TIP816: Sea Limited (SE): Can Sea Limited 10x Again? w/ Daniel Mahncke & Shawn O’Malley
Daniel Mahncke and Shawn O'Malley take a deep dive into Sea Limited — the largest Southeast Asian marketplace whose investment case now turns on two of the most debated questions in the stock today: whether Shopee's dominance across Southeast Asia can hold up against TikTok Shop without margins being structurally capped near current levels, and whether Sea's expansion into Brazil, head-to-head with Mercado Libre, is the next leg of the story or a costly distraction from the markets where the company already wins.
IN THIS EPISODE YOU’LL LEARN: (00:00:00) Intro (00:02:36) How Sea Limited was founded (00:06:39) Which business units belong to Sea Limited (00:11:48) How a gaming business is funding Shopee and Monee (00:16:54) How Monee compares to Mercado Libre's Mercado Pago (00:42:32) Why Shopee has become the largest e-commerce company in SEA (01:19:22) How Sea Limited’s moat looks like (01:28:17) Why Sea Limited is so strong in Brazil (01:34:22) Valuation discussion of SE (01:35:51) Intrinsic value of SE (01:36:39) Whether Shawn and Daniel add SE to the Intrinsic Value Portfolio
BOOKS AND RESOURCES
- Join the exclusive TIP Mastermind Community.
- Track The Intrinsic Value Portfolio.
- Norges Bank Interview with SE CEO.
- Jimmy’s Journal's Article on SEA.
- RS Capital Deep Dive on SEA.
- Hayden Capital Interview with Drew Cohen.
- Hayden Capital Shareholder Letter.
- Previous Intrinsic Value breakdowns: Mercado Libre, Coupang, Amazon.
- Follow Shawn on X and Linkedin.
- Follow Daniel on X and Linkedin.
- Related books mentioned in the podcast.
- Ad-free episodes on our Premium Feed.
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