Equity Analyst, LightStream Research

Oshadhi Kumarasiri

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

<ul>
<li>Looks like <a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea (SE US)</a> decided to take a detour back to the land of losses this quarter.</li>
<li>But it's not a massive issue. They've maintained close to 7% QoQ revenue growth, so things should be okay.</li>
<li>Investors likely won't delve into the details further to uncover the substantial costs hidden behind that apparent growth.</li>
</ul>


Looks like Sea (SE US) decided to take a detour back to the land of losses this quarter.
But it's not a massive issue. They've maintained close to 7% QoQ revenue growth, so things should be okay.
Investors likely won't delve into the details further to uncover the substantial costs hidden behind that apparent growth.


Sea Ltd: A Detour Back to the Land of Losses

<ul>
<li>We suspect that the recent strength in <a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea (SE US)</a>'s price performance is likely due to short covering, with shorts incentivized to cover after a nearly 38% gain.</li>
<li>As earnings approach, short positions have been increasing since late October, likely anticipating another earnings disappointment from Sea Ltd's Q3 report on November 14, 2023.</li>
<li>Consensus estimates for Sea Ltd are at their lowest since its inception. A modest outperformance could lead to a squeeze in short interest.</li>
</ul>


We suspect that the recent strength in Sea (SE US)'s price performance is likely due to short covering, with shorts incentivized to cover after a nearly 38% gain.
As earnings approach, short positions have been increasing since late October, likely anticipating another earnings disappointment from Sea Ltd's Q3 report on November 14, 2023.
Consensus estimates for Sea Ltd are at their lowest since its inception. A modest outperformance could lead to a squeeze in short interest.


Hedge Fund News, Information and Data, Hedge Fund Alpha

Hedge Fund Alpha

Hedge Fund News, Information and Data

We focus on hedge funds with a bias towards emerging managers, specifically fundamental long-short managers. We are known for a lot of insights and exclusives on hedge fund letters, coverage of industry conferences, and interviews with investors and interesting service providers.

Thematic (Sector/Industry)

<ul><li>Argosy Investors' commentary for the second quarter ended June 30, 2026.</li><li>Dear Investors, This past quarter was among the most challenging since I began investing, mostly due to the runaway AI market, which has since corrected somewhat and already removed a mid-20’s investment savant from his once-high perch atop the AI investment landscape.</li><li>While I am glad to see some sanity return to the market in recent weeks, there is still extremely high enthusiasm for AI and anything AI-related.</li></ul>

Argosy Investors' commentary for the second quarter ended June 30, 2026.Dear Investors, This past quarter was among the most challenging since I began investing, mostly due to the runaway AI market, which has since corrected somewhat and already removed a mid-20’s investment savant from his once-high perch atop the AI investment landscape.While I am glad to see some sanity return to the market in recent weeks, there is still extremely high enthusiasm for AI and anything AI-related.

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Sea Limited reported a solid financial performance in the first quarter of 2026, demonstrating considerable revenue growth across its major business segments—e-commerce (Shopee), digital financial services (Money), and online gaming (Garena).</li><li>Total GAAP revenue increased 47% year-over-year to $7.1 billion, driven primarily by Shopee and Money.</li><li>The company also achieved an adjusted EBITDA of $1 billion, a 9% increase year-over-year, marking a milestone for its overall profitability.</li></ul>

Sea Limited reported a solid financial performance in the first quarter of 2026, demonstrating considerable revenue growth across its major business segments—e-commerce (Shopee), digital financial services (Money), and online gaming (Garena).Total GAAP revenue increased 47% year-over-year to $7.1 billion, driven primarily by Shopee and Money.The company also achieved an adjusted EBITDA of $1 billion, a 9% increase year-over-year, marking a milestone for its overall profitability.

Sea Limited: Initiation of Coverage: Can Shopee, Money And Garena Keep Scaling?

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.

<ul><li>In Cube’s recentcommentary on Sea Limited’s Q1’26 earnings,one point that stood out was that Shopee VIP is beginning to look more Amazon Prime-like.</li><li>VIP is no longer just about shopping discounts or shipping perks.</li><li>It is becoming a broader membership layer, with lifestyle and non-shopping benefits increasingly used to deepen buyer engagement.</li></ul>

In Cube’s recentcommentary on Sea Limited’s Q1’26 earnings,one point that stood out was that Shopee VIP is beginning to look more Amazon Prime-like.VIP is no longer just about shopping discounts or shipping perks.It is becoming a broader membership layer, with lifestyle and non-shopping benefits increasingly used to deepen buyer engagement.

Is Shopee on the ‘Amazon’ path in Southeast Asia?

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.

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Sea Ltd (SE US)

Sea Ltd: A Detour Back to the Land of Losses

Sea took a detour back to the land of losses this quarter. But it's not a massive issue. They've maintained close to 7% QoQ growth, investors...

Oshadhi Kumarasiri

Sea Ltd: Potential for a Short Squeeze

We find it unlikely that Sea will return to making losses in Q3, as projected by consensus. While cautious about medium-term projections, we...

Oshadhi Kumarasiri

Argosy Investors Q2 2026 Commentary

While I am glad to see some sanity return to the market in recent weeks, there is still extremely high enthusiasm for AI and anything AI-related.

Hedge Fund Alpha

Sea Limited: Initiation of Coverage: Can Shopee, Money And Garena Keep Scaling?

Sea Limited reported a solid financial performance in the first quarter of 2026, demonstrating considerable revenue growth across its major...

Baptista Research

Is Shopee on the ‘Amazon’ path in Southeast Asia?

In Cube’s recentcommentary on Sea Limited’s Q1’26 earnings,one point that stood out was that Shopee VIP is beginning to look more Amazon...

Simon Torring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Sea Ltd: A Detour Back to the Land of Losses

​Sea took a detour back to the land of losses this quarter. But it's not a massive issue. They've maintained close to 7% QoQ growth, investors...

Oshadhi Kumarasiri

Sea Ltd: Potential for a Short Squeeze

We find it unlikely that Sea will return to making losses in Q3, as projected by consensus. ​While cautious about medium-term projections, we...

Oshadhi Kumarasiri

Argosy Investors Q2 2026 Commentary

While I am glad to see some sanity return to the market in recent weeks, there is still extremely high enthusiasm for AI and anything AI-related.

Hedge Fund Alpha

Sea Limited: Initiation of Coverage: Can Shopee, Money And Garena Keep Scaling?

Sea Limited reported a solid financial performance in the first quarter of 2026, demonstrating considerable revenue growth across its major...

Baptista Research

Is Shopee on the ‘Amazon’ path in Southeast Asia?

In Cube’s recentcommentary on Sea Limited’s Q1’26 earnings,one point that stood out was that Shopee VIP is beginning to look more Amazon...

Simon Torring

Sea took a detour back to the land of losses this quarter. But it's not a massive issue. They've maintained close to 7% QoQ growth, investors...

We find it unlikely that Sea will return to making losses in Q3, as projected by consensus. While cautious about medium-term projections, we...