More than 5 years of experience in equity analysis in LatAm. We provide our clients with in-depth research and insights to help them make informed investment decisions.Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relat ...

Harbour Energy plc (HBRIY) , a U.K.-based oil and gas firm, has announced a successful gas discovery in the Norwegian Sea. The discovery was made while drilling an appraisal well, identified as 6507/4-5 S, using the Transocean Norge drillship. The gas discovery was confirmed in the production license 211 CS, situated approximately 270 kilometers north of Kristiansund.Notably, in the Lange Formation (Sabina), the preliminary estimates suggest that the size of the discovery lies in the range of 2.7-6.2 millio ...

Company Overview - Sea Limited is a Singapore-based company serving the Southeast Asian market across three business segments: e-commerce, digital entertainment (gaming), and digital financial services [1] - The company's stock has surged 195% in 2024 due to improving economic conditions and accelerating revenue growth, though it remains 68% below its all-time high set in 2021 [2] E-commerce Segment - E-commerce is Sea Limited's largest revenue source, driven by the Shopee platform which processed over 2.8 billion orders in Q3 2024 [4] - The company is improving Shopee's logistics efficiency, with 50% of orders in Asia delivered within two days or less in Q3 2024, while reducing costs per order [5] - Shopee synergizes with SeaMoney, which provides buy now, pay later loans and seller financing, ending Q3 with $4.6 billion in loans outstanding, up 73% year-over-year, and 24 million active users [6] Digital Entertainment Segment - The digital entertainment segment, led by Garena's Free Fire, was the most downloaded mobile game globally in Q3 2024, averaging over 100 million daily active users [7] - The segment served 628.5 million users in Q3 2024, a 15% increase year-over-year, though it has struggled post-pandemic with a 46% decline in paying users from its peak [7][8] - Metrics have stabilized over the past year, with investors looking for a return to consistent growth [9] Financial Performance - Sea Limited generated $4.3 billion in revenue in Q3 2024, a 30.8% year-over-year increase, marking the fastest growth rate in two-and-a-half years [10] - E-commerce revenue surged 42.6% to $3.2 billion, while digital financial services revenue grew 38% to $615.7 million, offset by a 16% decline in digital entertainment revenue to $497.8 million [11] - Operating expenses increased by only 5.7%, with marketing costs shrinking 4.3%, leading to net income of $153.3 million, a significant improvement from a $143.9 million net loss in the same quarter last year [12][13] Valuation and Growth Potential - Sea Limited's stock is trading at a P/S ratio of 4.4, a 53% discount to its average P/S ratio of 9.5 since its IPO in 2017 [15][16] - The company has $9.9 billion in cash and equivalents with minimal debt, providing flexibility to ramp up spending in marketing and R&D, potentially accelerating revenue growth further [18] - The stock could double in 2025 if revenue growth continues to accelerate, aligning its P/S ratio with historical averages [17][19]

Equinor ASA (EQNR) recently made a new oil and gas discovery in the Norwegian North Sea. The discovery was made within the Rhombi prospect, which lies in the production license (PL) 090. The Norwegian energy company has drilled an exploration well and a sidetrack at water depths of 355 meters in the Rhombi prospect, approximately 10 kilometers north of the Troll field in the North Sea.Hydrocarbon Discovery and Estimated ReservesThe Norwegian Offshore Directorate (“NOD”) has confirmed that both wells have en ...

The past five years have been a roller coaster for Southeast Asian super-app Sea Limited (SE -0.38%). After its e-commerce, digital financial services, and video game businesses all boomed during the pandemic, the post-pandemic hangover and rise in interest rates caused the stock to plunge some 90% from its highs.While some investors might have cast off this name, shares are now up roughly 160% this year but still about 70% below their all-time highs. With Sea's businesses finally back on a profitable growt ...

