TIP816: Sea Limited (SE): Can Sea Limited 10x Again? w/ Daniel Mahncke & Shawn O’Malley
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You're listening to TIP. Well, we have been on quite a journey together, Daniel, studying e-commerce giants around the world. We covered Amazon, which became one of our largest portfolio positions, and then we talked about Kupang, the so-called Amazon of South Korea. And more recently, we deep dived into Mercado Libre, the dominant e-commerce and fintech platform across Latin America.
And that also found its way into our portfolio. So it's safe to say we appreciate the business models built around dominant e-commerce platforms and really the economies of scale that can come with that. And so today we are heading somewhere that most Western investors don't spend as much time. And that is the seven countries in Southeast Asia plus Taiwan, an area with a combined population of around 700 million people, a median age, just in the mid-20s, rapidly growing smartphone penetration, and e-commerce adoption that's still very much in the early innings compared to the rest of the world.
So The long-term tailwinds here might actually be even more compelling than with Mercado Libre in Latin America, where we thought that these tailwinds were already very powerful in their own right. And so without further ado, the company we are discussing today is C Limited, which trades under the New York Stock Exchange under the ticker SE. I certainly look forward to today's episode. For one, because I'm pretty bullish on Meli, as you and the audience know, and also because C Limited is not only a big competitor in Brazil through its own marketplace called Shopee, but also because C Limited as a company itself, right, is just an incredible business that certainly deserves an episode on its own and one similarity.
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