Key Takeaways Shopee's GMV climbed over 28% year over year to $32.2B in Q3 2025.Sea Limited relied on shipping subsidies to drive orders, pushing the cost of services up 38.8%.Adjusted EBITDA margin stayed thin at 0.6% amid ongoing shipping and fulfillment pressure.Sea Limited’s (SE) heavy reliance on shipping subsidies has been a key catalyst behind Shopee’s strong GMV expansion, but it also raises concerns about how sustainable that momentum is. In the third quarter of 2025, Shopee delivered strong growth ...

In the first article about Sea Limited ( SE ), I warned that investors' expectations for the company's future were too rosy - this was also evident from unreasonably high multiples. In the RisksHi there! I’m Narek, and I’ve been in the investment world for over six years. I started out as an equity analyst at European banks, digging into reports and learning how to spot value in the markets. I’ve worked across sectors — from telecom to industry — and found that behind every financial statement is a real sto ...

文章核心观点 - 分析师认为市场对Sea Limited的未来预期过于乐观 这从公司不合理的过高估值倍数中可见一斑 [1] 分析师背景 - 分析师拥有超过六年的投资领域经验 最初在欧洲银行担任股票分析师 [1] - 分析师的研究领域横跨电信和工业等多个行业 [1] - 分析师的教育背景包括在安特卫普攻读学士学位 在鲁汶大学攻读硕士学位 并在弗拉瑞克商学院完成金融MBA [1] - 分析师目前正在建立一个专注于独联体地区的投资项目 热衷于运用西方分析工具来挖掘新兴市场的隐藏价值 [1]

GARP (Growth At A Reasonable Price) is by far my favorite strategy, strictly speaking about stocks, because there are options strategies that can bring even higher returns, and not only for high growth stocks. I look for"Fundamental Options" would be the title of my investing style, because I combine fundamental analysis with the power of options. I use Fundamental Analysis to quantitatively and qualitatively assess individual stocks and ETFs, and I pursue various strategies: Income oriented, especially BDC ...

投资策略框架 - 核心投资策略为“以合理价格增长”，专注于科技股，特别是基于软件开发背景的领域 [1] - 采用“基本面期权”投资风格，将基本面分析与期权策略相结合 [1] - 运用基本面分析对个股和ETF进行定量与定性评估 [1] 具体投资方法 - 追求多种策略：以收入为导向，特别是商业发展公司和公用事业；深度价值投资，基于贴现现金流或特定行业估值方法；投资股息贵族 [1] - 通常进行股票长期投资，同时运用20至25种期权策略，用于对冲、作为风险回报更优的看涨替代品、中性交易、波动率交易以及与财报相关的交易 [1] 分析师持仓披露 - 分析师通过股票所有权、期权或其他衍生品对SE公司持有有益的长期多头头寸 [2]

I am a stock analyst with over 20 years of experience in quantitative research, financial modeling, and risk management. My focus is on equity valuation, market trends, and portfolio optimization to uncover high-growth investment opportunities. As a former Vice President at Barclays, I led teams in model validation, stress testing, and regulatory finance, developing a deep expertise in both fundamental and technical analysis. Alongside my research partner (also my wife), I co-author investment research, com ...

I am a stock analyst with over 20 years of experience in quantitative research, financial modeling, and risk management. My focus is on equity valuation, market trends, and portfolio optimization to uncover high-growth investment opportunities. As a former Vice President at Barclays, I led teams in model validation, stress testing, and regulatory finance, developing a deep expertise in both fundamental and technical analysis. Alongside my research partner (also my wife), I co-author investment research, com ...

Key Takeaways HBRIY agreed to buy most Waldorf subsidiaries for $170M, with deal completion expected in Q2 2026.HBRIY will raise Catcher field stake to 90% and add a 29.5% non-operating interest in the Kraken oil field.HBRIY expects 20,000 boe/day output growth, 35M barrels of 2P reserves, and added tax benefits.On Dec.12, 2025, Harbour Energy (HBRIY) struck a $170 million deal to strengthen its UK North Sea portfolio by acquiring all subsidiaries of Waldorf Energy Partners Ltd. and Waldorf Production Ltd. ...

I am a full-time analyst interested in a wide range of stocks. With my unique insights and knowledge, I hope to provide other investors with a contrasting view of my portfolio, given my particular background.If you have any questions, feel free to reach out to me via a direct message on Seeking Alpha or leave a comment on one of my articles.Analyst’s Disclosure:I/we have a beneficial long position in the shares of AMZN, META, GOOG either through stock ownership, options, or other derivatives. I wrote this a ...

I am a full-time analyst interested in a wide range of stocks. With my unique insights and knowledge, I hope to provide other investors with a contrasting view of my portfolio, given my particular background.If you have any questions, feel free to reach out to me via a direct message on Seeking Alpha or leave a comment on one of my articles.Analyst’s Disclosure:I/we have a beneficial long position in the shares of AMZN, META, GOOG either through stock ownership, options, or other derivatives. I wrote this a ...