Co-founder of Cube Asia, Cube Asia

Simon Torring

Co-founder of Cube Asia

Defining Social Commerce in Southeast Asia

Cube Asia

We offer granular market data and insights for online retail in Southeast Asia, helping brands and retail companies drive profitable growth. 

Why the Cube?
3 dimensions of granularity to help you get deep into the 1) geographies, 2) categories, and 3) types of data and insights you need for your business.

The Cube is a big-data machine that is continuously listening to public data sources and primary research, and triangulating across thousands of data points using probabilistic modeling to produce an accurate and granular picture of Southeast Asia’s online retail landscape.

Thematic (Sector/Industry)

<ul><li>Indonesia’s online market category is highly dynamic and constantly evolving, with new brands, manufacturers, and sales platforms competing for dominance.</li><li>For brands, online growth heavily depends on online market data.</li><li>However, this reliance comes with risks, as brands often lack visibility into the true drivers of category sales numbers.</li></ul>

Indonesia’s online market category is highly dynamic and constantly evolving, with new brands, manufacturers, and sales platforms competing for dominance.For brands, online growth heavily depends on online market data.However, this reliance comes with risks, as brands often lack visibility into the true drivers of category sales numbers.

Unmasking ‘Fake Sales’: A Hidden Challenge In Indonesia’s E-Commerce Market

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Equity Capital Markets

<ul>
<li>Mynt, the digital payments and consumer finance platform behind GCash, started marketing for its PSE listing. MS, JPM, and UBS are the joint global coordinators.</li>
<li>Our previous notes covered the company's business, industry backdrop, financials and pre-IPO investor backing.</li>
<li>In this note we compare the company with five listed regional digital finance peers on financials, operating data and valuation.</li>
</ul>


Mynt, the digital payments and consumer finance platform behind GCash, started marketing for its PSE listing. MS, JPM, and UBS are the joint global coordinators.
Our previous notes covered the company's business, industry backdrop, financials and pre-IPO investor backing.
In this note we compare the company with five listed regional digital finance peers on financials, operating data and valuation.


Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Event-Driven

<ul>
<li>Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,100+ insights published on Smartkarma.</li>
<li>In this cut, we explore the launch of our private markets coverage, the latest high-profile activist situations in Japan, and surging global IPO pipelines. </li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.</li>
</ul>


Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,100+ insights published on Smartkarma.
In this cut, we explore the launch of our private markets coverage, the latest high-profile activist situations in Japan, and surging global IPO pipelines. 
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.


Curator's Cut: Going Private, Getting Active & Reviewing Public Market Premieres

<ul>
<li>Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,000+ Insights published over the past two weeks on Smartkarma</li>
<li>In this cut, we review the global focus on critical minerals, how ASEAN's digital economy can grow amidst political uncertainty, and how IT services have fared with AI</li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next</li>
</ul>


Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,000+ Insights published over the past two weeks on Smartkarma
In this cut, we review the global focus on critical minerals, how ASEAN's digital economy can grow amidst political uncertainty, and how IT services have fared with AI
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next


Curator's Cut: Critical Minerals' Rise, SEA's Digital Promise & IT Services in Flux

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea (SE US)</a> 's management expects all three business segments - ecommerce, financial services and entertainment - to deliver high growth and profitability in 2025, supported by strong macro-eceonomic tailwind.</li>
<li>It's GAAP revenue was US$4.3 billion, up 30.8% year-on-year and net income was US$153.3 million, as compared to total net loss of US$(144.0) million for 3Q2023.</li>
<li>Its e-commerce business achieved positive adjusted EBITDA in 3Q 2024 in both Asia markets and Brazil.</li>
</ul>



Sea (SE US) 's management expects all three business segments - ecommerce, financial services and entertainment - to deliver high growth and profitability in 2025, supported by strong macro-eceonomic tailwind.
It's GAAP revenue was US$4.3 billion, up 30.8% year-on-year and net income was US$153.3 million, as compared to total net loss of US$(144.0) million for 3Q2023.
Its e-commerce business achieved positive adjusted EBITDA in 3Q 2024 in both Asia markets and Brazil.


Sea (SE US): Strong 3Q, Upbeat Management Talk Fires up the Stock

Singapore

Sea Limited is a Singapore-based global technology company founded in 2009. It operates three core businesses: digital entertainment through Garena, e-commerce via Shopee, and digital financial services under Monee. The company is headquartered in Singapore.

Price Gauge
52-week Range	0.00 - 0.00
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Sea Ltd (SE US)

Unmasking ‘Fake Sales’: A Hidden Challenge In Indonesia’s E-Commerce Market

Indonesia’s online market category is highly dynamic and constantly evolving, with new brands, manufacturers, and sales platforms competing for...

Simon Torring

Mynt (GCash) Pre-IPO: Peer Comparison

Mynt started to market its PSE listing. In this note, we compare the company with its listed peers on operating data, financials and valuation, and...

Ke Yan, CFA, FRM

Curator's Cut: Going Private, Getting Active & Reviewing Public Market Premieres

Discover the latest standout themes in private markets, activist situations in Japan, and global IPO pipelines in this Curator's Cut. Share your...

Pranav Rao

Curator's Cut: Critical Minerals' Rise, SEA's Digital Promise & IT Services in Flux

In this cut, we review the global focus on critical minerals, how ASEAN's digital economy can grow amidst political uncertainty, and how IT...

Pranav Rao

Sea (SE US): Strong 3Q, Upbeat Management Talk Fires up the Stock

Stock was up 14.5% on strong 3Q results. Key takeaways from Mgt call. Sea's mgt expects high growth and profitability across business segments to...

Devi Subhakesan

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Unmasking ‘Fake Sales’: A Hidden Challenge In Indonesia’s E-Commerce Market

Indonesia’s online market category is highly dynamic and constantly evolving, with new brands, manufacturers, and sales platforms competing for...

Simon Torring

Mynt (GCash) Pre-IPO: Peer Comparison

Mynt started to market its PSE listing. In this note, we compare the company with its listed peers on operating data, financials and valuation, and...

Ke Yan, CFA, FRM

Curator's Cut: Going Private, Getting Active & Reviewing Public Market Premieres

​Discover the latest standout themes in private markets, activist situations in Japan, and global IPO pipelines in this Curator's Cut. Share your...

Pranav Rao

Curator's Cut: Critical Minerals' Rise, SEA's Digital Promise & IT Services in Flux

In this cut, we review the global focus on critical minerals, how ASEAN's digital economy can grow amidst political uncertainty, and how IT...

Pranav Rao

Sea (SE US): Strong 3Q, Upbeat Management Talk Fires up the Stock

​Stock was up 14.5% on strong 3Q results. Key takeaways from Mgt call. Sea's mgt expects high growth and profitability across business segments to...

Devi Subhakesan

Discover the latest standout themes in private markets, activist situations in Japan, and global IPO pipelines in this Curator's Cut. Share your...

Stock was up 14.5% on strong 3Q results. Key takeaways from Mgt call. Sea's mgt expects high growth and profitability across business segments to...