Core Insights - Sea's VIP membership program has shown strong early growth, with a 75% increase in quarterly membership registrations, indicating positive user engagement and retention efforts [1][8] - The company believes it can achieve high GMV penetration rates similar to other regions, despite being in the early stages of market development [1][8] - Sea's growth in Southeast Asia has exceeded previous expectations, with market share increasing faster than the overall market growth [1][4] E-commerce Business Growth - The company projects over 25% growth in e-commerce for 2025, driven by current market momentum and competitive landscape [2] - Despite an increase in commission rates, e-commerce profit margins fell to 0.6% this quarter, with investments focused on logistics and fulfillment capabilities [2] - Buyer frequency increased by 12% year-over-year, and monthly active buyers grew by 15%, reflecting the effectiveness of investments in user engagement [2] Market Expansion Strategy - Sea adopts a selective approach to new market expansions, with a focus on Argentina to leverage existing cross-border infrastructure and operational experience [3] - The decision to gradually cease cross-border operations in Chile and Colombia aims to concentrate resources on key business priorities aligned with long-term strategies [3] Competitive Landscape - The competitive landscape in Southeast Asia remains stable, with no significant changes in market dynamics or competitor behavior [5] - The company does not foresee substantial threats from competitors transitioning to shelf models, as the nature of their platforms differs [5] Logistics and Fulfillment - Over half of the orders are fulfilled through SPX, with continuous improvements in delivery costs and times contributing to growth [6] - Average delivery times in Brazil have decreased by 2 days year-over-year, enhancing service efficiency [6] Gaming Segment Outlook - Following a successful 2025, the company remains optimistic about the growth of "Free Fire" in 2026, with plans for new IP collaborations and game releases [7] AI Integration - The company is excited about AI's potential to create value but will focus on application rather than large-scale capital expenditures [10] - Key applications of AI include improving ad conversion, enhancing product discovery, and increasing customer service efficiency through AI chatbots [10]

Sea Limited ( SE ) is up more than 170% from my Buy recommendation in 2022, and that follows a 25% downturn from the all-time highs in September. The company has underperformed analysts' expectations in threeAnalyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from S ...

Core Insights - Sea Limited (SE) has experienced a significant increase of over 170% since a Buy recommendation was made in 2022, despite a 25% decline from its all-time highs in September [1] Company Performance - The company has underperformed analysts' expectations in three instances [1]

Group 1: Macroeconomic Insights - The U.S. Supreme Court's hearing on the "Trump tariffs" has raised questions about the future of U.S. tariff policies, with market expectations shifting towards a potential rejection of these tariffs [2] - The implications of different verdicts on tariffs could significantly affect macroeconomic conditions, fiscal policies, and the bond market [2] Group 2: E-commerce Industry - The e-commerce sector is expected to see moderate growth during the 2025 Double Eleven shopping festival, with GMV projected to increase by mid-to-high single digits, benefiting from platform subsidies and extended promotional timelines [3] - Major platforms are expected to show differentiated performance, with Douyin's GMV growth estimated at 20-25%, Pinduoduo at 10-15%, while JD.com may see low single-digit growth and Alibaba is expected to remain flat [3] - The competitive landscape among e-commerce platforms is anticipated to remain intense in 2026, with a focus on traffic acquisition and core user benefits [3] Group 3: Fixed Income and Asset Allocation - The asset allocation outlook for 2026 suggests a shift from "sharpness" to a more balanced approach, with a focus on identifying more certain opportunities while mitigating tail risks [4] - Key drivers for the global manufacturing cycle include the AI technology revolution and the transition of China's economic drivers, with a continued emphasis on risk assets [4] Group 4: Home Appliances Sector - The home appliance sector has seen a cumulative increase of 7.7% from January to October 2025, with retail sales driven by subsidies but showing signs of weakening marginal growth [5] - Three major trends are identified: the resilience of leading white goods manufacturers, the strengthening of smart technology in appliances, and significant growth potential in emerging technologies like AI and robotics [5] Group 5: Energy Sector - The fourth-generation nuclear power technologies are expected to gain traction due to site restrictions and resource constraints, presenting investment opportunities in related industries [6] - The company is well-positioned to benefit from the ongoing demand for traditional power generation equipment and the anticipated growth in nuclear power projects [14] Group 6: Selected Companies - Gaode Infrared has been initiated with a "Buy" rating and a target price of 18.90 CNY, driven by expected growth in complete equipment orders [10] - Ying Tong Holdings, a leading high-end perfume brand manager, has been initiated with a "Buy" rating and a target price of 2.86 HKD, benefiting from the recovery in high-end consumption [10] - Harsco Electric is positioned to benefit from the normalization of third-generation nuclear approvals and the anticipated acceleration of fourth-generation nuclear development [14]

