|Bid||41.30 x 800|
|Ask||41.30 x 800|
|Day's Range||40.70 - 41.34|
|52 Week Range||12.31 - 41.80|
|Beta (5Y Monthly)||1.42|
|PE Ratio (TTM)||N/A|
|Earnings Date||Nov. 10, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||45.46|
(Bloomberg) -- Singapore’s Sea Ltd., Asia’s best-performing internet stock in 2019, is seeking a full digital banking license in Singapore, becoming the first declared sole applicant for that category.New York-listed Sea’s digital bank would focus on addressing the unmet needs of millennials and small businesses through technology, the company said in a statement. The Monetary Authority of Singapore said Tuesday that 21 groups made bids for the digital licenses, including seven for full digital banking licenses. Fourteen were for wholesale permits.MAS unveiled plans last year to grant as many as five virtual bank licenses to boost competition and innovation, and is set to announce the winners in June. Efforts to open up the Singapore banking industry to technology companies come on the heels of a similar move in Hong Kong, where units of Ant Financial and other Chinese firms including Tencent Holdings Ltd. obtained licenses. Ant has applied for a Singapore wholesale digital banking license.Southeast Asia’s digital lending market is expected to more than quadruple to $110 billion by 2025, according to a report by Bain & Co., Google and Temasek Holdings Pte.The two main operating divisions of Sea, which counts Tencent as its largest outside shareholder, are Shopee, a popular online shopping platform in Southeast Asia and Taiwan, and gaming arm Garena. Shopee’s users include SME and millennial consumers. Sea also has a digital financial services arm, SeaMoney.“Through Garena, Shopee, and SeaMoney, we have unrivaled insight into the needs and wants of millennials and SMEs across the region,” said Forrest Li, Sea’s chief executive officer. “We have also developed exceptional capabilities in addressing these unmet needs, and have the technology, infrastructure, data analytics capabilities, and management experience to design and scale Singapore’s first full digital bank.”The full digital banks will require total capital of S$1.5 billion ($1.1 billion) and must be controlled by Singaporeans. They will be allowed to provide a range of financial services as well as take deposits from retail customers. The MAS plans to award as many as two such permits.Earlier this month, gaming company Razer Inc. said it had teamed up with homegrown Singaporean entrepreneurs and Asian billionaires to apply for a full banking license. The Razer-led group also targets younger users. Other bidders include the Grab Holdings Inc.-Singapore Telecommunications Ltd. group and Beyond Consortium, which is led by one of Asia’s largest massage chair makers, V3 Group Ltd. and stored-value card company EZ-Link Pte.One of Sea’s key advantages over the other known applicants is its potential to tap its sizable user base across gaming and e-commerce to become customers of its digital bank, said Vey-Sern Ling, a senior analyst at Bloomberg Intelligence.“These are young, generally tech savvy, and many have established paying-relationships with Sea,” Ling said. “Shopee’s leading position in regional e-commerce will likewise provide multiple business cases for Sea’s digital bank.”In 2019, Sea went on to outperform all other major Asian internet stocks with a gain of 255%, its best year since going public in New York in 2017. Investors are optimistic about the company’s revenue outlook. Sea’s stock closed at an all-time high of $40.49 on Friday.(Updates with an analyst comment and a stock chart from ninth paragraph.)\--With assistance from Chanyaporn Chanjaroen.To contact the reporter on this story: Yoolim Lee in Singapore at email@example.comTo contact the editors responsible for this story: Edwin Chan at firstname.lastname@example.org, Colum Murphy, Vlad SavovFor more articles like this, please visit us at bloomberg.com©2020 Bloomberg L.P.
Sea Limited (NYSE: SE) ("Sea" or the "Company"), Southeast Asia’s leading consumer internet company, today announced that it has applied for a digital full bank license in Singapore.
