TIVP072 (Video): Sea Limited (SE): Can Sea Limited 10x Again? w/ Daniel Mahncke & Shawn O’Malley
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摘要
Daniel Mahncke and Shawn O'Malley take a deep dive into Sea Limited — the largest Southeast Asian marketplace whose investment case now turns on two of the most debated questions in the stock today: whether Shopee's dominance across Southeast Asia can hold up against TikTok Shop without margins being structurally capped near current levels, and whether Sea's expansion into Brazil, head-to-head with Mercado Libre, is the next leg of the story or a costly distraction from the markets where the company already wins.
IN THIS EPISODE YOU’LL LEARN:
00:00:00 - Intro
00:02:29 - How Sea Limited was founded
00:06:35 - Which business units belong to Sea Limited
00:10:37 - How a gaming business is funding Shopee and Monee
00:16:55 - How Monee compared to Mercado Libre’s Mercado Pago
00:40:22 - Why Shopee has become the largest e-commerce company in SEA
01:13:45 - How Sea Limited’s moat looks like
01:22:47 - Why Sea Limited is so strong in Brazil
01:28:58 - Whether Shawn and Daniel add SE to the Intrinsic Value Portfolio
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
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Track The Intrinsic Value Portfolio.
Norges Bank Interview with SE CEO.
Jimmy’s Journal's Article on SEA.
RS Capital Deep Dive on SEA.
Hayden Capital Interview with Drew Cohen.
Hayden Capital Shareholder Letter.
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