Right, Sea Limited. (SE 16.35%). It had a day, didn’t it? Shares took a tumble – up to 26.8% at one point, settled down to a still-unpleasant 16.4% decline. Honestly, markets. So dramatic. I mean, they beat expectations on both revenue and earnings. But, you know, details. Always the details.
It’s this Monee thing, their fintech arm. Seems they’re throwing money at loans. Which, as anyone with a pulse knows, can be… problematic. And Garena, their gaming division, had a slightly wobbly quarter. Not bad, just… not the relentless upward trajectory everyone gets so obsessed with. It’s like, can’t a company just have a normal quarter? Is that too much to ask?
Look, the stock’s already been halved from its peak. Halved! That’s… a significant haircut. Which, as a value investor – yes, I’m one of those people – makes me sit up and pay attention. Because when everyone else is panicking, that’s usually when the good deals are hiding.
Sea’s Growth: Sterling, But With a Side of Anxiety
Okay, let’s break it down. Q4 revenue up 38.4% to $6.85 billion. Earnings per share up 61.5% to $0.63. Numbers that, on paper, should be making everyone cheer. But, of course, it’s never that simple, is it? We have to dissect each division. It’s exhausting, frankly.
Shopee, their e-commerce arm, grew revenue by 35.8%. But EBITDA growth? Only 33%. They’re increasing seller take rates, which is… fine, I guess. But it doesn’t exactly scream “rocket ship.”
Then there’s Monee. They’re really leaning into the loan business. Loan book up over 80% to $9.2 billion. Revenue surged 54.3%. But provisions for credit losses? Up 66.7%. That’s… a lot. It’s like they’re saying, “We’re confident in these loans… but also, maybe not.” Which, as a human being, I can relate to.
Garena, thankfully, is still doing alright. Bookings up 23.8%, EBITDA up 25.5%. Margins are expanding, which is nice. But users are down quarter-over-quarter. And bookings too. Is this a trend? Who knows. Honestly, predicting the future is a fool’s errand. I should know.
But Maybe, Just Maybe…
Everyone’s getting their knickers in a twist about margin compression. Fine, margins are down. But sometimes, you have to spend money to make money. Shopee’s aggressively expanding its VIP program. It’s a long-term play. Trying to build loyalty. It’s… almost touching, really.
And Monee, they’re talking about AI-assisted underwriting. Apparently, robots are going to decide who gets a loan. Sounds terrifying, but also… efficient? They say it’ll let them expand to more customers. A higher provision for credit losses seems prudent, given the circumstances. You know, covering their… assets.
Garena’s full-year bookings growth was actually pretty good. And the CEO, Forrest Li, still expects double-digit bookings growth in 2026. Optimistic, perhaps. But I appreciate the enthusiasm. I could use some.
Honestly, I think today’s sell-off was a bit overdone. Especially considering the beating the stock has already taken. If you’re an e-commerce investor, this might be a decent opportunity to buy the dip. Just… don’t blame me if it goes south. I’m just a woman, standing before a stock chart, asking you to trust my gut. Which, admittedly, has been wrong before. Several times.
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2026-03-04 00:12