Sea Limited Thesis

Sea Limited operates a diversified business in Southeast Asia, with leading platforms in e-commerce (Shopee), gaming (Garena), and digital payments (SeaMoney). Its moat is the synergistic ecosystem between these businesses; for example, the profits from the highly profitable gaming division (Garena) historically funded the cash-burning expansion of the e-commerce business (Shopee). The growth driver is the continued growth of e-commerce and digital financial services in the rapidly developing Southeast Asian market. The investment thesis is that Sea can become the dominant consumer internet platform in one of the world's fastest-growing regions.