New Street Research - Sea Limited (SE US) SE 3Q25 Preview: Lowering Estimates for 2H

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New Street Research

Jin Yoon

SE 3Q25 Preview: Lowering Estimates for 2H

What’s New: We lower 3Q25 top line estimates partly due to higher “changes in deferred revs” amid a stronger booking trend for Free Fire. Margins for both Shopee and Monee could also sequentially decline in 3Q partly due to continued investments to drive growth.

Analysts:
Jin Yoon

24/10/2025 1 EN

Underlying

Sea Limited

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New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

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Pan European Telecom Services and Cable

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Analysts

Jin Yoon

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SE 3Q25 Preview: Lowering Estimates for 2H

Regional Morning Meeting Notes: Monday, September 08, 2025

Singapore Market Strategy - Yield-ing To Temptation: Yields Over Bonds

Alphabet (Buy, $295 target) How much revenue could Anthropic’s 1M TPUs generate?

Megacable (Buy, TP: MXN75, +36%) Q3 25: Another good quarter

Intel 3Q25: beat despite tight supply;18A yields poor, but 14A momentum builds

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