Summary

• Sea Limited remains a Strong Buy as robust Q1 results reinforce its position to capitalize on long-term macro tailwinds in high-growth regions.
• SE posted strong segment growth: Shopee GAAP revenue up 45.1% YoY, Monee loans up 71.3%, and Garena bookings up 20.1%, driving overall net income higher.
• Valuation remains attractive with a conservative SOTP approach yielding an intrinsic value of $130.11 per share, well above current levels.
• Risks include intensifying competition, regulatory pressures, and regional macro headwinds, but SE’s diversified pillars and international expansion underpin the long-term growth thesis.

Introduction

The last time I covered Sea Limited (SE), I upgraded them to a Strong Buy, highlighting how the sharp selloff opened a very solid opportunity to get a piece of a company that

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