Sea Doesn't Seem to Be Facing Too Much Competition Just Yet

Dow Jones2023-09-12

Sea Ltd.'s shares may face volatility near term on continued doubts about its ability to fend off e-commerce competition, Maybank analyst Kelvin Tan says in a note.

Investors fret that newcomers like TikTok Shop and PDD's Temu could take a big chunk of Sea platform Shopee's market share in Southeast Asia, but Tan says they may be overestimating the threat.

Sea has ramped up investment and marketing in Indonesia--one of Shopee's largest markets--in response to TikTok Shop's aggressive spending there, he notes, adding that the ByteDance-owned rival faces regulatory headwinds in the country over competition concerns.

The "low-cost user acquisition + full merchant outsourcing" model Temu uses in Europe and the U.S. may not have a long-term competitive edge in Southeast Asia, he adds.

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