Sea Gives Guidance for Lower Adjusted EBITDA Margins Than We Expected
We expect Shopee to be Sea’s main valuation driver for the long term. E-commerce as a percentage of retail sales was 4%-29% in major Southeast Asian economies as of August 2025 as per eMarketer, behind China's 52% and the UK's 31%, leaving ample room for incumbents and new entrants to expand. We expect Shopee’s gross merchandise volume in Southeast Asia, Taiwan, and Latin America to grow at a 16% compound annual growth rate during 2025-34.
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