$Sea Ltd(SE)$ Not sure why SEA would still be bullish. Recent earnings show that although e-commerce income has increased significantly y-o-y, net loss hasn't decreased. From a profit margin perspective, continuing to grow their e-commerce segment is not yet sustainable. This is even more worrying given the current macroeconomic climate and expected tightening of consumer pockets.

On the other hand, their most profitable segment Digital Entertainment (aka gaming) is losing both active users and revenue, and there hasn't been any strong indication from management of arresting the slide or investing to retainor grow this segment.

The only positive is SEA trying to trim their expenses by closing their operations in certain markets. I haven't done any research, but assuming that these are their poorest performing markets, then that's some decisive and astute action taken to try to make e-commerce segment more profitable. However if they continue to neglect their cash cow segment, then thiswill be a race against time to deliver profitability on e-commerce vs sustaining the revenue from gaming as long as possible. This seems like an even taller order than Grab's current predicament.