United States - Institutional
Having been in the "loss-making" categorisation of our global emerging markets equity portfolio from the time it was first bought, SEA has now graduated into the profitable camp with all divisions making a positive EBITDA (Earnings Before Interest, Tax, Depreciation & Amortisation) contribution and net income being positive for the last three quarters as well as for 2024 as a whole. For 2025, SEA management has guided to around 20% growth in Gross Merchandise Value (GMV) in ecommerce, and after some time of heavy pressure in their Digital Entertainment (gaming) business (the cash cow that has funded all their other ventures), they have guided to double-digit revenue growth there.
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