Broker Name: Maybank Research Pte Ltd
Date of Report: January 25, 2026
Excerpt from Maybank Research Pte Ltd report:

• Report Summary:
• Competitive pressures in Shopee’s key markets (Brazil, Indonesia, Taiwan) are easing, with rivals raising fees and facing operational challenges, supporting Shopee’s outlook for margin improvements.
• Sea Ltd’s e-commerce business is expected to benefit from more rational competition, notably as TikTok Shop raises seller commission rates and Mercado Libre cuts shipping subsidies, while Coupang faces setbacks in Taiwan.
• Maybank forecasts strong financial momentum for Sea Ltd, with projected revenue and net profit growth through 2027, and reiterates its BUY rating with a target price of USD156.
• Sea’s diversified digital businesses, strong logistics, and improving margins position it well for sustained growth in ASEAN and Taiwan, despite macro and competitive risks.

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