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    Divya Kothiyal • Morgan Stanley

    Divya Kothiyal's questions to Sea Ltd (SE) leadership

    Divya Kothiyal's questions to Sea Ltd (SE) leadership • Q2 2025

    Question

    Divya Kothiyal asked about the upside to e-commerce take rates beyond advertising and the seller response to rising commissions in ASEAN. She also inquired about the FinTech growth strategy in Brazil, including BNPL penetration and how its ramp-up differs from ASEAN.

    Answer

    Group CFO Tony Hou noted that seller response to commission adjustments has been calm and that competitors have made similar moves. For FinTech in Brazil, he highlighted its importance, with active users and loan books growing over 2x YoY. The strategy involves integrating more external data than in Asia and securing local licenses and funding partnerships to support growth, with BNPL penetration still in the low-double-digit range.

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    Divya Kothiyal's questions to Sea Ltd (SE) leadership • Q1 2025

    Question

    Divya Kothiyal asked for comments on the e-commerce competitive landscape in ASEAN and Brazil and its relation to margin expansion, specifically inquiring about the strategy against TikTok in Brazil. She also requested details on the fintech business in Brazil, including its scale, margin profile, and asset quality management compared to ASEAN.

    Answer

    Executive Feng Zhimin described the competitive landscape as relatively stable, with margin improvements driven by internal execution rather than competitive shifts. Regarding TikTok's recent launch in Brazil, he stated Sea will monitor developments but will focus on its core strengths of pricing and logistics. For Brazil's fintech business, he noted that SPayLater penetration is growing but still has significant potential compared to Asia. The margin profile is 'in the middle' of Sea's markets, with higher local interest rates offsetting slightly higher risk, and the company has developed a strong grasp of local risk assessment.

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    Divya Kothiyal's questions to Sea Ltd (SE) leadership • Q3 2024

    Question

    Divya Kothiyal questioned the drivers behind the quarter-on-quarter increase in e-commerce sales and marketing expenses and asked about the accelerated growth in the Digital Financial Services (DFS) business, particularly outside of Indonesia.

    Answer

    Forrest Li, Chairman and CEO, explained the marketing expense increase was due to reinvestment alongside higher take rates and seasonal promotions, not competitive pressure. For DFS, he noted strong growth in Thailand, Malaysia, and Brazil, driven by deeper penetration of Shopee's user base, product optimization, and the expansion of off-Shopee use cases.

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    Divya Kothiyal's questions to Grab Holdings Ltd (GRAB) leadership

    Divya Kothiyal's questions to Grab Holdings Ltd (GRAB) leadership • Q4 2024

    Question

    Divya Kothiyal asked for clarification on mobility margin pressures beyond product mix, such as competition, and inquired about the outlook for corporate cost savings in 2025 after a strong performance in Q4.

    Answer

    President & COO Alex Hungate stated that Grab remains the category leader in all mobility markets and has maintained or grown its position, reiterating the 9%+ long-term margin target. CFO Peter Oey explained that while absolute corporate costs will rise with investments in growth (e.g., AI, mapping), the company expects to gain significant operating leverage, forecasting a 200-300 basis point improvement in group EBITDA to revenue margin in 2025.

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    Divya Kothiyal's questions to Grab Holdings Ltd (GRAB) leadership • Q3 2024

    Question

    Divya Kothiyal asked about Mobility margins in the face of new competition in key markets like Singapore, Vietnam, and Thailand. She also inquired about the 2025 outlook for corporate costs and potential drivers for further reduction.

    Answer

    Chief Operating Officer Alex Hungate stated that Grab's scale and operating leverage provide a strong competitive advantage, making it difficult for new entrants to gain traction. Chief Financial Officer Peter Oey addressed corporate costs, explaining that while they will continue to drive operating leverage, absolute costs will increase with volume. He emphasized that the key metric is corporate costs as a percentage of revenue, which they aim to keep efficient.

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