In a report released today, Hussaini Saifee from Maybank upgraded Sea to a Buy, with a price target of $156.00.
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Hussaini Saifee has given his Buy rating due to a combination of factors that, in his view, create an attractive risk–reward setup for Sea’s shares after a sizable pullback from their recent peak. He highlights that Shopee’s core Southeast Asia operations, which generate the majority of transaction volume, remain solid, and that ongoing spending on its VIP program and logistics is reinforcing Shopee’s competitive position as the market consolidates into a more rational two-player structure. Although these initiatives may temporarily pressure profitability, he expects margin recovery from 2027 as competitive intensity eases and promotional costs normalize, with risks from tough competition in Brazil and Taiwan seen as more of a margin headwind than a structural threat to growth.
Hussaini Saifee’s rating is also underpinned by the growth potential of Sea’s Monee platform, which he views as a powerful, underappreciated driver of higher-margin monetisation. As Buy Now Pay Later usage expands both on and off Shopee’s marketplace, he forecasts strong double‑digit growth in Monee’s lending book, revenue and earnings, supported by low credit losses and Sea’s data advantages over traditional lenders. While he acknowledges concerns around Garena’s dependence on a single game and possible post-2025 volatility, he argues that this risk is manageable because gaming now represents a relatively small portion of his sum-of-the-parts valuation. Taken together, resilient ASEAN e-commerce fundamentals, rising financial services contribution, and a contained gaming overhang justify his 12‑month price target that implies notable upside from the current share price and support his Buy recommendation.
In another report released on December 19, Wedbush also maintained a Buy rating on the stock with a $170.00 price target.