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Equity Bottom-Up

<ul><li>Conference call reveals that <a href="https://www.smartkarma.com/entities/8509" target="_blank" data-smartkarma-citation="entities:8509:1">Sea Ltd (SE US)</a> is an "emerging growth" company.</li><li>Management is bullish, forecasting 20-30% CAGR in 2016-21E for Greater South East Asia (GSEA) online game, e-commerce, and digital payment markets.</li><li>However, the reality at this point is that SE (especially its e-commerce and digital payment platforms) is in very early stages of monetization.</li><li>Digital entertainment's EBITDA is far from sufficient to cover huge cash burn rate primarily arising from e-commerce operations.</li></ul>

Conference call reveals that Sea Ltd (SE US) is an "emerging growth" company.Management is bullish, forecasting 20-30% CAGR in 2016-21E for Greater South East Asia (GSEA) online game, e-commerce, and digital payment markets.However, the reality at this point is that SE (especially its e-commerce and digital payment platforms) is in very early stages of monetization.Digital entertainment's EBITDA is far from sufficient to cover huge cash burn rate primarily arising from e-commerce operations.

Sea

Sea Ltd: An "Emerging Growth" Company