TIVP072 (Video): 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 (00:02:29) How Sea Limited was founded (00:06:35) Which business units belong to Sea Limited (00:10:37) How a gaming business is funding Shopee and Monee (00:16:55) How Monee compared to Mercado Libre’s Mercado Pago (00:40:22) Why Shopee has become the largest e-commerce company in SEA (01:13:45) How Sea Limited’s moat looks like (01:22:47) Why Sea Limited is so strong in Brazil (01:28:58) Valuation discussion of SE (01:30:53) Intrinsic value of SE (01:31:37) Whether Shawn and Daniel add SE to the Intrinsic Value Portfolio

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

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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: Uber, Nike, Reddit, Nintendo, Airbnb, AutoZone, Alphabet, Ulta, John Deere, and Madison Square Garden Sports.

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