Sea（SE）_2025 年三季度业绩回顾_增长势头强劲且市场份额稳固；买入

12 November 2025 | 2:10AM SGT Equity Research Sea Ltd. (SE) 3Q25 Earnings Review: Robust momentum & market share intact; Buy SE 12m Price Target: $218.00 Price: $155.05 Upside: 40.6% Sea printed a strong 3Q25 as Shopee sustained its robust momentum with GMV +8% qoq/+28% yoy and management raising its FY25 GMV growth guidance from 20% to 25%. Management reiterated its prior messaging for growth to remain priority into next year - while margins may fluctuate qoq (observed this quarter, as we had expected), Sh ...