Added to YB: 2025-11-14
Pitch date: 2025-11-12
SE [neutral]
Sea Limited
-13.86%
current return
Author Info
No bio for this author
Company Info
Sea Limited, through its subsidiaries, operates as a consumer internet company in Southeast Asia, Latin America, the rest of Asia, and internationally.
Market Cap
$84.3B
Pitch Price
$144.27
Price Target
360.00 (+190%)
Dividend
N/A
EV/EBITDA
36.58
P/E
62.01
EV/Sales
3.74
Sector
Broadline Retail
Category
growth
Sea Ltd 3Q25 Earnings: The Rice Field Advantage
SE (earnings): Bull case sees $310-360 target as Brazil margin drag is strategic, not structural. Asia (75% e-commerce rev) remains profitable w/ 50-60% market share. Q3 beat revenue ($6B vs $5.65B est) & EBITDA ($874M vs $846M est) but e-comm margins compressed to 0.6% GMV from subsidy investments. Ad rev +70% YoY, credit book +70% to $7.9B (1.1% NPL), Garena +51% to $841M bookings. Integration advantage vs partnership models; operational moats from 7yrs building logistics density. Key inflection Q1-Q2 2026 for margin re-expansion to 2-3%.
Read full article (5 min)