Added to YB: 2026-05-29
Pitch date: 2026-05-25
SE [neutral]
Sea Limited
+3.19%
current return
Author Info
27, Taiwanese, ex-eCommerce founder, 2500% return in six years, obsess with business strategies, traveling around the world. Sign up for the newsletter.
Company Info
Sea Limited, through its subsidiaries, operates as a technology company in Southeast Asia, Latin America, the rest of Asia, and internationally.
Market Cap
$57.2B
Pitch Price
$89.10
Price Target
N/A
Dividend
N/A
EV/EBITDA
16.91
P/E
36.80
EV/Sales
2.00
Sector
Broadline Retail
Category
growth
What’s Behind Sea Limited’s 46.6% Growth? Shopee Ads, Logistics, VIP, and Brazil
SE (earnings): Q1 rev +46.6% YoY. Shopee marketplace rev +44% (vs 36% prior Q) on 1.17ppt take-rate gain driven by ads +80% YoY (now ~3% of GMV, targeting 4-5% mid-term, 7%+ long-term) via GMV MAX automation & shift from discounts to logistics subsidies. VIP hit 10M subs, tracking to 25M by year-end. Fulfillment orders +25% QoQ, enabling remote-area selection. Brazil now 24% of rev, growing ~80% & becoming 2nd largest market. Monee rev +57.8% but credit allowance rose 1ppt to 11.6% on Brazil mix & longer tenures; active users growth slowest in 10Qs. Garena bookings guide: double-digit growth in 2026. Mgmt prioritizing financial discipline over growth investments this year.
Read full article (18 min)