(Bloomberg) -- Alpha JWC Ventures, an Indonesian firm co-founded by a former banker turned venture capitalist, has closed its second fund at $123 million.This is a record for an Indonesia-focused early-stage venture capital fund, underscoring growing investor interest in fostering a new generation of startups in a country that gave birth to internet giants like Gojek and Tokopedia.The Jakarta-based VC firm launched its debut, $50 million fund in 2016, which backed 23 early-stage startups mostly in Indonesia. They include automotive online marketplace Carro, peer-to-peer lending company Funding Societies, and Kredivo, a digital lending platform in Indonesia. Net asset value of that fund has increased 3.2 times, according to the company.Through its second fund, Alpha JWC has already backed 14 startups, including Kopi Kenangan, a popular grab-and-go coffee chain in Indonesia.“We are on the ground and get the earliest information about deals,” said Chandra Tjan, managing partner of Alpha JWC who co-founded the firm with partners Jefrey Joe and Will Ongkowidjaja. “The digital landscape and trends in Indonesia have changed in the past year, and we have to be more active yet cautious.”Daniel Lin, chief executive officer of FundedHere Pte, a crowd-funding platform that introduces entrepreneurs to investors, said that while the earliest VCs have invested in Indonesia since 2010, it’s only been recently that startups in the country have begun to adopt technology in a significant way to reach a wider audience. “Including Indonesian startups at the seed and Series A stages will be critical to the success of the startup portfolio,” said Lin.Prior to starting the company, former Credit Suisse and Citigroup Inc. banker Tjan had co-founded and served as managing partner of East Ventures, which has become the most active VC firm in Indonesia. In 2019, East Ventures closed its sixth fund at $75 million and launched a $200 million growth fund together with Indonesian conglomerate Sinar Mas and an arm of Yahoo Japan Corp.This year, Alpha JWC has bolstered its team by promoting Erika Dianasari to a partner from principal and added two new partners: Alan Hellawell, former chief strategy officer of Sea Ltd., and Eko Kurniadi, former vice president of investment at private equity firm Creador. Ongkowidjaja has stepped down as managing partner to start his own company, Honestbank, though he will remain as a founding partner of Alpha JWC, according to Tjan.To contact the reporter on this story: Yoolim Lee in Singapore at email@example.comTo contact the editors responsible for this story: Peter Elstrom at firstname.lastname@example.org, Colum MurphyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Singapore’s newest billionaire is a former government employee who rode mobile sensation Free Fire into the ranks of the ultra-wealthy this week.The battle royale or fight-to-the-death title distributed by Sea Ltd. ranked among the five most downloaded games on the Apple and Google app stores for three straight quarters this year and has amassed $1 billion in adjusted revenue since launching in 2017. That propelled a tripling in Sea’s market value and the fortune of co-founder Gang Ye, a Carnegie Mellon University alum who’s worked for Wilmar International Ltd. and Singapore’s Economic Development Board.The 39-year-old joins fellow co-founder Forrest Li, whose larger stake in the fast-growing games-to-shopping company earned him a ten-digit fortune earlier this year. Ye, who moved to Singapore from China in the 1990s as a teenager and became a citizen shortly after his return from the U.S., has served as Sea’s chief operating officer since 2017.The executive holds an 8.4% stake in the company and is worth $1 billion, according to the Bloomberg Billionaires Index. A company representative declined to comment on his net worth.Read more: Singapore’s Sea Surges Most in Six Months After Hiking OutlookShares in the company, which is part-owned by Chinese social media titan Tencent Holdings Ltd., reached a record on Wednesday after Sea reported a tripling in revenue to $610.1 million in the third quarter. The shares have risen 234% this year.Read more: The Tencent of Southeast Asia Isn’t Really Like Tencent at AllWhile gaming is Sea’s biggest business, e-commerce platform Shopee is also growing fast. The segment’s revenue more than tripled in the quarter, helping narrow net losses to $206 million. Sea’s dependence on the success of “just a few game titles” was listed as one of its business risks in a 2018 annual report.Shopee, whose television and online ads feature Juventus soccer star Cristiano