2026-05-13
Recap: Q1 2026
Revenue +47% YoY Fastest in 4 Quarters, EBITDA Crosses $1B Threshold First Time, All Three Engines Accelerating — Maintaining Outperform (High Conviction)
2026-03-04
Recap: Q4 2025
FY25 Record Year: Net Income +260%, Shopee EBITDA +465%, FY26 Guide Pairs ~25% GMV Growth with EBITDA Floor — Maintaining Outperform, Raising Conviction to High
2025-11-12
Recap: Q3 2025
Garena Best Quarter Since 2021 at +51% Bookings; Monee Loan Book +70%; Shopee FY25 GMV Guide Raised to >25% — Maintaining Outperform Through Investment Phase
2025-08-13
Recap: Q2 2025
Three Engines Firing Simultaneously: Shopee EBITDA Inflects Positive, Monee Loan Book +90%, Garena Guide Raised to +30% — Initiating at Outperform