Sea Limited
Communication Services · Interactive Media & Services
Three-engine SEA consumer-internet compound back to GAAP-profitable cadence after the 2022 reset.
- Shopee dominant in 6 SEA markets (ID/TH/VN/PH/MY/SG) + #2 in Brazil; take-rate expansion ~+150bps off ads + logistics monetization
- SeaMoney credit book scaling; consumer + SME loans cross-sold off Shopee transaction graph
- Free Fire revival post-India unban; live-ops cohort still funds the group cash engine
- Group GAAP profitability + adj EBITDA positive across all three segments
- Capital-light vs Western peers; SEA + LatAm secular digital-spend tailwind
- TikTok Shop competitive pressure in Indonesia + Thailand on Shopee take-rate
- Free Fire concentration risk; gaming bookings cyclical + title-driven
- SeaMoney NPL trajectory + regulatory cap risk across multi-jurisdiction footprint
- FX translation drag (IDR/THB/BRL) on USD reporting
- Sea reinvests aggressively when growth slows - operating leverage path is non-linear
No major news in the last 7 days for SE - only listicles and opinion pieces, which we filter out by default. See everything anyway.