Sea is one of the cleanest emerging market multibaggers hiding in plain sight. Free cash flow inflected hard in 2024 once the Garena drag faded, and Shopee logistics density in Indonesia is now a real moat. Curious what your read is on the SeaMoney loan book risk.
Awesome work! The review was excellent and goes really deep in the details. Thank you!
Thanks for the feedback 🙏
Sea is one of the cleanest emerging market multibaggers hiding in plain sight. Free cash flow inflected hard in 2024 once the Garena drag faded, and Shopee logistics density in Indonesia is now a real moat. Curious what your read is on the SeaMoney loan book risk.
I discuss it in the article, the NPL ratio is very low.