 price target, forecasting strong GMV growth for Shopee in 2026 and margin expansion, supported by a solid balance sheet and positive long-term outlook for its core businesses in e-commerce, gaming, and digital financial services.

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

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