Ronaldo, topped the mobile shopping category in Southeast Asia by monthly active users and downloads in the third quarter, according to researcher Iprice Group. While an influx of e-commerce giants from Alibaba Group Holding Ltd. to Amazon.com Inc. onto Sea’s turf has sparked concerns over its growth, the company has a “firm lead in the region that’s tough to break,” Bloomberg Intelligence analyst Matthew Kanterman wrote in November.Ye and Li are the latest billionaires to emerge from the gaming scene. Tim Sweeney, founder of Fortnite maker Epic Games, has a $7.2 billion fortune while Gabe Newell -- whose Valve Corp. operates the Steam platform -- has a net worth of $5.7 billion, according to Bloomberg’s ranking.(Updates with Sea’s share performance in the fifth paragraph)\--With assistance from Tom Metcalf and Pei Yi Mak.To contact the reporters on this story: Yoojung Lee in Singapore at email@example.com;Yoolim Lee in Singapore at firstname.lastname@example.orgTo contact the editors responsible for this story: Pierre Paulden at email@example.com, Edwin ChanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The Company has granted the initial purchaser a 13-day option to purchase up to an additional US$150 million principal amount of Notes. The Company plans to use a portion of the net proceeds from this offering to pay the cost of the capped call transactions described below, and to use the remainder of the net proceeds for business expansion and other general corporate purposes, including potential strategic investments and acquisitions. An entity affiliated with one of the Company’s directors is expected to purchase up to US$100 million principal amount of the Notes in the offering on the same terms as the other Notes being offered.
(Bloomberg Opinion) -- Line Corp. would be lucky to have a suitor. Even if it bears the name Yahoo. The instant-messenger company has been marching toward irrelevance since its dual Tokyo and New York initial public offerings three years ago, with management failing to navigate any clear future for the company or its core product. They’ve shown zero interest in geographical expansion and have instead rested on the belief that being hip in a few places would be enough.It’s not hard to see why. The company had a meteoric rise and remains favored among fans for its array of stickers, emoji-like cartoons that they often paid for. It’s easy and comfortable but accounts for only 13% of revenue and has stagnated.Now, Line may merge with Yahoo Japan’s parent, Z Holdings Corp., which itself is a part of the broader family of SoftBank Group Corp., Bloomberg News reported early Thursday, citing Z Holdings.Both Nikkei news and Kyodo wrote about the talks late Wednesday, driving Line’s U.S.-listed depositary receipts up more than 26%. Z climbed as much as 17% in Tokyo on Thursday morning, while Line’s Tokyo-listed shares didn’t transact because bids far exceed offers.Line’s parent, South Korea’s Naver Corp., could reach an agreement with Z as soon as this month in a deal that would see the two have a 50% stake each in a holding company that would own both Line and Yahoo Japan, Nikkei reported. Line confirmed that it’s considering the idea, along with other opportunities to boost value.To be frank, this is the best opportunity Line is likely to ever get. Most of the Tokyo-based company’s revenue comes from advertising fed to its audience of 164 million monthly active users. Other businesses, such as content and fintech, haven’t gained much traction despite years of trying. It all comes down to expanding the number of chat users and extracting more from them.Yet after seven years in operation, Line’s core instant messenger product has been unable to expand much beyond its four key markets of Japan, Taiwan, Thailand and Indonesia. That it can’t even make headway in South Korea, the homeland of its parent company, says a lot about ineffective management. You knew it was desperate when it announced a move into the cryptocurrency business.I believe that a merger with Singapore-based internet company Sea Ltd. would make more sense, given there are more growth prospects in Southeast Asia than in North Asia. But right now, Line should settle for any dance partner it can get. After losses in six of the past eight quarters and meager revenue growth, I suspect the recent run-up in its stock has been spurred by the belief it will eventually be bought. Though that may finally be happening, Z is not exactly an inspiring match. Its own revenue and earnings growth have been lackluster. At least it’s profitable, which would make a pleasant change for Line