Thanks for the update! Very strong results indeed.
Looks like there is a typo in the summary: gross orders growth is 24% yoy, not 40%.
What is a bit concerning is the yoy growth in G&A. I hope they don't become complacent again on the back of strong results and will not engage in excessive spending.
Also, 90+ NPLs may be non-meaningful given the short duration of the loans ("several months"). I'm not sure why they are not disclosing say 30+ NPLs. In addition to that, given the 70%+ yoy loan book growth, 90+ NPLs should naturally go down as there are lots of "fresh" loans that haven't had a chance to become non-performing yet.
Good catch on the gross orders; I've fixed that now.
I don't think we'll see them return to excessive cash burn—it's clear from listening to management that the focus is on profitable growth.
There's no requirement to disclose those NPL metrics, and given how immaterial Sea Money has been to overall results, the disclosures are still fairly basic. As Sea Money becomes more significant to the Group's overall results, I expect they'll start to increase their disclosures.
Thank you v much. Great work
Thank you for the feedback 👍
Thanks for the update! Very strong results indeed.
Looks like there is a typo in the summary: gross orders growth is 24% yoy, not 40%.
What is a bit concerning is the yoy growth in G&A. I hope they don't become complacent again on the back of strong results and will not engage in excessive spending.
Also, 90+ NPLs may be non-meaningful given the short duration of the loans ("several months"). I'm not sure why they are not disclosing say 30+ NPLs. In addition to that, given the 70%+ yoy loan book growth, 90+ NPLs should naturally go down as there are lots of "fresh" loans that haven't had a chance to become non-performing yet.
Good catch on the gross orders; I've fixed that now.
I don't think we'll see them return to excessive cash burn—it's clear from listening to management that the focus is on profitable growth.
There's no requirement to disclose those NPL metrics, and given how immaterial Sea Money has been to overall results, the disclosures are still fairly basic. As Sea Money becomes more significant to the Group's overall results, I expect they'll start to increase their disclosures.
Thanks for this
You’re welcome 👍