ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

In Equity Sales and Research for more than 25 years covering Asian markets. Possesses in-depth knowledge of a wide range of companies, economies, and markets in Asia. Over his career, he has specialised in HK/China and ASEAN markets at various different Investment Banks, most recently heading equities in Indonesia for Bank of America Merrill Lynch in Jakarta for more than three years. Whilst in Jakarta, he produced a well-read daily and weekly product on the Indonesian market, which included company visits, as well as political, economic and sector commentary. A former racing skier, who enjoys ultra-marathons and surfing in his spare time.

ASEAN Insight Provider

[Sea Limited (SE US) Target Price Change]: Expect Weak Growth Trend into 2023

The Week That Was in ASEAN@Smartkarma - Sea Ltd's Blindside Win, ROTI's Freshly Baked, and Prodia

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

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 Ltd's</a> 4Q2022 results were nothing short of spectacular, with the company booking a net profit more than a year ahead of expectations, underlining management's ability to thrive in adversity.</li>
<li>The company cut costs and most notably A&amp;P spend on e-commerce but it still managed to grow GMV and booked positive adjust EBITDA for all its core Asian markets.  </li>
<li>
<a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd (SE US)</a> now stands out well ahead of its peers on profitability and should trade at a premium but it will have to continue to execute.</li>
</ul>



Sea Ltd's 4Q2022 results were nothing short of spectacular, with the company booking a net profit more than a year ahead of expectations, underlining management's ability to thrive in adversity.
The company cut costs and most notably A&amp;P spend on e-commerce but it still managed to grow GMV and booked positive adjust EBITDA for all its core Asian markets.  

Sea Ltd (SE US) now stands out well ahead of its peers on profitability and should trade at a premium but it will have to continue to execute.


Sea Ltd's (SE US) - Through the Looking Glass