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RegExp("[?&]notifications=1(&|#|$)");"desktop"===y&&i&&b.test(window.location.search)&&(i.checked=!0)};ge("ybar-mod-notification",(function(e){var t={isUH3:"crunch"===e.getConfig().ytheme,notifContainer:document.getElementById("notification-container"),notifBadge:document.getElementById("notif-badge"),notifMenu:document.getElementById("ybarNotificationMenu"),notifMenuOpener:document.querySelector("#ybarNotificationMenu + label"),notifDropdown:document.getElementById("notifDropdownContainer"),tooltipContainer:document.querySelector(".".concat($n)),notifLabel:document.querySelector(".".concat(Xn))};t.notifDropdown&&so(e,t)}))}()}};]]>Ricardo PillaiThu, March 5, 2026 at 6:45 PM GMT+1 3 min readWe came across a bullish thesis on Sea Limited on GabGrowth’s Substack. In this article, we will summarize the bulls’ thesis on SE. Sea Limited's share was trading at $88.26 as of March 4th. SE’s trailing and forward P/E were 45.94 and 27.25 respectively according to Yahoo Finance.Caesars Entertainment (CZR): JPMorgan Highlights Digital Segment for Earnings Potential Amid Gaming Sector Negativitymagicinfoto / Shutterstock.comSea Limited, through its subsidiaries, operates as a consumer internet company in Southeast Asia, Latin America, the rest of Asia, and internationally. SE is currently experiencing a 38% drawdown from its September 2025 high, prompting concerns about Shopee, its core e-commerce business that drives 72% of revenues.Despite a dip in operating profits over the past two quarters, this decline is not indicative of a repeat of the COVID-era shock. During the pandemic, Sea benefited from artificially elevated demand and engagement, which normalized post-2023, requiring the company to pivot toward profitability through marketing cuts and operational optimization.In contrast, the 2025 dip reflects deliberate reinvestment into logistics, fulfillment, seller incentives, and expansion in Brazil, underpinned by strong unit economics and sustainable profitability. Shopee’s competitive position is further reinforced against TikTok Shop, which, although growing rapidly and doubling its GMV in Southeast Asia, still trails Shopee in order and parcel volumes. Shopee’s advantages lie in search intent-driven purchases, which foster repeat behavior; proprietary logistics through SPX Express, ensuring operational control and cost stability; and a broader product assortment catering to high-value categories, unlike TikTok Shop’s content-led, impulse-focused platform.Additionally, Shopee is strategically layering social commerce capabilities through partnerships with YouTube and Meta, enhancing discovery without undermining its transactional moat. These structural advantages suggest that Shopee remains the default platform for everyday e-commerce in the region, and TikTok Shop, while competitive in niche verticals, is unlikely to displace it. Overall, the drawdown appears driven more by sentiment than fundamentals, with the company positioned to sustain growth and profitability, making the current stock price an attractive entry point for long-term investors.Previously, we covered a bullish thesis on Sea Limited (SE) by Global Equity Briefing in May 2025, which highlighted Shopee’s scale advantages, SPX Express logistics, cross-platform synergies with Garena and Monee, and strong revenue and net income growth. SE’s stock price has depreciated by approximately 46.2% since our coverage slowing growth in digital entertainment and broad decline in Asian markets. GabGrowth shares a similar view but emphasizes that recent margin dips reflect deliberate reinvestments, not a repeat of COVID-era shocks.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P 5006,780.09 -89.41 (-1.30%)Dow 3047,771.99 -967.42 (-1.98%)Nasdaq22,533.89 -273.60 (-1.20%)Russell 20002,565.37 -70.65 (-2.68%)VIX24.75 +3.60 (+17.10%)Gold5,073.90 -60.80 (-1.18%)Trending tickersTTD The Trade Desk, Inc. 29.60 +4.42 (+17.58%)AVGO Broadcom Inc. 329.52 +11.99 (+3.78%)GXAI Gaxos.ai Inc. 1.9200 +0.6800 (+54.84%)AAL American Airlines Group Inc. 11.56 -0.90 (-7.22%)CIEN Ciena Corporation 279.39 -64.16 (-18.68%)PortfolioSign in to access your portfolioSign inTop gainersTNGX Tango Therapeutics, Inc. 15.30 +2.95 (+23.88%)TTD The Trade Desk, Inc. 29.63 +4.46 (+17.72%)RTO Rentokil Initial plc 32.00 +3.25 (+11.30%)EXPE Expedia Group, Inc. 245.02 +23.76 (+10.74%)OKTA Okta, Inc. 78.76 +7.02 (+9.79%)Top losersCIEN Ciena Corporation 279.24 -64.31 (-18.72%)IESC IES Holdings, Inc. 413.14 -74.63 (-15.30%)VSCO Victoria's Secret & Co. 50.75 -9.26 (-15.43%)AEO American Eagle Outfitters, Inc. 19.31 -3.14 (-13.99%)HYMC Hycroft Mining Holding Corporation 41.09 -6.58 (-13.79%)Most activeNVDA NVIDIA Corporation 178.97 -4.07 (-2.22%)AAL American Airlines Group Inc. 11.56 -0.90 (-7.26%)PLUG Plug Power Inc. 2.2450 -0.2350 (-9.48%)TTD The Trade Desk, Inc. 29.63 +4.46 (+17.72%)ONDS Ondas Inc. 10.10 -0.41 (-3.95%)Top economic eventsEarnings eventsMy earnings eventsEarnings events