Professional
Added to YB: 2026-02-26
Pitch date: 2026-02-25
SE [neutral]
Sea Limited
Author Info
Hayden Capital is an investment firm that follows a research-intensive, concentrated strategy. We travel the world, seeking to invest in growing businesses run by world-class founders. Sign up for the newsletter.
Company Info
Sea Limited, through its subsidiaries, operates as a consumer internet company in Southeast Asia, Latin America, the rest of Asia, and internationally.
Market Cap
$65.9B
Pitch Price
N/A
Price Target
N/A
Dividend
N/A
EV/EBITDA
28.03
P/E
48.48
EV/Sales
2.87
Sector
Broadline Retail
Category
growth
Hayden Capital Portfolio Holding: Sea Limited
SE (holding update): Alt data shows TikTok Shop GMV growth slowed from +70% to +30% YOY in SEA, barely above Shopee's +25%; Indonesia market share flat. J&T's +74% parcel growth misleading—driven by market share gains & new non-platform biz, not TikTok dominance. Shopee's margin compression to 0.7% of GMV (vs Street's 1.2%) appears offensive reinvestment during competitor weakness, not defensive. Trading 7x 2028 EV/EBITDA with +30% EBITDA growth.
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