Sea Limited: A Deep Dive Into SeaBank

Sep. 14, 2022 12:42 AM ETSea Limited (SE)BKLPF, GOTO-INDONESIA, GRAB, MELI, NU26 Comments
Jun Hao profile picture
Jun Hao
467 Followers

Summary

  • SeaBank has a very strong self-financing model to grow its business.
  • SeaBank Indonesia is growing its deposits and loans very quickly, resulting in net profitability in FY22.
  • I strongly believe SeaMoney can be a growth driver for Sea Limited in the future.
  • My estimate for Sea Limited’s intrinsic value is $122.95.

JD.com and other e-commerce application

Wachiwit

Investment Thesis

Since my previous article on Sea Limited (NYSE:NYSE:SE) was published, I received lots of positive comments as well as feedback, particularly on SeaMoney, or SeaBank, the fintech arm of the company. That prompted me to look further into its progress, and

SeaMoney's Revenue as a proportion of Total revenue

Sea Limited 2Q22 10-Q

SeaBank Indonesia Products & Services

SeaBank Indonesia FY21 10-K

SeaBank's Self Financing Model

Author's Image

SeaBank's Indonesia Interest Rates

SeaBank Indonesia FY21 10-K

SeaBank Indonesia Customers Deposits Breakdown

SeaBank Indonesia FY21 10-K

Bank Jago Interest Rates

Bank Jago FY21 10-K

SeaBank Indonesia Current Accounts

SeaBank's Indonesia Monthly Financial Statements

SeaBank Indonesia Savings Account

SeaBank's Indonesia Monthly Financial Statements

SeaBank Indonesia Time Deposits

SeaBank's Indonesia Monthly Financial Statements

SeaBank Indonesia Total Deposits

SeaBank's Indonesia Monthly Financial Statements

SeaBank Indonesia Loans

SeaBank's Indonesia Monthly Financial Statements

SeaBank Indonesia Net Interest Income

SeaBank's Indonesia Monthly Financial Statements

SeaBank Indonesia Net Profit

SeaBank's Indonesia Monthly Financial Statements

Sea Limited 2Q22 Loans Receivables

Sea Limited's FY21 Consolidated Balance Sheet

SeaMoney Users

Sea Limited's 10-K

SeaMoney Valuation

Author's Estimates

Garena Valuation

Author's Estimates

Shopee Valuation

Author's Estimates

Sea Limited Valuation

Author's Estimates

This article was written by

Jun Hao profile picture
467 Followers
Equity Research. Mostly Tech, Consumer & Sin Stocks. Student in the National University of Singapore (NUS).

Disclosure: I/we have a beneficial long position in the shares of SE either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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