SE +77% YTD — Back to No.1 in SEA?

Southeast Asia’s e-commerce and gaming giant $Sea Ltd(SE)$ has staged a remarkable comeback — its stock is up +76.8% YTD, pushing its market cap to $111B, nearly on par with $DBS(D05.SI)$. Could it soon reclaim the crown as the region’s most valuable company?

👉 Was SE ever part of your portfolio? And did you catch this rally?

🎉 Shoutout to some standout gains from our community:

🎉 Huge congrats to @TanZhenyu for earning $11,557 profit on SE.

🎉 Huge congrats to @JSWong for securing $7,258 profit on SE.

🎉 Huge congrats to @WalkerWoon for earning $6,586 profit on SE.

🎉 Huge congrats to @michaelchan8 for securing $4,106 profit on SE.

What’s Driving the Surge?

After Q2 earnings, SE shares hit a 3-year high thanks to stronger-than-expected sales:

• Net profit jumped 418% YoY to $414M.

• Revenue rose 38% YoY to $5.26B.

• All three core businesses — e-commerce, digital finance, and gaming — delivered growth.

E-commerce (Shopee):

• GMV +28% YoY to $29.8B.

• Revenue +34% YoY to $3.8B.

• EBITDA swung to $228M profit vs. a $9M loss last year.

• CEO Li Xiaodong highlighted Brazil as a key growth driver, where Shopee is now the order-volume leader.

Digital Finance (Monee):

• Revenue +70% YoY to $883M.

• EBITDA +55% YoY to $255M.

• Credit business still early stage but gaining momentum.

Digital Entertainment (Garena):

• Revenue +28% YoY to $559M.

• EBITDA +22% YoY to $368M.

• Free Fire momentum prompted management to raise full-year guidance, forecasting +30% bookings growth in 2025.

Valuation Check (E-commerce Focus)

• $Amazon.com(AMZN)$: Cheapest & strongest cash flow (P/S 3.6, P/CF 20).

• $Sea Ltd(SE)$ : Higher multiple but best growth profile (PEG 0.7 < 1).

• $MercadoLibre(MELI)$: Balanced — solid cash flow, moderate growth.

• $Shopify(SHOP)$: Expensive, more SaaS-like valuation (P/S 18+, P/CF 101).

Takeaway:

• AMZN = benchmark for value & stability

• SE = strongest growth story

• MELI = middle ground

• SHOP = SaaS-like premium, not a fair e-commerce comp

Risks to Watch

• Short interest in SE has climbed, hinting at potential volatility.

• Current price trades near the top of its trend range — a pullback toward ~$159 (50-day MA) wouldn’t be unusual, especially with seasonal weakness in Aug/Sep.

💡 If you’re holding SE — would you ride it for 10 years?
If not holding — how much upside do you still see? Or do you expect a correction first?

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