SE 4Q25 Results: Focus on Growth Over Profitability in CY26
What’s new: SE’s reported 4Q25 top-line results that were above consensus and our expectations. Management guided Shopee annual GMV to grow by around 25% YoY in CY26 with adjusted EBITDA no lower than that of CY25 in absolute terms. This could imply that Shopee would remain focused on growth over profitability in the near term. We lower our PT from US$200 to US$150 on lowered margin outlook. Our updated PT of US$150 implies 2.7x FY26E EV/Revs. We maintain our BUY rating.
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.
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
- US Telecoms, Cable, Satellite and Towers
- Global Emerging Market Telecoms
- Japan Telecoms
- Asian Internet
- Pan European Healthcare
- Global healthcare thematic research
We provide debt research on:
- Pan European Telecom Services and Cable
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