Sea Limited (SE): Can Sea Limited 10x again?

We looked at Mallalo Libra which has turned into one of my favorite ideas and today we look at a company that is its biggest competitor. It's actually down 50% from recent highs and that's a point to make that this is a potential multibagger if it works out for you.

Well, so this is a company that is at $370 per share. So with it now trading below $90, you certainly have to ask the question of whether this is a fantastic opportunity or a value trap.

It's also AI resistant. So we don't have to worry about the disruption this time. We've kind of had enough of that with all the SAS companies that we've looked at.

Well, we have been on quite a journey together, Daniel, studying e-commerce giants around the world. We covered Amazon, which became one of our largest portfolio positions, and then we talked about Coupang, the so-called Amazon of South Korea. And more recently, we deep dived into Marcato Libre, the dominant e-commerce and fintech platform across Latin America.

And that also found its way into our portfolio. So, it's safe to say we appreciate the business models built around dominant e-commerce platforms and really the economies of scale that can come with that. And so today we are heading somewhere that most Western investors don't spend as much time and that is these seven countries in Southeast Asia plus Taiwan.

An area with a combined population of around 700 million people a median age just in the mid20s rapidly growing smartphone penetration and e-commerce adoption that's still very much in the early innings compared to the rest of the world. So the long-term tailwinds here might actually be even more compelling than with Marcato Libre in Latin America where we thought that these tailwinds were already very powerful in their own right.