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Sea Limited: Beware The Illusions Of Growth​

Dec. 19, 2021 7:24 AM ET
Sea Limited (SE)BABA, BABAF, GRAB, GRABW, MELI, TCEHY, TCTZF57

Summary​

  • Sea Limited has been one of the top sought-after pandemic plays. Both of its two engines - gaming and e-commerce - are key beneficiaries of the COVID-19 measures.
  • The uniqueness of SE, the ability to leverage its cash cow gaming unit to grow new businesses, has seen investors flocking to it. But these dynamics have changed.
  • The e-commerce unit's EBITDA is getting more negative by the quarter amid a shrinking GMV per order trend.
  • The profit from Garena is already unable to cover the losses from the other units in the past quarters. If Garena falters, the ability to "subsidize" the e-commerce and fintech arms would diminish further.
  • Analysts are projecting a persistent revenue growth slowdown in the coming quarters and years.
 

Wales may switch its Rugby Union games from Cardiff to Tottenham's stadium in Feb/March


Six Nations titleholders Wales are scheduled to host Scotland (Feb. 12), France (March 11) and Italy (March 19) during this year's tournament, but crowds at sporting events are currently outlawed in the country.


The recent spread of the Omicron variant has caused new complications after the Principality Stadium in Cardiff welcomed back capacity crowds this past autumn, however.

It's suggested the Welsh Rugby Union missed out on just shy of £14million after last year's home Six Nations fixtures against Ireland and England had to be played without fans in attendance.

Moving games across the Severn Bridge to England would represent organisational challenges and a quandary in how to divide revenue from said matches, but it could be preferable to having no crowds at all.
 

Wales may switch its Rugby Union games from Cardiff to Tottenham's stadium in Feb/March

Great stuff. This ground is coming into its own now. We earned an extra million when BT covered Palace game at short notice after their Liverpool game was called off. Only happened because all the wiring etc is built in at the ground.
5 nights of Adele in the summer will do nicely.
 
Great stuff. This ground is coming into its own now. We earned an extra million when BT covered Palace game at short notice after their Liverpool game was called off. Only happened because all the wiring etc is built in at the ground.
5 nights of Adele in the summer will do nicely.
Only if she re-titles her album 3-0.
:sonpoint:
 
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