$SE is the cheapest it's been since $40 and i'll break down exactly why it's my largest position:

Today, $SE trades at $82, with a market cap of $45B. Stripping out Monee deposits, it has net cash of $5B, meaning it trades at $40B in enterprise value.

For FY2025, the business generated $23B in revenue, $10.2B in gross profit and $1.5B in net profit. On a TTM basis, this means it trades at a 26x PE.

That tells us nothing unless we give some context to this. In 2025, the business grew top line at 36%, and bottom-line at 255%. Ok, but maybe the market is pricing it as such because it expects low to no growth for the coming years?

Let's have a look at 2026 numbers...

The median consensus estimates are as follows:

FY26 Revenue: $29B (+29.2%)

FY26 EPS: $3.86 (+35.4%)

Using these numbers, $SE currently trades at a NTM PE of just 18.8x. This is for a business that is growing its top-line across all 3 segments (Shopee: +33.4%, Monee: +60.14%, Garena: +26.07%).

Shopee remains the dominant e-commerce player in SEA with 400m active buyers and 20M sellers, Monee has over 37M active credit users on its platform with $9.2B in loans disbursed, Garena has over 100M daily active users in its hit game Free Fire and 633M quarterly active users across its platform of games.