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Market UpdatesSingapore SGX stocks

Sea Ltd (SE) 2025 Outlook: Growth Over Margins, Shopee and Garena Updates, and Investment Risks Explained

Posted on October 24, 2025 at 10:27 am (GMT+8)

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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

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