investors. Yahoo Japan’s major hope for the future is to expand in e-commerce, advertising and mobile payments. Having an instant messenger product in the portfolio would certainly help it further those goals. Still, it would likely ensure Line’s user numbers remain stagnant given the lack of growth in the Japanese economy and population. Being part of the SoftBank stable might not be a bad thing, either. Founder and Chairman Masayoshi Son is a born salesman and loves to talk up his portfolio companies. If he’s willing to spend cash to help a Line-Yahoo entity expand, then they may be able to gain some real marketing clout against rivals like Rakuten Inc. and Amazon.com Inc. But it would certainly mean the end of Line as we know it. To contact the author of this story: Tim Culpan at firstname.lastname@example.orgTo contact the editor responsible for this story: Patrick McDowell at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Tim Culpan is a Bloomberg Opinion columnist covering technology. He previously covered technology for Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Sea intends to grant to the initial purchaser a 13-day option to purchase up to an additional US$150 million principal amount of Notes. Sea plans to use a portion of the net proceeds from this offering to pay the cost of the capped call transactions described below, and to use the remainder of the net proceeds for business expansion and other general corporate purposes, including potential strategic investments and acquisitions. The Notes will be senior, unsecured obligations of the Company.
(Bloomberg) -- Tencent Holdings Ltd.’s Call of Duty Mobile has attracted 20 million gamers within the first two days of its worldwide debut, a big boost for the company’s ambition of adapting top-tier titles with global name recognition for smartphones.Based on Activision Blizzard Inc.’s marquee PC and console franchise, Call of Duty Mobile generated a quick $2 million in player spending after rolling out in the U.S., Europe, India and Latin America, researchers at Sensor Tower said. Its downloads rivaled those for Nintendo Co.’s Mario Kart Tour over its first two days, one of the most successful mobile game launches ever, according to their findings.Call of Duty Mobile is the highest-profile project to emerge from Tencent’s effort to convert established gaming franchises to mobile, priming a pipeline that already stretches to 2022, Thomson Ji, vice president of Tencent’s TiMi Studios, said in an interview.“We’re committed to developing games to target global markets,” said Ji at TiMi, which became the largest of Tencent’s four main creative studios off the back of breakout success Honour of Kings. “Call of Duty is very influential globally and we hope this game can help us reach hundreds of millions of mobile gamers overseas.”Tencent, operator of the WeChat social media service, is developing new avenues for growth as uncertainty grips its home market. In May, the internet giant reported its slowest pace of sales expansion since going public in 2004, so it’s casting a wider net to diversify away from a domestic economy in the crosshairs of the U.S. government. The company is moving beyond just importing famous titles for Chinese audiences and is now, conversely, designing smartphone versions of popular console games for export overseas.China’s Latest Step to Curb Games and Play Wallops TencentCall of Duty Mobile, which launched Oct. 1., is a litmus test of Tencent’s ability to wow international players. It revamps one of Activision’s best-selling franchises for smartphone gamers, a group that now exceeds 2.2 billion in number. According to Tencent estimates, that’s three times the size of the audience playing on consoles.Despite a temporary glitch, Call of Duty Mobile lured six times more players upon its opening than the mobile edition of PlayerUnknown’s Battlegrounds, another Tencent project, which hit the same markets last year, said Randy Nelson, Sensor Tower’s head of mobile insights. And all this is without the game launching in Tencent’s home market of China.