Core Insights - Sea Limited (SE) reported adjusted earnings of 78 cents per share in Q3 2025, a 44.4% increase year-over-year, but missed the Zacks Consensus Estimate by 24.27% [1] - Revenues reached $6 billion, up 38.3% year-over-year, driven by growth in e-commerce and digital financial services, beating the Zacks Consensus Estimate by 3.35% [1] E-commerce Performance - E-commerce service revenues totaled $4.3 billion, reflecting a 34.9% year-over-year increase, including GAAP marketplace revenues of $3.8 billion and GAAP product revenues of $0.5 billion [3] - Gross Merchandise Value (GMV) increased by 28.4% year-over-year to $32.2 billion, with gross orders reaching 3.6 billion, also a 28.4% increase [4] Digital Entertainment Segment - Digital Entertainment revenues were $653 million, marking a 31.2% year-over-year growth, driven by an increase in active users and paying user penetration [2] - Quarterly active users reached 670.8 million, up 6.7% year-over-year, while paying users increased by 31.2% to 65.9 million, raising the paying user ratio to 9.8% from 8% [2] Digital Financial Services - Revenues surged 60.8% year-over-year to $989.9 million, driven by a loan book growth to $7.9 billion, up 69.8% [5] - Non-performing loans over 90 days remained stable at 1.1% of total consumer and SME loans, indicating strong credit quality [5] Financial Metrics - Gross profit increased 39.7% year-over-year to $2.6 billion, with gross margin expanding by 40 basis points to 43.4% [7] - Adjusted EBITDA climbed 68% to $874 million, with an adjusted EBITDA margin of 14.6%, expanding 260 basis points year-over-year [8][9] Cash Flow and Balance Sheet - As of September 30, 2025, cash and cash equivalents stood at $3.07 billion, up from $2.17 billion as of June 30, 2025 [11] - The company generated $1.18 billion in cash from operating activities in the reported quarter, compared to $1.62 billion in the previous quarter [11]

On digital entertainment, Mr. Li said, "Garena has delivered another stellar quarter. Bookings were up 51% year-on-year, making it our best quarter since 2021. Free Fire anchored this strong performance with two high-impact campaigns: Squid Game and NARUTO SHIPPUDEN Chapter 2. With this very strong quarter, Garena remains on track to achieve more than 30% year-on-year growth in bookings for 2025." Third Quarter 2025 Highlights Exhibit 99.1 ◾ Group 1 Sea Limited Reports Third Quarter 2025 Results Singapore, ...

Market Sentiment - The CNN Money Fear and Greed index showed a slight increase in fear, moving from 29.8 to 31, indicating continued caution among investors [5] - The index remains in the "Fear" zone, suggesting that market sentiment is still cautious despite some positive movements in stock prices [5] Stock Market Performance - U.S. stocks mostly closed higher, with the Dow Jones gaining approximately 559 points to reach 47,927.96, while the S&P 500 increased by 0.21% to 6,846.61 [4] - The Nasdaq Composite, however, fell by 0.25% to 23,468.30, indicating mixed performance across major indices [4] Company-Specific Developments - SoftBank sold its entire $5.8 billion stake in Nvidia Corp to invest in OpenAI, leading to a 3% drop in Nvidia shares [2] - Sea Ltd. reported fiscal third-quarter 2025 results that showed strong revenue growth but missed earnings expectations, resulting in an 8% decline in its stock [2] - Investors are anticipating earnings results from IHS Holding Ltd., Cisco Systems Inc., and On Holding AG [4] Employment Data - ADP reported an average of 11,250 job losses per week in October, indicating a cooling employment landscape [3] - This trend aligns with recent private reports suggesting a slowdown in job growth [3] Sector Performance - Most sectors in the S&P 500 closed positively, with health care, energy, and consumer staples showing the largest gains [3] - In contrast, information technology stocks underperformed, closing lower despite the overall market's positive trend [3]

