Sea, the Singapore-based gaming, e-commerce and payments company has quietly become the world’s best-performing large-cap stock, rising up 880% since going public.
Demand has surged during the pandemic due to their games such as Free Fire, which attracted 80 million daily active users in more than 130 markets. Its Shopee platform also overtook Alibaba’s Lazada to become the top online store in Southeast Asia (source: iPrice). This business accounts for more than 40% of Sea’s revenue in 2019, up 2.3% from 2017.
Sea is now the biggest company in Southeast Asia with its market value at $65 billion, overtaking PT Bank Central Asia. Revenue has also surged, jumping up 163% to $2.2 billion in 2019.
DBS Bank Ltd have downgraded their recommendation on Sea to sell in July as a result of Indonesia’s new tax regulations for cross-border transactions and because of the capital required to grow its payment platform.