Yamato: The Shopee e-commerce platform under the Winter Sea Group may be in the reinvestment stage.

Analysts from Daiwa Capital Markets said in a research report that Shopee, the e-commerce platform under Sea Group, appears to be in a reinvestment phase. These analysts pointed out that the platform's priority is on infrastructure development, logistical capabilities, and targeted user plans, rather than short-term profitability. Although the platform's total merchandise trade volume continues to be supported by a healthy combination of buyer expansion and increased order frequency, Daiwa expects no significant profit surprises in the short term. The brokerage firm lowered Sea Group's adjusted earnings per share forecast for 2026 by about 4% and reduced its target price for its American Depositary Receipts from $165.00 to $157.00. However, the firm reiterated its buy rating as the risk-return profile remains attractive. The latest closing price for the American Depositary Receipts is $82.28.