$Sea Ltd(SE)$ Sea's Garena business is a market leader and will serve as a cash cow with solid growth.
Sea's Shopee has a leadership position in core Southeast Asia e-commerce markets, which is still poised for more than 18% CAGR over 5 year period till 2025.
Sea's Shopee is also entering new e-commerce markets in LatAm, India and Europe, creating an international expansion story and early signs show encouraging results for Sea.
Sea Money is Sea's emerging fintech business. Although currently more of a wallet business, it is venturing into new initiatives like buy now pay later, digital bank and insurance tech.
Based on SOTP valuation, I derived a target price of $422.71, with a potential upside of 115%.