TMT Series #6: Sea Limited, weak operating fundamentals will continue to plague the company going ahead

In 2020 and 2021, Sea Limited (SE) was the darling of the growth community. From the outside, the company checked all the boxes; explosive growth, big name investors and a CEO who went on to get an MBA from Stanford before launching the company. Everything Wall Street and Silicon Valley approve of.

My fundamental research has, however, revealed that SE is unlikely to keep up with these lofty expectations in both key businesses of gaming and e-commerce in the future. Let’s find out why: