My best work on $Sea Ltd(SE)$ was published on 11 Nov 22 ("Garena And Fintech Priced At Zero At Current Valuations").

Little did I know, 9 Nov 22 was the low for SE, and SE is +111% since then.

Based on my SOTP for $SE then, there was an upside of 80%, which has since been reached.

I'll be publishing an updated SOTP valuation for $SE based on 2024 forecasts. Stay tuned!

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SE now trades at 38x 2024 P/E. Arguably, the way to value $SE has changed.

This is due to its first ever quarter of positive EBITDA and net income. But also, the higher multiples the market is willing to give SE given the strong execution and management.

And lastly, because SE demonstrated its ability to be self-sufficient and prioritize long-term growth in this macro environment.

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