0758 GMT - Sea's investments in Shopee should support robust gross merchandise value growth, which will help the company build scale-driven cost leadership, HSBC analysts say in a note. They project the investments to drive Sea's GMV growth at a 2024-2027 CAGR of 21%. The analysts forecast a 40% CAGR in Sea's 2024-27 adjusted Ebitda, driven in part by Shopee unit-economics improvements, including higher take rates, more advertising revenue and lower sales and marketing expenses. They also expect Sea's fintech arm Monee's loan book to grow at roughly a 38% CAGR from 2024-27, helping Ebitda rise to about $1.6 billion by 2027, driven by user expansion and growth in off-Shopee loans. The bank maintains a buy rating on Sea's ADRs and a target of $200. ADRs last closed at $142.31.(jason.chau@wsj.com)

(END) Dow Jones Newswires

November 12, 2025 02:58 ET (07:58 GMT)

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