| Account | Shares | Price | Value | % of acct | Cost/sh | Gain $ | Gain % | Target |
|---|---|---|---|---|---|---|---|---|
| 401K | 5 | $113.50 | $568 | 0.02% | $87.50 | $130 | +29.7% | — |
| HSA | 19 | $112.81 | $2,143 | 1.99% | $97.24 | $296 | +16.0% | — |
| Total | 24 | $2,711 | 0.06% | $426 | +18.6% | — |
In short: Q&A: still an adder at $100, sized small until Q3. Asked about a 30% drop from $130 after a Q2 revenue miss and insider sales: "I have added to SE as you know this year. I think that the earnings were a slight disappointment. But the company is still one of the strongest gaming and e-commerce growers. Around $100 a share… with 5 billion of expected EBITDA in 2027, it's trading at about 11 times EBITDA for a business that's growing 30 to 40% a year… 4.4 billion divided by a $62 billion market cap is a pretty healthy 7% free cash flow yield for a business growing this quickly. I still think the company is cheap. I wouldn't make it a very big position yet because… it still will be volatile… I will continue to add to the stock at 100 and under 100. It's probably one of the cheapest growth stocks of its size." Closing caveat: "you need the company to actually beat in Q3 for it to start inflecting above 120."
Sea Limited is a Singapore-based company that owns Garena (video games), Shopee (the leading online shopping platform in Southeast Asia) and a digital-payments arm. Its shares have fallen about 30%, from $130 to $100, after a quarter in which sales came in slightly below expectations and some executives sold stock.
Singh has been buying this year and still would at $100 or below. At that price the company is valued at about 11 times next year's expected operating earnings, and it produces around $4.4 billion of free cash a year — about 7% of its stock market value — while growing 30-40% a year. That is an unusually low price for that much growth. He keeps the position small because the shares are volatile and investors will want to see growth pick up again in the next quarterly report before the price recovers above $120.
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In short: Shopee monetizes. Q2 revenue +48% Y/Y to $7.8B (a $690M beat); GAAP EPS $0.70 missed by $0.06 but shares initially jumped ~12% on all three engines growing. Shopee GMV +28% to a record $38.3B while revenue grew far faster at +49% — the take rate climbed to 14.6% from 12.6% a year ago on higher seller fees and advertising up more than 70%, with core marketplace revenue +66% and the FY26 Shopee adjusted-EBITDA target raised to $1B. Monee is the fastest-growing engine (revenue +59% to $1.4B, loan book +63% to $11.1B, 90-day NPLs just 1.0%) but its adjusted EBITDA rose only 13%, margin down to ~21% from 29%, as marketing and credit-loss provisions scale; Garena revenue +34%. The catch: group adjusted EBITDA rose just 11% and consolidated margin fell to ~12% from 16%. Bottom Line: "The next step is showing that the infrastructure Sea is building can eventually turn this extraordinary top-line growth into operating leverage." A disclosed author holding.
Sea runs three businesses across South-East Asia: Shopee (online marketplace), Monee (consumer lending) and Garena (games, best known for Free Fire). The number that matters this quarter is the gap between two growth rates: the value of goods sold through Shopee rose 28%, but Shopee's own revenue rose 49%.
That gap is the "take rate" — the slice of every transaction Sea keeps, which climbed from 12.6% to 14.6% via higher seller fees and advertising growing more than 70%. Marketplaces are usually valued on how much of the volume they can eventually capture, so proving the take rate can rise without killing volume is the single most valuable thing Shopee can demonstrate.
The offsetting worry: profit isn't following. Group EBITDA (a rough proxy for operating profit) rose only 11% and the margin fell to about 12% from 16%, partly because the fast-growing lending arm carries heavy marketing and loan-loss provisions. So Sea is proving it can monetize while not yet proving it can turn that into operating leverage — profits growing faster than revenue as scale kicks in.
In short: "On Tuesday, the name we own, SE, or Sea Limited, is reporting. Great company. We published a model on it." A core portfolio long into the print; he also flags China as "overdue for a stimulus announcement," which would help the whole South-East-Asian/Chinese consumer complex.
Sea runs e-commerce, gaming and payments across South-East Asia. It is a core position and reports Tuesday; SSR has published its own financial model on the company to subscribers. A related tailwind he flags in the same breath: he believes China is "overdue for a stimulus announcement," which would lift the whole regional consumer complex.
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In short: Reaffirmed after last week's SOTP snapshot: Druckenmiller added to it ("because he's the GOAT," per a 13F a couple months old) — a nod to the same cheap-conglomerate thesis (Garena + Shopee + Sea Money) Singh laid out at ~$91.
Sea is the Southeast-Asian internet conglomerate Singh laid out last week — a video-game arm (Garena), the region's biggest online-shopping platform (Shopee), and a digital-payments business — that he argued was extremely cheap around $91. This week the news is simply that Stanley Druckenmiller, one of the most respected investors alive, added to the same stock. It's a confidence signal, not new analysis (his disclosure is a couple of months old), but worth noting when "the GOAT" is buying the name you already like.
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In short: "Never been as cheap as today" — a SOTP attributes ~$29/sh Garena (gaming), ~$134 e-commerce (Shopee ASEAN+TW $116 / LatAm $18), ~$42 Sea Money, less a ~$33 holdco discount on 638M shares → ~$187 vs ~$91 (~105% upside), more if a Shopee margin-expansion "trick" triples EBIT. New AI companion "Migoo" could funnel intent into Shopee/Monee and cut the AI-disintermediation overhang. ~$10B net cash (>20% of cap), 19%/yr growth to 2030, EBITDA +40%/yr.
Sea Limited is a Southeast-Asian internet conglomerate: a video-game business (Garena), the region's dominant online shopping platform (Shopee), and a digital-payments arm (Sea Money / Monee). Singh says it has "never been as cheap" as today after a selloff driven by fears of TikTok shopping and AI eating into its business.
Adding up the three parts separately and subtracting a discount for being a holding company, he gets roughly $187 a share versus about $91 today — around 105% upside — and potentially much more if Shopee can raise prices the way Amazon did over time. A new free AI assistant, "Migoo," is meant to keep users inside Sea's apps. It has ~$10 billion of cash (over a fifth of its value), no debt, and is still growing ~19% a year.
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In short: Valuation benchmark — named with Amazon and MercadoLibre as the comparable-stage platforms whose EV/sales multiples dwarf Coupang's, underscoring the discount. A peer-set comparison, not a call on SE.
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