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>Southeast Asia’s e-commerce landscape shifted more in 2025 than in any year since TikTok Shop entered the region.</li>
<li>This article covers six core Southeast Asian markets: Indonesia, Malaysia,Philippines, Singapore, Thailand, and Vietnam.</li>
<li>Cube tracksGMVacross Shopee, Lazada, and TikTok Shop of all six core Southeast Asian markets on a monthly basis.</li>
</ul>


Southeast Asia’s e-commerce landscape shifted more in 2025 than in any year since TikTok Shop entered the region.
This article covers six core Southeast Asian markets: Indonesia, Malaysia,Philippines, Singapore, Thailand, and Vietnam.
Cube tracksGMVacross Shopee, Lazada, and TikTok Shop of all six core Southeast Asian markets on a monthly basis.


Shopee, Lazada, and TikTok Shop in Southeast Asia: What the Data Shows in 2026

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>Global funds remain structurally underweight Asia, with Japan and China &amp; HK widely held but still below index weight; India stands out as the clearest consensus underweight.</li>
<li>Taiwan Technology dominates sector positioning as the largest regional overweight, while Australian and Asian Financials are structural underweights; rotation shows China sectors and Japan Financials/Industrials gaining traction.</li>
<li>Stock leadership is highly concentrated in TSMC, now owned by 61% of funds; second-tier names stagnate while SK Hynix, BYD, and Sea Ltd attract rising investor participation.</li>
</ul>


Global funds remain structurally underweight Asia, with Japan and China &amp; HK widely held but still below index weight; India stands out as the clearest consensus underweight.
Taiwan Technology dominates sector positioning as the largest regional overweight, while Australian and Asian Financials are structural underweights; rotation shows China sectors and Japan Financials/Industrials gaining traction.
Stock leadership is highly concentrated in TSMC, now owned by 61% of funds; second-tier names stagnate while SK Hynix, BYD, and Sea Ltd attract rising investor participation.


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, launched its PSE IPO to raise up to USD 1,279m. MS, JPM, and UBS are the joint global coordinators.</li>
<li>In this note, we look at the deal terms and provide our thoughts on valuation for the company.</li>
<li>We look at the quality of the cornerstone investors and assess the risk-reward of the deal.</li>
</ul>


Mynt, the digital payments and consumer finance platform behind GCash, launched its PSE IPO to raise up to USD 1,279m. MS, JPM, and UBS are the joint global coordinators.
In this note, we look at the deal terms and provide our thoughts on valuation for the company.
We look at the quality of the cornerstone investors and assess the risk-reward of the deal.


Mynt (GCash) IPO: Analysis of Deal Terms and Valuation

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

<ul>
<li>UOBKH raises Pan-United target price to $1.33 due to Terminal 5 contract and demand.</li>
<li>OCBC raises Nanofilm's fair value to 79 cents, but outlook is uncertain.</li>
<li>Maybank and DBS boost Sea Limited's target prices due to Shopee and gaming growth.</li>
</ul>


UOBKH raises Pan-United target price to $1.33 due to Terminal 5 contract and demand.
OCBC raises Nanofilm's fair value to 79 cents, but outlook is uncertain.
Maybank and DBS boost Sea Limited's target prices due to Shopee and gaming growth.


Singapore Market Roundup (12-Sep-2025): UOBKH lifts Pan-United target to $1.33 on Terminal 5 deal.

<ul>
<li>OCBC's Lim raises Nanofilm's fair value to 79 cents, citing uncertain outlook.</li>
<li>Brokers’ Digest: Suntec REIT, BRC Asia, YZJ Financial, CNMC Goldmine, Prime US REIT.</li>
<li>Maybank and DBS lift Sea Limited target prices due to higher Shopee take-rates.</li>
</ul>


OCBC's Lim raises Nanofilm's fair value to 79 cents, citing uncertain outlook.
Brokers’ Digest: Suntec REIT, BRC Asia, YZJ Financial, CNMC Goldmine, Prime US REIT.
Maybank and DBS lift Sea Limited target prices due to higher Shopee take-rates.


Singapore Market Roundup (11-Sep-2025): OCBC's Lim Ups Nanofilm's Fair Value to 79 Cents

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)

Shopee, Lazada, and TikTok Shop in Southeast Asia: What the Data Shows in 2026

Southeast Asia’s e-commerce landscape shifted more in 2025 than in any year since TikTok Shop entered the region. This article covers six core...

Simon Torring

Global Fund Positioning in Asia

Global funds stay structurally underweight Asia, with Japan and China leading the way. Taiwan Tech dominates sector overweights, while TSMC tops...

Steven Holden

Mynt (GCash) IPO: Analysis of Deal Terms and Valuation

We analyze Mynt's USD 1,279m Philippine IPO. We look at deal terms and the cornerstone investors, as well as its valuation. We would participate in...

Ke Yan, CFA, FRM

Singapore Market Roundup (12-Sep-2025): UOBKH lifts Pan-United target to $1.33 on Terminal 5 deal.

UOBKH raises Pan-United's target price to $1.33, while OCBC increases Nanofilm's fair value to 79 cents amid an uncertain outlook.

Singapore Market Roundup

Singapore Market Roundup (11-Sep-2025): OCBC's Lim Ups Nanofilm's Fair Value to 79 Cents

OCBC's Lim raises Nanofilm's fair value to 79 cents amid uncertainty. Maybank and DBS increase Sea Limited target prices due to higher Shopee take...

Singapore Market Roundup

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52-week Range

Market Cap (USDm)

P/E

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