Investment Rating - Maintains a "Buy" rating with a target price raised to $125 [7][9] Core Views - Sea's 3Q24 revenue reached $4.33 billion, up 30.8% YoY, surpassing market expectations by 6.4% [5] - Adjusted EBITDA for 3Q24 was $520 million, exceeding market expectations by 8.4% [5] - Adjusted net profit for 3Q24 was $330 million, 6.2% above market expectations [5] E-commerce Business - E-commerce revenue in 3Q24 was $3.18 billion, up 43% YoY, with core market revenue growing 49% and value-added services revenue up 29% [5] - GMV increased 25% YoY to $25.1 billion, with total orders up 24% to 2.8 billion [5] - Adjusted EBITDA for e-commerce turned positive at $34.5 million, with $30.9 million from Asia and $3.5 million from other markets [5] - The company maintains its full-year GMV growth guidance of around 25% [5] Digital Financial Services - Digital financial services revenue in 3Q24 was $620 million, up 38% YoY, driven by consumer and SME lending [6] - Loan principal increased 73% YoY to $4.6 billion, with a non-performing loan ratio improving to 1.2% [6] - Adjusted EBITDA for digital financial services was $190 million, up 13% YoY [6] Digital Entertainment - Digital entertainment revenue in 3Q24 was $500 million, down 16% YoY due to deferred revenue, but game revenue grew 24% YoY to $560 million [6] - Quarterly active users increased 16% YoY, and quarterly paying users grew 24% [6] - Adjusted EBITDA for digital entertainment was $310 million, up 34% YoY [6] - Free Fire remained the top-downloaded mobile game globally in 3Q24, with daily active users exceeding 100 million [6] Financial Projections - Revenue forecasts for 2024E and 2025E were raised to $16.3 billion and $18.9 billion, respectively [7] - Adjusted net profit for 2024E and 2025E is projected at $1.09 billion and $1.73 billion, respectively [8] - Adjusted target P/E ratios for 2024E, 2025E, and 2026E are 69.0x, 43.5x, and 31.9x, respectively [8] Valuation and Market Performance - The current stock price is $107.65, with a 52-week range of $34.35 to $117.52 [9] - The total market capitalization stands at $61.61 billion [9] - The stock has shown significant outperformance relative to the S&P 500 index over the past year [9]

Sea Limited (SE) reported adjusted earnings of 54 cents per share in the third quarter of 2024, missing the Zacks Consensus Estimate by 8.47%. It had posted earnings of 6 cents in the year-ago quarter. SE's earnings lagged the Zacks Consensus Estimate in the trailing four quarters, the average negative earnings surprise being 55.54%. Find the latest EPS estimates and surprises on Zacks Earnings Calendar. Revenues of $4.3 billion increased 30.8% on a year-over-year basis, beating the Zacks Consensus Estimate ...

New Shows, Holiday Parties, Tree Lighting, Seasonal Entertainment All Part of New Holidays at Sea Program Aboard Conde Nast Traveler's #1 Mega Cruise ShipNewly Launched "ArtBeat a Happy Heart by Britto" Adds to Entertainment LineupFT. LAUDERDALE, Fla., Nov. 13, 2024 /PRNewswire/ -- The newly launched Sun Princess brings an exciting lineup of first-ever holiday experiences to the high seas, transforming its decks into a festive paradise for the season. As the latest and most impressive addition to the Prince ...

证券研究报告 | 2024年11月13日 SEA（SE.N） 优于大市 2024Q3 点评：收入利润表现亮眼，电商利润转正 电商业务带动收入利润表现亮眼。收入端看，2024Q3 公司收入 43 亿美元， 同比增长 31%，增长主要来自电商业务和数字金融业务，部分被游戏业 务收入下滑抵消。利润端看，本季度公司实现净利润 1.53 美元，净利率 4%。电商/游戏/数字金融业务 2024Q3 经调整 EBITDA 利润率分别为 1%/63%/31% （ 去 年 同 期 分 别 为 -16%/40%/37% ， 2024Q2 分 别 为 -0.3%/70%/32%）。 电商业务：电商竞争格局稳定，GMV 同比+25%，利润转正。本季度电商业务 营收 32 亿美元，同比+43%，收入增速环比提升，我们认为主要与东南 亚电商竞争放缓、货币化率持续提升有关，其中核心市场收入增速 49%， 物流相关增值收入增速+29%；本季度电商经调整 EBITDA 为 3400 万美元， 经调 EBITDA 利润率 1.1%，利润转正。 游戏业务：游戏利润率大幅提升，流水增速环比提升。本季度游戏业务收 入 5.0 亿美元，同比减少 16% ...

The recent rally in the stock market to all-time highs isn't just restricted to U.S. stocks. Overseas companies are also shattering records and delivering impressive results so far in the Q3 earnings season, with one notable recent winner being Sea ( With combined experience of covering technology companies on Wall Street and working in Silicon Valley, and serving as an outside adviser to several seed-round startups, Gary Alexander has exposure to many of the themes shaping the industry today. He has been a ...