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    John Hyungwook Choi

    Research Analyst at Daiwa Capital Markets

    John Hyungwook Choi is an Executive Director and equity analyst at Daiwa Capital Markets, specializing in coverage of Asian technology firms, particularly e-commerce and internet companies such as Sea Limited, Alibaba Group, Baidu, MercadoLibre, and Vipshop. He holds a long-term track record of stock recommendations, with verifiable coverage of major players in the sector; market data platforms report a 50% success rate and an average return of -4.25% on his published calls. Choi's career includes past analyst experience prior to Daiwa, with public activity in earnings calls dating back at least to 2019, and he is a regular presence on industry calls and research publications. His professional credentials include senior research leadership and public equity research roles, though regulatory license specifics are not publicly listed.

    John Hyungwook Choi's questions to Sea (SE) leadership

    John Hyungwook Choi's questions to Sea (SE) leadership • Q2 2025

    Question

    John Hyungwook Choi questioned the potential upside for the advertising take rate following its recent improvement and asked about the future investment required for logistics in Brazil and its impact on profitability.

    Answer

    Group CFO Tony Hou explained that ad take rate upside is driven by better algorithms and seller-facing products, with meaningful improvement still expected. Regarding Brazil logistics, he clarified the model is CapEx-light, with investments in sorting machines and hubs. He emphasized that expanding the logistics network actually helps EBITDA, noting Brazil has been profitable for several quarters despite high growth.

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