Sea Ltd Addressing recent investor questions

Research evidence excerpt

Sea Ltd Addressing recent investor questions

J P M O R G A N Asia Pacific Equity Research

13 July 2026

Sea Ltd Overweight

SE, SE US

Addressing recent investor questions Price (10 Jul 26):$111.14

Price Target (Jun-27):$162.00

SE has gained >20% in the last two weeks (NASDAQ: +4%) and >40% from the ASEAN TMT

AClows post 4Q25 results (NASDAQ: +13%). The stock is now trading slightly Ranjan Sharma, CFA

higher than prior to the 4Q25 results which had resulted in a sharp sell-off in SE’s (65) 6882-1303

share price. We address the recent investor questions we have received. We are OW ranjan.x.sharma@jpmorgan.com

on SE. J.P. Morgan Securities Singapore Private Limited

Sigrid Qiu

(65) 6882-1454• Is TikTok Shop seeing a slowdown in ASEAN? This was triggered by the

J&T Express (covered by Karen Li) 2Q26 release which showed average daily sigrid.qiu@jpmorgan.com

volumes in SE Asia declining from 31m in 1Q26 to 30m in 2Q26. TikTok Shop J.P. Morgan Securities Singapore Private Limited

is one of the largest clients of J&T Express in the region. 2Q should be a Alex Yao

seasonally slower quarter for ecommerce (we are anticipating relatively flat (86 21) 6106 6505

alex.yao@jpmorgan.com

GMV for Shopee sequentially) but from our conversations it seems that SAC Registration Number: S1730523020001

investors have generally been anticipating continued growth for TikTok Shop. J.P. Morgan Securities (China) Company Limited

Since TikTok Shop is seen as the primary competitor to Shopee in ASEAN, any

major deceleration in growth or descalation in the competitive environment

will have a positive read-across for Shopee. We note that GMV trends can

fluctuate between quarters and it is still early to assess whether TikTok Shop

is indeed decelerating.

• Changes in commissions fees.