Sea Limited

New York Stock Exchange-listed Singapore-founded technology business focused on Southeast Asia with leading positions in ecommerce, fintech, and gaming.

"Sea signalled continued investment in its platform to capitalise on robust growth momentum across its ecommerce and fintech verticals, both structurally underpenetrated in Southeast Asia. The market interpreted this as an earnings headwind; we view it as precisely the right long-term decision by a management team with a demonstrated track record of disciplined capital allocation. Ecommerce penetration in Sea's core markets remains low, and its fintech business has decades of structural growth ahead of it."