Sea Limited (Free Sample Report)
TLDR:
Sea Limited is the premier internet company of the greater South East Asian region. It’s founding is rooted in gaming services with Garena, but has since expanded into digital financial services and eCommerce. First, we briefly go through Sea’s background and provide an overview of each of Sea’s businesses. We then dive into how we think about analyzing and valuing each of its segments.
*Throughout this report, we will use “Sea” to refer to the company and “SEA” to refer to the South East Asia region. Typically, South East Asia refers to Indonesia, Malaysia, The Philippines, Singapore, Thailand, and Vietnam. However, Sea also includes Taiwan as part of SEA.
**In preparing our report we have talked to various industry experts, investors, and perhaps most importantly, ~200 users of various Sea products across every South East Asian country.
Table of Contents:
Background
Monetization
Digital Entertainment
eCommerce
Shopee Product Experience
eCommerce Progress and Competition
Digital Financial Services
COVID Impact
Business Analysis and The Thesis
Management
Revenue Build
eCommerce Build
Digital Financial Services Build
Combined Segment Build
P&L
Valuation
Risks
Summary Model
Conclusion