$Sea Ltd(SE)$
I believe this illustrates:
1) The idea that SE Asia has gone through a mini Dot Com Bubble bursting of its own after a decade of torrid tech growth and investment. This will eventually reverse, and the region will re-enter elevated growth. Still a very long runway for growth for the region
2) SE's malaise has less to do with its core business and more to do with the two factors cited above. Over time, it will likely be proven that SE & CPNG are the two most dominant ecom businesses in the region
TikTok will capture market share, and that's fine. Doesn't mean SE and CPNG can't operate with fantastic unit economics, just as MELI and AMZN do in their respective hypercompetitive markets, LatAm & U.S.
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