SE 2Q25 Results: Upside in FY25 Shopee GMV
What’s new: SE’s reported 2Q25 top-line results that were above consensus and our expectations. Rev growth momentum could continue in 3Q driven by resiliency across key segments. Given the outperformance in the 1H25, there could be potential upside to Shopee GMV guidance for FY25. We up our PT from USD180 to USD200 on strength of the core businesses. Our revised PT of USD200 implies 4.2x FY26E EV/Rev. We maintain our BUY rating.Analysts:
Jin Yoon
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New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:
- Pan European Telecom Services and Cable
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- Pan European Telecom Services and Cable
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