T. H. Data Flash - Sea Limited – March & 1Q20E: International Cross Border E-commerce Was Under Pressure On Both The Merchant And Consumer Side Due To The Outbreak
We are cautious on SE’s e-commerce performance during the COVID-19 outbreak. The impact to e-commerce, particularly to cross boarder e-commerce, is significant. Most countries in Southeast Asia experienced lockdowns, which caused delays in logistics including merchant supplies and customer order deliveries. Many sellers on SE’s platform are from mainland China. Beside the supply side, the outbreak also caused changes in consumer shopping preferences from fashion & apparel and mobile gadgets to most necessities. Based on our data, we believe Shopee’s e-commerce & others adjusted revenue is likely to be $294.4M - $305.2M, increase of 113.9% - 121.7% Y/Y and decline of 13.5% - 15.5% Q/Q.
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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