杰富瑞集团同样看好Sea上行空间，维持其各业务板块全年利润率将实现改善的预判，其中已考虑物流 履约及用户黏性方面的投入。该机构给出的197美元基准目标价，预示股价仍有超25%上涨空间。 美国银行指出Sea各项关键指标表现强劲。分析师Sachin Salgaonkar认为，当前估值下该电商股风险回报 比颇具吸引力。 调整后息税折旧摊销前利润(EBITDA)从去年同期的5.21亿美元激增至8.74亿美元，显示各业务板块利润 率显著改善。但由于市场焦点集中于三季度利润未达预期，Sea股价仍收跌8%，当日成交量逾1030万 股，远超430万股的日均正常交易量。 摩根士丹利重申对这只电商股的看好立场，指出业绩总体符合市场预期。分析师Divya Gangahar Kothiyal强调，"在调低预期后，除Garena业务(我们曾提示可能带来惊喜)外，财报未见重大意外。管理 层关于增长态势、电商竞争格局、再投资策略及2026年优先事项的表述，将成为影响投资者情绪的关 键"。 Sea(SE.US)近日发布第三季度财报，业绩表现赢得分析师普遍认可。这家总部位于新加坡的企业营收增 长达38%，净利润实现翻倍增长，但由于业绩未达市场 ...

Summary of Sea Ltd. (SE) 3Q25 Earnings Review Company Overview - **Company**: Sea Ltd. (SE) - **Market Cap**: $98.4 billion - **Enterprise Value**: $93.6 billion - **Current Price**: $155.05 - **Target Price**: $218.00 - **Upside Potential**: 40.6% [1][2][3] Key Financial Highlights - **3Q25 Performance**: - Gross Merchandise Value (GMV) increased by 8% quarter-over-quarter (qoq) and 28% year-over-year (yoy) to $32.2 billion [1][15] - Adjusted EBITDA was $258 million, with a margin of 0.6% of GMV [15][29] - Management raised FY25 GMV growth guidance from 20% to 25% [1][15] Core Business Insights Shopee (E-commerce Segment) - **Growth Strategy**: - Focus on growth and profitability, with an emphasis on service quality investments in logistics and VIP subscriptions [15][29] - Ads take rate increased by 80 basis points yoy to approximately 3% [15] - VIP subscribers reached 3.5 million (+75% qoq), contributing 10% of GMV in Q3 [15] - **Logistics Investments**: - Shopee is enhancing its logistics capabilities, offering multiple service tiers to cater to different customer segments [15] - Improved delivery times, with 1 in 3 parcels in Sao Paulo delivered next day [15] - **Competitive Landscape**: - Limited impact from competition in Brazil and Taiwan, with Shopee maintaining positive adjusted EBITDA [1][15][16] Garena (Gaming Segment) - **Performance**: - Outperformance driven by collaborations for Free Fire, achieving over 30% yoy bookings growth [2][21] - Gross billings grew by 27% qoq and 51% yoy [21] - **User Engagement**: - Strong uptick in user engagement for Free Fire and Arena of Valor, indicating positive momentum into Q4 [21][29] Fintech (Monee) - **Loan Growth**: - Loan book increased by 70% yoy to $7.9 billion, driven by product and geographical expansion [2][29] - Active users reached 34 million, with significant growth in Thailand and Brazil [29] Financial Estimates and Valuation - **Revenue Projections**: - Revenue estimates for 2025 increased to $22.57 billion, with adjusted EBITDA of $3.48 billion [30] - **Valuation Metrics**: - P/E ratio projected to decrease from 35.0 in 2025 to 20.2 in 2027 [3][8] - Free cash flow yield expected to decline from 6.7% in 2024 to 2.9% in 2025 [8] Risks and Considerations - **Key Risks**: - Increased competition, macroeconomic and regulatory risks, execution challenges in Brazil, and potential inability to derive synergies across segments [32][33] - **Investment Thesis**: - Sea Ltd. is positioned as a market leader in gaming, e-commerce, and digital finance in Asia, with significant growth potential in Latin America [34][35] Conclusion - **Recommendation**: - The company maintains a "Buy" rating, with a target price of $218, reflecting strong growth prospects and market leadership in its sectors [1][34]

Group 1 - The conference call is focused on discussing Grupo Clarin's results for the first nine months and third quarter of 2025, as detailed in the earnings release distributed on November 10 [1] - The call is intended for investors and analysts only, with no questions from the media being accepted at this time [1] - The presentation is available for viewing on Grupo Clarin's investor relations website under the Financial Information section [3] Group 2 - Forward-looking statements regarding Grupo Clarin's future performance, plans, strategies, and targets may be discussed during the call, which involve risks and uncertainties [2] - The uncertainties mentioned include the impact of industry and economic regulations, changes in demand for Grupo Clarin's products and services, and broader market conditions [2] - The call features speakers including Ms. Samantha Olivieri, Head of Investor Relations, Mr. Ivan Acevedo, Controller, and Mr. Marcelo Boncagni, Audit Manager [4]