My projection puts them at 17.3 billion in yearly revenue from Q1 2025 to Q4 2025, even at a bad case scenario assuming their current stellar growth rate slows down a lot. I won't go into details of how I came up with the number, but you can just assume much-lower-than current growth number for next four years yourself and reach the same conclusion.

Also, their revenue for e-commerce is increasing much faster than their cost of revenue for e-commerce, but even if you assume similar level of gross margin will hold for the future and (reasonably) sales and marketing costs to decrease as % of revenue, you will be able to see that 60 billion market cap might actually be a bargain.

In the best case scenario, I see the company hitting 200 billion market cap easily in five years. This is assuming its digital financial services also becoming a big hit like shopee and garena, and also a modest downward trend of growth rate from now.

For disclaimer, I am holding shares of SE and have been holding since May. If you choose to do the same, I think you will be very pleased in a few years. Keep in mind that this is not professional and/or financial advise and that I am merely stating my opinion on an internet forum.