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    Piyush Choudhary

    Research Analyst at HSBC

    Piyush Choudhary is Director and Telecoms Analyst for South East Asia at HSBC, specializing in the telecommunications sector with coverage of major companies such as Axiata, China Telecom, and Singtel. He ranks among the top 1,500 analysts globally according to TipRanks, holding an overall ranking of 1,376, with a track record marked by 63% Buy, 13% Hold, and 25% Sell recommendations. Choudhary began his analyst career after roles in operations and engineering, bringing diverse experience to HSBC, where he leads regional telecoms equity coverage. He holds credentials consistent with senior equity research roles and is regularly cited by top Asian telecom companies for his research and insight.

    Piyush Choudhary's questions to Sea (SE) leadership

    Piyush Choudhary's questions to Sea (SE) leadership • Q2 2025

    Question

    Piyush Choudhary asked about the Shopee VIP membership program's potential user base and cost implications, as well as the strategy and costs for the new instant delivery service. He also inquired about the Shopee EBITDA margin outlook for the second half of the year.

    Answer

    Group CFO Tony Hou explained that the VIP program is in its early stages but is not expected to have a fundamental long-term impact on costs. He noted that instant delivery targets higher-end users and should not negatively affect EBITDA. While acknowledging quarterly fluctuations, Hou stated that the long-term trend of EBITDA margin improvement is expected to continue.

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    Piyush Choudhary's questions to Sea (SE) leadership • Q1 2025

    Question

    Piyush Choudhary asked about Sea's strategy for incremental capital allocation, particularly whether the Money segment would be funded by its own capital or diversified sources. He also questioned the outlook for the gaming business, asking if the strong Q1 booking growth could be maintained.

    Answer

    Executive Forrest Li stated that while all businesses are now self-sufficient, the company prefers to diversify its funding sources for the Money segment through partnerships with financial institutions and exploring structured products, rather than relying solely on its own cash. Regarding Garena, he acknowledged the very strong Q1 performance, boosted by the successful Naruto collaboration, but advised to expect some quarterly volatility. He expressed confidence in achieving the full-year double-digit growth guidance for the gaming segment.

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    Piyush Choudhary's questions to Grab Holdings (GRAB) leadership

    Piyush Choudhary's questions to Grab Holdings (GRAB) leadership • Q2 2025

    Question

    Piyush Choudhary asked for the outlook on consumer incentive spending in the Delivery segment and whether the pace of margin expansion might slow. He also requested details on the contribution mix between premium and affordable rides in the Mobility segment.

    Answer

    COO Alex Hungate projected sequential margin improvement for the Deliveries segment for the rest of the year, supported by growing advertising penetration, and reiterated the 4%+ steady-state margin target. For Mobility, he revealed that 'Saver' rides constitute about one-third of transactions, while premium rides have grown to a double-digit percentage. He confirmed this balanced approach supports the commitment to a 9% steady-state Mobility margin.

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    Piyush Choudhary's questions to Grab Holdings (GRAB) leadership • Q1 2025

    Question

    Piyush Choudhary asked if Grab has a medium-term target for its Daily Transacting User (DTU) to Monthly Transacting User (MTU) ratio, which currently stands at 16%. He also requested details on monthly order frequency trends in the Mobility and Delivery segments over the past year.

    Answer

    President and COO Alex Hungate confirmed that management is focused on increasing the DTU to MTU ratio but has not disclosed specific external targets, noting significant headroom for growth in both user penetration and frequency. He reported that order frequency improved year-over-year in both segments; Deliveries hit a new quarterly record despite seasonal headwinds, and Mobility frequency grew 5% year-over-year.

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