ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd</a> booked a blowout set of results, with strong growth and profitability across all three divisions, surpassing previous guidance and bringing about the second profitable year for the company. </li>
<li>E-Commerce was the key feature, with GMV surpassing US$100bn with increasing take rates, with core marketplace GAAP Revenues booking nearly +50% YoY growth in 4Q2024, confirming Shopee's lead position. </li>
<li>Digital Financial Services and Digital Entertainment also booked strong growth, with management highlighting a positive outlook for all three segments in 2025. <a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd</a> remains a core holding. </li>
</ul>



Sea Ltd booked a blowout set of results, with strong growth and profitability across all three divisions, surpassing previous guidance and bringing about the second profitable year for the company. 
E-Commerce was the key feature, with GMV surpassing US$100bn with increasing take rates, with core marketplace GAAP Revenues booking nearly +50% YoY growth in 4Q2024, confirming Shopee's lead position. 
Digital Financial Services and Digital Entertainment also booked strong growth, with management highlighting a positive outlook for all three segments in 2025. Sea Ltd remains a core holding. 


Sea Ltd (SE US) - Shifting into Overdrive

Co-founder of Cube Asia, Cube Asia

Simon Torring

Co-founder of Cube Asia

Defining Social Commerce in Southeast Asia

Cube Asia

We offer granular market data and insights for online retail in Southeast Asia, helping brands and retail companies drive profitable growth. 

Why the Cube?
3 dimensions of granularity to help you get deep into the 1) geographies, 2) categories, and 3) types of data and insights you need for your business.

The Cube is a big-data machine that is continuously listening to public data sources and primary research, and triangulating across thousands of data points using probabilistic modeling to produce an accurate and granular picture of Southeast Asia’s online retail landscape.

<ul>
<li>Shopee, Southeast Asia’s largest e-commerce player, has been on a strict financial diet to reach profitability in the last year.</li>
<li>That’s been welcome news for shareholders of its listed parent, Sea Ltd, but more challenging for sellers on the platform who have faced lower sales growth and higher selling costs after years of heavily subsidised operations. </li>
<li>In this blog post we report on the most important figures from Shopee’s newly published Q1-2023 results (<a href="https://www.sea.com/investor/quarterlyresults" target="_blank" rel="noopener">released 16 May</a>) as well as the key implications for e-commerce sellers in Southeast Asia.</li>
</ul>


Shopee, Southeast Asia’s largest e-commerce player, has been on a strict financial diet to reach profitability in the last year.
That’s been welcome news for shareholders of its listed parent, Sea Ltd, but more challenging for sellers on the platform who have faced lower sales growth and higher selling costs after years of heavily subsidised operations. 
In this blog post we report on the most important figures from Shopee’s newly published Q1-2023 results (released 16 May) as well as the key implications for e-commerce sellers in Southeast Asia.


Shopee Enters a New Era of Slower GMV Growth and Higher Fees for Sellers

Equity Analyst, Investory

Devi Subhakesan

Equity Analyst

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea (SE US)</a> 's management expects all three business segments - ecommerce, financial services and entertainment - to deliver high growth and profitability in 2025, supported by strong macro-eceonomic tailwind.</li>
<li>It's GAAP revenue was US$4.3 billion, up 30.8% year-on-year and net income was US$153.3 million, as compared to total net loss of US$(144.0) million for 3Q2023.</li>
<li>Its e-commerce business achieved positive adjusted EBITDA in 3Q 2024 in both Asia markets and Brazil.</li>
</ul>



Sea (SE US) 's management expects all three business segments - ecommerce, financial services and entertainment - to deliver high growth and profitability in 2025, supported by strong macro-eceonomic tailwind.
It's GAAP revenue was US$4.3 billion, up 30.8% year-on-year and net income was US$153.3 million, as compared to total net loss of US$(144.0) million for 3Q2023.
Its e-commerce business achieved positive adjusted EBITDA in 3Q 2024 in both Asia markets and Brazil.


Sea (SE US): Strong 3Q, Upbeat Management Talk Fires up the Stock

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<li dir="ltr" style="list-style-type: disc;" aria-level="1">
Shopee - Sea’s largest business unit and Southeast Asia’s largest e-commerce platform - has reported negative EBITDA for most of the 8 or so years since its launch. 
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<li dir="ltr" style="list-style-type: disc;" aria-level="1">
Investors now however appear to be looking for earnings growth. In 7 of the last 9 quarterly earnings reports, investors have rewarded the company every time it has reported earnings growth (its share price has gone up in the day after the release), and penalized when it has not.
</li>
<li dir="ltr" style="list-style-type: disc;" aria-level="1">
Based on our analysis (and subject to the disclaimer included below), we expect Shopee’s GMV and Revenue to improve in Q4 2023 (as compared to the previous quarter) along with its EBITDA, although earnings will likely remain in negative territory.
</li>
</ul>



Shopee - Sea’s largest business unit and Southeast Asia’s largest e-commerce platform - has reported negative EBITDA for most of the 8 or so years since its launch. 


Investors now however appear to be looking for earnings growth. In 7 of the last 9 quarterly earnings reports, investors have rewarded the company every time it has reported earnings growth (its share price has gone up in the day after the release), and penalized when it has not.


Based on our analysis (and subject to the disclaimer included below), we expect Shopee’s GMV and Revenue to improve in Q4 2023 (as compared to the previous quarter) along with its EBITDA, although earnings will likely remain in negative territory.



Sea Will Release Its Q4 2023 Earnings Report Soon

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>In this note, we will take a look at the Asia Pacific IPO pipeline for 2025, with a look at ASEAN, ANZ and ADRs. </li>
<li>This list has been compiled on a best effort basis from tracking the company filings and through various other sources.</li>
<li>The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.</li>
</ul>


In this note, we will take a look at the Asia Pacific IPO pipeline for 2025, with a look at ASEAN, ANZ and ADRs. 
This list has been compiled on a best effort basis from tracking the company filings and through various other sources.
The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.


Aequitas 2025 Asia IPO Pipeline - ASEAN, ANZ, ADRs

Singapore

Sea Limited offers information technology services. The Company provides online personal computer and mobile digital content, e-commerce, and payment platforms. Sea serves customers worldwide.

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