Sea ($SE) announced 24Q4 ER

[monkeydluffy]

Highlights

• Revenue growth continues to accelerate (YoY: 22.80% → 22.97% → 30.76% → 37.51%).

• Profitability continues to improve on a GAAP Net Income basis. (GAAP Net Margin: (0.63%) → 2.1% → 3.54% → 4.79%)
  

  

• The Digital Financial Service segment was the biggest driver of acceleration. (growth YoY: 21.36% → 37.99% → 55.23%)
  

  

• The E-commerce segment remained strong. (growth YoY: 32.66% → 45.45% → 42.31%)
  

  
  
  
  

Some downsides

• E-commerce take rate stayed flat QoQ.
• The gaming segment is still dragging down the overall growth with booking shrinking 2.39% QoQ. It currently only accounts for ~10% of the total revenue.

Outlook (copied from Seeking Alpha AI)

• The company expects Shopee’s full-year GMV to grow around 20% in 2025, with continued profitability improvements. Management stated that improving service quality and operational efficiencies, particularly in logistics, will drive this growth.
• SeaMoney’s loan book is projected to grow meaningfully faster than Shopee’s GMV in 2025, with further SPayLater penetration both on and off Shopee in markets like Indonesia and the Philippines.
• Garena expects double-digit growth in bookings and user base for 2025, supported by the sustained popularity of Free Fire and new content collaborations.

Links

• Press release
• Slides

Long 5%

Luffy

[anthonyms]

Very nice write up Luffy. I’m happy to continue to hold SEA which like Shopify and other eCommerce plays has made an excellent come back post the 2022 Tech/SaaS crash.

They certainly managed to beat out Lazarda and stave off other newer China plays.

Also in addition - I’m seeing more and more Shopee food delivery across SEA including Malaysia, Vietnam and Singapore.

Ant