Daniel Mahncke and Shawn O'Malley take a deep dive into Sea Limited — the largest Southeast Asian marketplace whose investment case now turns on two of the most debated questions in the stock today: whether Shopee's dominance across Southeast Asia can hold up against TikTok Shop without margins being structurally capped near current levels, and whether Sea's expansion into Brazil, head-to-head with Mercado Libre, is the next leg of the story or a costly distraction from the markets where the company already wins.
IN THIS EPISODE YOU’LL LEARN:
(00:00:00) Intro
(00:02:36) How Sea Limited was founded
(00:06:39) Which business units belong to Sea Limited
(00:11:48) How a gaming business is funding Shopee and Monee
(00:16:54) How Monee compares to Mercado Libre's Mercado Pago
(00:42:32) Why Shopee has become the largest e-commerce company in SEA
(01:19:22) How Sea Limited’s moat looks like
(01:28:17) Why Sea Limited is so strong in Brazil
(01:34:22) Valuation discussion of SE
(01:35:51) Intrinsic value of SE
(01:36:39) Whether Shawn and Daniel add SE to the Intrinsic Value Portfolio
BOOKS AND RESOURCES
Join the exclusive TIP Mastermind Community.
Track The Intrinsic Value Portfolio.
Norges Bank Interview with SE CEO.
Jimmy’s Journal's Article on SEA.
RS Capital Deep Dive on SEA.
Hayden Capital Interview with Drew Cohen.
Hayden Capital Shareholder Letter.
Previous Intrinsic Value breakdowns: Mercado Libre, Coupang, Amazon.
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Related books mentioned in the podcast.
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