Billionaire value investor Howard Marks' Oaktree Capital disclosed a new position in Sea Limited worth about $60.9 million. Sea, a Southeast Asian tech company operating the Shopee e-commerce platform, the Monee fintech arm, and the Garena games business, saw its stock fall about 30% over the past year. The company's latest earnings showed revenue rising 48% year over year, with Shopee revenue up 49% and management expecting Shopee to clear $1 billion in adjusted profit for the full year. Monee revenue rose 59% with a loan book growth of about 62% and bad loans at 1% of total, while Garena bookings rose 15% and profit grew 17%. The stock trades near 33 times forward earnings, and the company faces competition from TikTok Shop, Amazon, and MercadoLibre, as well as currency headwinds from emerging-market currencies.
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MercadoLibre Inc.
Sea Ltd