As I've shared, the $Sea Ltd(S

2023-11-27

As I've shared, the $Sea Ltd(SE)$ quarter was perfect relative to my expectations. I keep revisiting it, and I continue to arrive at the same conclusion.

I wanted free cash flow for the conglomerate alongside negative fcf for Shopee alongside meaningful Shopee growth acceleration, and this is precisely what we got.

And Shopee's acceleration was not modest: Q3 indicates Shopee could return to hypergrowth in the quarters/year or so ahead. The data:

"In the third quarter, growth in Shopee's users, growth orders, and GMV accelerated sequentially. We saw average monthly active buyers growing 11% quarter-on-quarter with increased order frequency and improved buyer retention.

As a result, our growth orders and GMV achieved 24% and 11% sequential growth respectively, further increasing our market share."

11% sequential growth in GMV represents 50%+ growth on an annualized basis.

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