“This is a particularly strong launch for the action genre on mobile and mobile games in general,” he wrote in an email. “I can tell that Tencent has incorporated what it learned in the development of PUBG Mobile here.”Tencent Counts on Smash Hit Call of Duty to Quicken Global PushThe WeChat operator is betting on the popularity of hardcore first-person shooters like Call of Duty to help it break into North America. It’s the company’s first attempt to bring a so-called triple-A title -- one with the very highest of marketing and development budgets -- to the smartphone screen. For now, players in India accounted for the largest proportion of installs at 14% while the U.S. ranked ninth with 9% of downloads.To ensure the popularity of the game, Tencent has introduced elements of what it knows best: social networking. The game allows people to link up with their friends from Facebook and form groups to go on missions. Call of Duty Mobile is free to play, though it features built-in incentives for people to spend real money on virtual goods such as character skins.The mobile version was developed by Tencent but Activision Blizzard, in which the Chinese company owns a stake, is publishing Call of Duty Mobile in regions including the U.S., Europe and Latin America. Tencent oversees distribution for South Korea while Sea Ltd., which Tencent has also invested in, looks after Southeast Asia. Tencent will split revenues for publishing and intellectual property rights, Ji said without providing specifics.“This is just the beginning,” said Rob Kostich, president of Activision Blizzard. “There’s much more to come.”To contact the reporter on this story: Lulu Yilun Chen in Hong Kong at firstname.lastname@example.orgTo contact the editors responsible for this story: Peter Elstrom at email@example.com, Edwin Chan, Vlad SavovFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Thailand's largest lender Siam Commercial Bank Pcl (SCB) announced a partnership with e-commerce and game developer Sea Ltd's Thai operations to provide payments and lending services as it seeks to increase revenues from digital banking. Siam Commercial will provide lending services to small businesses on Singapore-based Sea's platforms, the bank's president, Apiphan Charoenanusorn. Sea's AirPay customers will also be able to pay bills via SCB's apps, he said.
(Bloomberg) -- Amazon.com Inc. is in talks to make an investment in Indonesian ride-hailing giant Gojek, people familiar with the negotiations said, a move that could bolster the U.S. company’s presence in Southeast Asia.Amazon is one of the firms that have been negotiating with Gojek to join its ongoing funding round, according to the people, who asked not to be identified as the discussions are private. Under one scenario that has been considered, Amazon may make a meaningful investment for a slice of Indonesia’s most valuable startup, said one of the people. The talks may still fall apart or the terms may change.A Gojek representative declined to comment. Amazon couldn’t immediately be reached for comment outside of normal business hours. The Wall Street Journal earlier reported on the discussions.The move could mark Amazon’s most significant investment in Indonesia, one of the last frontiers of e-commerce. The Seattle-based retail giant took its first step into the region in 2017 when it entered Singapore with Amazon Prime Now. But in Indonesia, by far the region’s biggest and most promising market with 260 million people, it has no presence.By contrast, Chinese tech titans have made inroads into the region recently. Alibaba Group Holding Ltd. spent billions of dollars to acquire online shopping company Lazada Group and invested in homegrown Indonesian e-commerce companies Tokopedia PT and Bukalapak. Tencent Holdings Ltd. has backed Sea Ltd., whose mobile shopping unit Shopee is battling fiercely with Lazada.Gojek debuted its app for hailing motorbike taxis in Jakarta in 2015. Since then, the company has evolved into a “super app” -- part ride-sharing service, part food-delivery business and part digital-wallet provider. It also offers a dozen other on-demand services such as booking a cleaner and medicine delivery.As part of the ongoing Series F funding round, Gojek -- valued at $10 billion, according to CB Insights -- has secured investments from Visa Inc., Thailand’s Siam Commercial Bank Plc, Mitsubishi Motors Corp., Mitsubishi Corp. and Mitsubishi UFJ Lease & Finance Co. this year. The terms of those deals were not disclosed.Visa Invests in Go-Jek for Digital Payments in Southeast AsiaThose investments added to more than $1 billion Gojek secured in a previous funding round earlier this year.\--With assistance from Manuel Baigorri.To contact the reporters on this story: Yoolim Lee in Singapore at firstname.lastname@example.org;Crystal Tse in Hong Kong at email@example.comTo contact the editors responsible for this story: Peter Elstrom at firstname.lastname@example.org, ;Fion Li at email@example.com, Molly Schuetz, Robin AjelloFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The Zacks Analyst Blog Highlights: Sea, Target, 1-800-FLOWERS.COM, Burlington and Cooper Companies