英文_高盛_Sea有限公司（SE）_Sea_Ltd.（SE）2025年第一季度收益回顾稳健的季度表现强化了Sea的韧性_12页_935kb

Goldman Sachs Earnings Review: Sea Ltd. (SE)

• Market: Shares surged +9% intraday after reporting solid Q1 2025 results.
• Key Metrics:
  • Adj. EBITDA: $947mn (beat analyst estimate of $855mn).
  • Market Cap: $90.4bn.
• Management Outlook: Reiterated FY25 guidance, including 20% Shopee GMV growth despite macro concerns, driven by resilience evidenced in Q1. Highlighted Shopee's leadership and reduced promotional intensity compared to TikTok.
• Segment Performance:
  • Shopee: Stable QoQ GMV (+22% YoY). Strong margin expansion (EBITDA/GMV: 0.9% vs prior estimate 0.6%) driven by S&M/logistics efficiency & higher ad monetization. Gross Billings $2.1bn (+22% YoY vs estimate). Reiterated 20% GMV growth target and long-term EBITDA margin goal (>200bps).
  • Garena: Strong top-line beat. Successful collaborations (e.g., Naruto) drove bookings growth. EBITDA margin 59.1%. New title "Free City" launched.
  • Monee (Fintech): Robust loan growth driven by geographic & product expansion (offline BNPL). Maintained loan book growth outlook (faster than GMV). Launched standalone ShopeePay app with significant MAU growth in Indonesia.
• Valuation Upgrade: Raised 12-month price target from $167 to $186 (upside 30.6%). Buy rating reaffirmed through Nov. 14, 2026.
• Competitive Landscape: Reported easing competition, citing better industry conduct during Ramadan in Indonesia. Noted increasing promotional fees by Shopee and TikTok in key markets (e.g., Vietnam, Philippines).
• Risk Factors: Higher than expected competition, macro/regulatory risks, execution challenges in new markets (Brazil).