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    Pang Vittayaamnuaykoon • Goldman Sachs Group Inc.

    Pang Vittayaamnuaykoon's questions to Sea Ltd (SE) leadership

    Pang Vittayaamnuaykoon's questions to Sea Ltd (SE) leadership • Q1 2025

    Question

    Pang Vittayaamnuaykoon inquired about the drivers behind Shopee's significant profitability improvement in Q1, the margin outlook, and the risks to its 20% GMV growth guidance amid macro uncertainty. He also asked for more details on the strong performance and loan book growth in the Money segment.

    Answer

    Executive Hou Tianyu explained that Shopee's profitability was driven by seasonality (Ramadan), improved ad take rates, and broad cost optimizations in shipping, marketing, and AI-driven operations. He reaffirmed the 20% GMV growth guidance, noting the business is resilient to macro pressures due to its price leadership. For the Money segment, growth was attributed to higher SPayLater penetration on Shopee and strong off-Shopee product expansion. While margins may fluctuate with mix shifts, absolute EBITDA is expected to continue growing.

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    Pang Vittayaamnuaykoon's questions to Sea Ltd (SE) leadership • Q4 2024

    Question

    Pang Vittayaamnuaykoon asked for details on the 2025 e-commerce GMV growth guidance, including underlying assumptions for competition, marketing, and FX impact, as well as the expected profitability trend. He also inquired about the drivers for the Fintech segment's performance and clarification on the forecast for its loan book to grow 'meaningfully faster' than Shopee's GMV.

    Answer

    Hou Tianyu, Group Chief Financial Officer, explained that the 20% GMV growth guidance for 2025 assumes stable FX rates and is driven by both user growth and purchase frequency, with Brazil expected to grow faster than Asia. He anticipates 2025 profitability will improve over 2024, despite some quarterly seasonality. For Fintech, he noted that the loan book's accelerated growth relative to GMV will be driven by deeper S-Pay Later penetration on Shopee and the expansion of off-Shopee cash loans.

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    Pang Vittayaamnuaykoon's questions to Sea Ltd (SE) leadership • Q3 2024

    Question

    Pang Vittayaamnuaykoon asked about the current competitive landscape for e-commerce in Q4, the impact of social and cross-border competitors, and the drivers behind the recent increase in advertising take rates.

    Answer

    Forrest Li, Chairman and CEO, stated that the competitive landscape is stable and the company is maintaining its mid-20s GMV growth guidance. He noted the impact from cross-border rivals is minimal as most sellers are local. Li attributed the ad take rate improvement to a significant ad system revamp, including better algorithms and an improved seller experience, and expects this progress to continue.

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    Pang Vittayaamnuaykoon's questions to Grab Holdings Ltd (GRAB) leadership

    Pang Vittayaamnuaykoon's questions to Grab Holdings Ltd (GRAB) leadership • Q1 2025

    Question

    Pang Vittayaamnuaykoon asked about the impact of weakening macroeconomic conditions on consumer behavior, particularly in Indonesia, and how new products from Grab's recent investor day are expected to drive performance without compressing margins.

    Answer

    President and COO Alex Hungate responded that Grab has not yet seen signs of consumer weakness and noted the platform has countercyclical tendencies, as economic downturns can increase driver supply, improving affordability and stimulating demand. He explained that new affordability-focused products like 'Shared Saver' and 'GrabFood for One' are designed to be margin-neutral by improving marketplace efficiency, such as amortizing delivery costs or enabling batch cooking for merchants. The core focus remains on growing monthly transacting users (MTUs) and driving absolute profit growth.

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    Pang Vittayaamnuaykoon's questions to Grab Holdings Ltd (GRAB) leadership • Q4 2024

    Question

    Pang Vittayaamnuaykoon inquired about the product mix shift towards 'Saver' offerings, its impact on mobility margins, and the reasons for higher EBITDA losses in the FinTech segment despite strong loan book and revenue growth.

    Answer

    President & COO Alex Hungate explained that margins fluctuate quarterly as the company prioritizes absolute EBITDA and free cash flow growth over short-term margin optimization. He reiterated long-term margin targets of 9%+ for mobility and 4%+ for deliveries. For FinTech, he noted that increased costs are due to scaling new Digibank loan products in Malaysia and Singapore and building up balance sheet provisions (ECL) for the rapidly growing loan book, while confirming the segment is on track for profitability by the second half of the next year.

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    Pang Vittayaamnuaykoon's questions to Grab Holdings Ltd (GRAB) leadership • Q3 2024

    Question

    Pang Vittayaamnuaykoon inquired about the sustainability of the Deliveries segment's strong growth and margin expansion, asking about initiatives for Q4 and 2025. She also asked for an update on the competitive landscape in Indonesia and its potential impact on margins.

    Answer

    Chief Operating Officer Alex Hungate confirmed strong growth momentum is continuing, driven by affordability initiatives, high-value services, and the Food-to-Mart cross-sell strategy. Regarding Indonesia, he stated that despite a competitor's increased spending, Grab's business there remains EBITDA positive and is growing across GMV, revenue, and EBITDA, benefiting from its regional scale and superior operating leverage.

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