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

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<a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Limited (SE US)</a> booked a strong set of 1Q2024 results from a GMV, revenue and adjusted EBITDA perspective, with fears of greater competition from TikTok failing to materialise. </li>
<li>The company has been investing in growth across all segments, with e-commerce driving and digital financial services driving growth but digital entertainment also seeing a return to growth mode. </li>
<li>
<a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Limited</a> continues to focus on its core competitiveness in pricing, improving service quality, and lowering the cost to serve through SPX Express, with advertising becoming a more meaningful contributor.  </li>
</ul>



Sea Limited (SE US) booked a strong set of 1Q2024 results from a GMV, revenue and adjusted EBITDA perspective, with fears of greater competition from TikTok failing to materialise. 
The company has been investing in growth across all segments, with e-commerce driving and digital financial services driving growth but digital entertainment also seeing a return to growth mode. 

Sea Limited continues to focus on its core competitiveness in pricing, improving service quality, and lowering the cost to serve through SPX Express, with advertising becoming a more meaningful contributor.  


External reports (aggregated public sources), Value Investors Club

Value Investors Club

External reports (aggregated public sources)

<ul><li>Sea Limited is a gaming and e-commerce company in Southeast Asia that has experienced fluctuations in its stock price but has strong underlying business performance.</li><li>Founded in 2009 as Garena by CEO Forrest Li, the company rebranded to Sea Ltd in 2017 and gained access to a wide range of games through Tencent's investment in 2010.</li><li>After achieving profitability in 2023, Sea Ltd is now focused on accelerating growth and drawing comparisons to Amazon's early years.</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Sea Limited is a gaming and e-commerce company in Southeast Asia that has experienced fluctuations in its stock price but has strong underlying business performance.Founded in 2009 as Garena by CEO Forrest Li, the company rebranded to Sea Ltd in 2017 and gained access to a wide range of games through Tencent's investment in 2010.After achieving profitability in 2023, Sea Ltd is now focused on accelerating growth and drawing comparisons to Amazon's early years.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

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<li>
<a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd (SE US)</a> released 4Q2023 and FY2023 results with a full-year net profit but another loss in 4Q but QoQ improvements for e-commerce and digital financial services. </li>
<li>E-Commerce core market growth rates where impressive, with strong growth momentum with Brazil seeing large profitability gains, whilst overall Shopee is gaining share with the additional benefits from greater scale.  </li>
<li>Digital Financial Services saw a significant uptick in its loan book and profitability, whilst management pointed toward 2H2024 profitability for Shopee. Management is pointing towards 2024 being another profitable year. </li>
</ul>



Sea Ltd (SE US) released 4Q2023 and FY2023 results with a full-year net profit but another loss in 4Q but QoQ improvements for e-commerce and digital financial services. 
E-Commerce core market growth rates where impressive, with strong growth momentum with Brazil seeing large profitability gains, whilst overall Shopee is gaining share with the additional benefits from greater scale.  
Digital Financial Services saw a significant uptick in its loan book and profitability, whilst management pointed toward 2H2024 profitability for Shopee. Management is pointing towards 2024 being another profitable year. 


Sea Ltd (SE US) - Scalability Winning Battles

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<li>
<a href="https://www.smartkarma.com/entities/bukalapak-com-pt-tbk" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak (BUKA IJ)</a> has seen a sharp share price rebound recently with speculation over a tie up with Temu, which appears ill-founded, with the only newsflow being a Director resigning.</li>
<li>The company swung back into a slight negative adjusted EBITDA in 2Q2024, mainly due to the seasonal impact of Lebaran on its O2O business and increased competition in virtual products.</li>
<li>
<a href="https://www.smartkarma.com/entities/bukalapak-com-pt-tbk" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak</a> remains a differentiated player in Indonesian e-commerce with a focus on serving MSMEs through its marketplace, with increasing take rates ahead. Dealing with excess cash is a potential catalyst. </li>
</ul>



Bukalapak (BUKA IJ) has seen a sharp share price rebound recently with speculation over a tie up with Temu, which appears ill-founded, with the only newsflow being a Director resigning.
The company swung back into a slight negative adjusted EBITDA in 2Q2024, mainly due to the seasonal impact of Lebaran on its O2O business and increased competition in virtual products.

Bukalapak remains a differentiated player in Indonesian e-commerce with a focus on serving MSMEs through its marketplace, with increasing take rates ahead. Dealing with excess cash is a potential catalyst. 


Fintech & EM-focused Analyst, KT Capital Group

Alec Tseung

Fintech & EM-focused Analyst

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

<ul>
<li>
<a href="https://smartkarma.zoom.us/rec/share/greN_IcTNbNIKfXkLUrkLPlmSXvDzuNh6Oad7iFT39LMx6BL5WsQXTLHfLErBwPT.Xt9FLCjm5WkeCCsj" target="_blank" data-smartkarma-citation="insights:131779" rel="noopener">A recent Smartkarma Corporate Webinar | iFAST: Stellar Performance of Singapore's Global Fintech Player</a> introduced one of the few Fintech players in Asia that has been making profits since 2011.</li>
<li>The successful launch of its HK ePension platform can be highly scalable and is expected to be an important growth driver for the company in 2024 and 2025. </li>
<li>IFast Global Bank is expected to break even in Q4 this year and to be an important growth driver for the group's next 3-year plan (2025 and beyond). </li>
</ul>
This Insight is part of the Smartkarma Corporate Webinar series, supported by SGX through the Investor Education Fund.



A recent Smartkarma Corporate Webinar | iFAST: Stellar Performance of Singapore's Global Fintech Player introduced one of the few Fintech players in Asia that has been making profits since 2011.
The successful launch of its HK ePension platform can be highly scalable and is expected to be an important growth driver for the company in 2024 and 2025. 
IFast Global Bank is expected to break even in Q4 this year and to be an important growth driver for the group's next 3-year plan (2025 and beyond). 

This Insight is part of the Smartkarma Corporate Webinar series, supported by SGX through the Investor Education Fund.

IFast: A Profitable Fintech Player that Deserves More Investor Attention

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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Sea (SE US)

Sea Limited (SE US) - Making Hay

Sea Ltd continues to focus on its core competitiveness in pricing, service quality, and lowering the cost to serve through SPX Express, with...

Angus Mackintosh

Sea Limited (SE) - Friday, Jan 12, 2024

Sea Limited is a gaming and e-commerce company in Southeast Asia that has experienced fluctuations in its stock price but has strong underlying...

Value Investors Club

Sea Ltd (SE US) - Scalability Winning Battles

Sea Limited released 4Q2023 and FY2023 results with a full-year net profit but another loss in 4Q but QoQ improvements for e-commerce and digital...

Angus Mackintosh

Bukalapak (BUKA IJ) - Changes Afoot?

Bukalapak remains a differentiated player in Indonesian e-commerce with a focus on serving MSMEs through its marketplace and increasing take rates...

Angus Mackintosh

IFast: A Profitable Fintech Player that Deserves More Investor Attention

iFast Corporation is one of the few Fintech players in Asia that has been consistently making net profits since as early as 2011. It operates in...

Alec Tseung

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