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    Sofia Ratio

    Research Analyst at Morgan Stanley

    No publicly available information could be found on a Sofia Ratio serving as an analyst or holding any professional role at Morgan Stanley. Extensive searches across Morgan Stanley’s official analyst teams, LinkedIn, and professional credentials registries did not yield any relevant results. There are no records of company coverage, analyst performance metrics, prior employment history, or industry certifications associated with this individual at Morgan Stanley or in major financial databases. If Sofia Ratio is active professionally in financial services, their profile and credentials are not published on leading platforms as of August 2025.

    Sofia Ratio's questions to Sea (SE) leadership

    Sofia Ratio's questions to Sea (SE) leadership • Q4 2024

    Question

    An analyst from Morgan Stanley, identified as Sofia Ratio, inquired about Shopee's selective use of fulfillment services, asking about its benefits, potential CapEx or subsidy impact, and plans for expansion. She also asked about the profitability outlook for the Brazil market in 2025, recent average order value (AOV) trends, and the growth of the fintech business in that region.

    Answer

    Group CFO Hou Tianyu clarified that fulfillment is an early-stage, CapEx-light initiative to better serve brand sellers and improve delivery times, with no expected meaningful impact on near-term profitability. Regarding Brazil, he noted the market is profitable and growing well, with AOV increasing due to better delivery quality and category expansion. He also confirmed that the fintech business in Brazil is growing strongly following the stabilization of their credit rating model and the launch of new loan products.

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