浦银国际研究 浦银国际 公司研究 Sea （SE.US） 公司研究 | 互联网行业 Sea（SE.US）：业绩优于预期，电商 业务指引上调 业绩优于市场预期：2Q24 公司收入 38.1 亿美元，同比增长 23.0%，高 于市场预期 3.5%；经调整 EBITDA 为 4.5 亿美元，高于市场预期 12.9%； 调整后净利润为 2.6 亿美元，高于市场预期 3.6%。 竞争格局稳定，电商业务指引上调：2Q24 电商收入为 28.2 亿美元， 同比增长 33.7%，其中核心市场收入同比增长 41.4%，增值服务收入同 比增长 15.5%；GMV 同比增长 29.1%至 233 亿美元，整体订单量同比 增长 40.3%至 25 亿笔，平均订单价环比有所回升；调整后 EBITDA 亏 损收窄至 918 万美元。东南亚电商竞争格局延续缓和趋势，行业变现 率稳步提升。公司预计三季度电商业务调整后 EBITDA 将转为正值，预 计全年电商 GMV 增速达到 25%上下（mid-twenties）。 Free Fire 强势复苏，游戏流水环比回升：2Q24 数字娱乐收入为 4.4 亿 美元，同比下降 18%，主要受递延收入 ...

BofA Securities analyst Sachin Salgaonkar reiterated the Buy rating on Sea Limited SE, raising the price objective to $84 from $77. Yesterday, the company reported fiscal second-quarter revenue growth of 23.0% year-on-year to $3.81 billion, beating the analyst consensus estimate of $3.72 billion. Following the results, the analyst revised the FY24/25 EPS estimates and adjusted the target multiples for gaming to 6.5X FY25E EV/EBITDA, up from 5.5X. The analyst notes that the company is well-positioned to bene ...

Sea Limited (SE) reported earnings of 46 cents per share in second-quarter 2024, missing the Zacks Consensus Estimate of 22.03%. The company posted earnings of 83 cents in the year-ago quarter. Revenues of $3.91 billion increased 29.9% on a year-over-year basis, beating the Zacks Consensus Estimate by 4.73%. The uptick was primarily driven by growth in Gross Merchandise Value (GMV) for e-commerce and the credit business. Top-Line Details Digital entertainment revenues totaled $435.6 million, down 17.7% year ...

Sea Limited's profitable growth story might be back on track. In this video, I will go over Sea Limited's (SE 11.85%) recent earnings report. Check out the short video to learn more, consider subscribing, and click the special offer link below. *Stock prices used were from the trading day of Aug. 12, 2024. The video was published on Aug. 13, 2024. ...

Key Takeaways A 40% jump in sales for Singapore's Shopee helped its parent Sea Limited post strong earnings. CEO Forrest Li said Shopee will become adjusted EBITDA-positive starting in the third quarter. Sea's gaming and financial services businesses also saw double-digit growth. The company's U.S.-traded shares jumped 12% on Tuesday, boosting its year-to-date gain to 85%. Shares of Sea Limited (SE), the Singapore tech conglomerate that runs online shopping website Shopee, soared Tuesday after the company r ...

Exhibit 99.1 1 ○ Total GAAP revenue was US$3.7 billion, up 22.8% year-on-year. ○ Total gross profit was US$1.6 billion, up 9.7% year-on-year. ○ Total net loss was US$23.0 million, as compared to total net income of US$87.3 million for the first quarter of 2023. ○ Total adjusted EBITDA1 was US$401.1 million, as compared to US$507.2 million for the first quarter of 2023. ○ As of March 31, 2024, cash, cash equivalents, short-term investments, and other treasury investments 2 were US$8.6 billion, representing a ...

Earnings showed growth and increasing profitability across all three of the company's segments. Shares of Sea Limited (SE 11.66%) were rallying on Tuesday, up 11.5% as of 2:35 p.m. ET. The Southeast Asian e-commerce, fintech, and gaming company reported earnings today that were somewhat mixed relative to analyst estimates, but it showed continued improvement across all three of its segments. Sea's comeback is underway Sea Limited was one of the darlings of the pandemic era, reaching a high of $372 per share ...

