T. H. Data Flash - Sea Limited – August & 3Q21E: Solid Operating Metrics In 3Q21; Regional Expansion Beyond SE Asia Leads To Higher GMV
We are positive on SE’s 3Q21E performance. SE continues to its efforts on regional expansion. After entering Taiwan and some Latin American countries, it is now entering Poland and India. We believe these expansion efforts are likely to bring higher GMV growth on an ongoing basis for its e-commerce business. In addition to the expansion, the company is expanding into new areas. For example, it is about to launch a short video APP, directly competing with TikTok in SEA markets. For its existing business in SA region, data shows that it is continuing to take more market shares from its local peers and doing well in the region.
T.H. Capital is an independent research and investment advisory firm specializing in China. We offers real-time, on-the-ground, bottom-up research across a wide spectrum from macro and industry analysis to company specific projects; from China ADRs to international names that have meaningful exposure to China market. We deliver relevant, comprehensive and data driven research adding immense value to clients.
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