Financial Data and Key Metrics - Total GAAP revenue increased 23% YoY to $3.8 billion in Q2 2024, driven by e-commerce GMV growth and Digital Financial Services (DFS) business growth [15] - Adjusted EBITDA was $448 million in Q2 2024, compared to $510 million in Q2 2023 [15] - E-commerce adjusted EBITDA improved QoQ, with losses narrowing to $9 million in Q2 2024 from $22 million in Q1 2024 [15] - DFS GAAP revenue grew 21% YoY to $519 million, with adjusted EBITDA up 20% YoY to $165 million [17] - Digital Entertainment bookings grew 21% YoY to $537 million, with adjusted EBITDA of $303 million [17] Business Line Performance E-commerce (Shopee) - Shopee's gross orders grew 40% YoY, and GMV increased 29% YoY [15] - Core marketplace revenue (transaction-based fees and advertising) grew 41% YoY to $1.8 billion [15] - Value-added services revenue (logistics) grew 16% YoY to $0.7 billion [16] - Shopee's ad take rate is lower than the industry average, but the number of sellers paying for ads increased by over 20% YoY [6] - Live Ads launched in Asian markets, with 25% of active streamers in Indonesia paying for Live Ads in June [7] - SPX Express improved delivery speed, with over 70% of orders delivered within three days, and cost per order declined 8% YoY [8] Digital Financial Services (SeaMoney) - Consumer and SME credit business remains the primary driver of SeaMoney's revenue and profit growth [9] - Loan book size reached $3.5 billion at the end of June, up almost 40% YoY [11] - Non-performing loans (NPL) metric improved slightly to 1.3% at the end of Q2 [17] - Over 4 million first-time borrowers registered in Q2, more than double compared to a year ago [10] Digital Entertainment (Garena) - Free Fire contributed to over 20% YoY growth in bookings, with more than 100 million daily active players in Q2 [12] - Free Fire was the most downloaded mobile game globally in Q2, according to Sensor Tower [12] - Need for Speed: Mobile to be launched in Taiwan, Hong Kong, and Macau later in 2024 [13] Market Performance - In Asia, e-commerce adjusted EBITDA was $4 million in Q2 2024, compared to $204 million in Q2 2023 [16] - In Brazil, unit economics improved, with a positive contribution margin per order of $0.09 in Q2 2024, compared to a loss of $0.24 in Q2 2023 [16] Strategic Direction and Industry Competition - Shopee's operational priorities include enhancing price competitiveness, improving service quality, and strengthening the content ecosystem [5] - The company expects Shopee to become adjusted EBITDA positive from Q3 2024 and revised full-year GMV growth guidance to mid-20s [5] - The company sees a more stable competitive environment in Southeast Asia, with industry-wide take rate increases [19] - The company is focused on deepening credit product penetration both on and off Shopee, with new use cases like SPayLater loans for mobile phone sales in Indonesia [10] Management Commentary on Operating Environment and Future Outlook - Retail and consumer spending trends in Southeast Asia remain healthy, supporting e-commerce growth [4] - The company is optimistic about the potential for further ad take rate improvements and expects to see benefits in the coming quarters [22] - Free Fire is seen as an evergreen franchise, with strong momentum expected to continue in H2 2024 [34] - The company is cautious about competition from cross-border e-commerce players like Temu but believes its pricing advantage and domestic seller base provide a strong competitive edge [37] Other Important Information - Two new Independent Directors joined the Board: Dr. Silvio Savarese (AI expert) and Ms. Jessica Tan (financial services leader) [14] - Tony Hou will step down from the Board but continue as CFO [14] Q&A Session Summary Question 1: Competitive Landscape and Margin Expectations for Shopee [19] - The company sees a more stable competitive environment and expects Shopee to achieve 2-3% EBITDA margin in the long term [19] - Near-term focus is on profitability and market growth, with medium-term expectations for further industry rationalization [19] Question 2: Ad Take Rate and Live Streaming Unit Economics [21] - Opportunities exist to further increase ad take rates, particularly through improved ad products and algorithms [22] - Live streaming unit economics are improving, with some markets already profitable [22] Question 3: Brazil Market and EBITDA Guidance [24] - Brazil's contribution margin turned positive, driven by reduced shipping costs and improved user experience [25] - Adjusted EBITDA positive guidance refers to Q3 standalone EBITDA [25] Question 4: DFS Growth and Logistics Optimization [27] - DFS is expanding both online and offline credit use cases, with partnerships in Indonesia for SPayLater loans [28] - SPX Express is optimizing operations through scale, automation, and technology improvements [28] Question 5: Ad Take Rate Timeline and Gaming Momentum [31] - Ad take rate improvements are expected in the coming quarters, not years [32] - Free Fire's momentum is strong, with double-digit growth expected for 2024 [34] Question 6: Competition in Taiwan and Indonesia [40] - In Taiwan, the company is focusing on delivery speed and seller efficiency to maintain competitiveness [42] - In Indonesia, the company is less concerned about short-term subsidy fluctuations and focuses on medium-term trends [42] Question 7: DFS Margin Trends and Revenue Mix [43] - DFS margins are stable, with newer markets showing faster growth [44] - Long-term revenue mix may see a higher contribution from DFS due to GAAP revenue treatment for gaming [45] Question 8: Commission Take Rate and Free Fire Booking Growth [46] - Commission take rates are expected to remain below global peers, but ad take rates will drive overall improvements [47] - Free Fire booking growth remains strong, but the company is cautious about updating guidance [48]

Sea Limited (NYSE:SE), a Singapore-based company that owns the Shopee e-commerce site, is seeing its stock surge over 10% this morning after reporting earnings. Sea reported net income of $331 million, 54 cents per share fully diluted, on revenue of $3.1 billion for the three months ending in June. Shares were trading this morning at about $74, with a market capitalization of over $42.6 billion. So far in 2024, SE stock is up 92%. Shopee Wee! Analysts disagreed on the meaning of the numbers, but traders bid ...

Sea Limited's (SE) shares have surged 65.3% compared with the Zacks Internet - Software industry's growth of 9.7%. The rise in stock price reflects investors' confidence in SE's portfolio strength and cost management initiatives. Sea Limited is also focusing on enhancing its profits by raising commissions on merchants. According to a report by Bloomberg, it has increased approximately one-third in the commissions it charges merchants in several key markets since the beginning of the year. This will allow Se ...