Shopee, Monee power Sea's market value to over US$100 billion; DBS only other Singapore company in that league
The counter rose above US$30 at 11.22 am New York time on Tuesday (Aug 12), before closing 18.9 per cent or US$27.89 higher at US$174.12.
Its shares are up 64.1 per cent in the year to date and have quadrupled since its low of US$34.82 at the start of 2024.
The company reported a 418.3 per cent increase in its second-quarter earnings to US$414.2 million, from US$79.9 million in the year-ago period.
It once again boasts a market capitalisation greater than US$100 billion, with a valuation of US$103.1 billion. This marks the first time two Singapore companies have been simultaneously north of the milestone, with the other being DBS at US$112.7 billion.
The jump in earnings was driven by 38.2 per cent revenue growth to US$5.3 billion for the quarter, largely due to the performance of Sea's e-commerce arm Shopee and digital financial services arm Monee.
Shopee is the largest e-commerce platform in South-east Asia, with operations also in Latin America.
Revenue for Shopee grew 33.6 per cent, while Monee sales rose 70 per cent in Q2 to US$882.8 million and bookings at gaming division Garena rose 23.2 per cent.
Sea chief executive Forrest Li said in a statement that the company will continue to prioritise growth to maximise its long-term profitability.
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Business Times
an hour ago
- Business Times
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Between April and June, Malaysia's private consumption rose 5.3 per cent year on year; public consumption went up by 6.4 per cent, also on the year. Net exports dropped over 70% Lower oil and gas production, the result of planned maintenance activities, was a factor that weighed on Malaysia's economic growth in the second quarter. PHOTO: BLOOMBERG Despite strong electrical and electronics exports, the overall trade balance weakened. Net exports plunged by 72.6 per cent, dragged down by a decline in mining-related exports and a rise in capital imports. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up Mohd Uzir said: 'Lower oil and gas production due to planned maintenance activities was a factor that weighed on growth in the second quarter.' He added that slower exports were exacerbated by waning support from front-loading activities; however, the continued demand for electrical and electronics products and robust tourism activities would support export growth going forward, he said. Overall growth was weighed down by the mining sector's decline amid lower commodity production, said Bank Negara governor Abdul Rasheed Ghaffour. Malaysia's current-account surplus for the quarter narrowed to RM300 million (S$91.3 million), the smallest in 26 years. The goods account surplus narrowed sharply to RM17 billion, while the services account deficit edged up to RM3.3 billion. Lingering uncertainties Bank Negara Malaysia governor Abdul Rasheed Ghaffour said the country's overall economic growth was weighed down by the mining sector's decline amid lower commodity production. 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The revision of economic forecasts is a nod to the rising uncertainty over US trade tariffs, shifting trade alliances and geopolitical instability – all of which are factors weighing on the outlook for the region's export-reliant economies. Economists' 2025 growth forecast: between 4.1% and 4.4% Bank Negara's monetary policies, coupled with the Malaysian government's RM2 billion in Merdeka cash handouts, are expected to boost domestic spending. PHOTO: AFP Bank Muamalat's chief economist, Mohd Afzanizam Abdul Rashid, projects that Malaysia's economy will grow more slowly in the second half of 2025, and come in at between 3.7 and 3.8 per cent; the full-year growth rate would be around 4.1 per cent. He highlighted that Bank Negara has been proactive with its monetary policy, having cut the statutory reserve requirement and the overnight policy rate earlier this year. 'These measures, along with RM2 billion Merdeka in cash handouts, are expected to boost domestic demand and counteract the looming risks of a global slowdown,' he told The Business Times. ANZ Research economists Arindam Chakraborty and Khoon Goh noted that external demand is expected to weaken, but that overall growth should remain supported by resilience in domestic demand and a sustained momentum in investment. The research firm forecasts Malaysia's GDP to expand at 4.1 per cent in 2025. Regarding monetary policy, they do not expect another rate cut unless weaker external demand significantly affects incomes and consumption. RHB Bank senior economist Chin Yee Sian has a slightly more positive outlook on Malaysia's economic growth, forecasting a 4.2 per cent GDP expansion, with potential to reach 4.4 per cent. She notes that the outcome hinges on external factors such as clearer guidance on US tariffs, easing US-China tensions, as well as the impact of the domestic stimulus measures. Chin added that some domestically-focused industries remain resilient to global uncertainties because they are insulated by strong local demand; these sectors are retail, consumer goods, and construction. Ringgit gains In the second quarter, Malaysian currency had appreciated by 5.9 per cent against the US dollar as at Aug 13. On a nominal effective exchange rate basis, the ringgit rose by 2.1 per cent. As at 4 pm on Friday, the ringgit traded at 4.2184 against the greenback, nearly 5.7 per cent higher than the RM4.4715 level at the start of the year. Against the Singapore dollar, it depreciated around 0.5 per cent to 3.2893, from RM3.2742 on Jan 1. Commenting on the currency's movement, Abdul Rasheed said he expected the ringgit to continue being influenced by external factors, but that its value would be supported by Malaysia's favourable economic outlook, structural reforms, and ongoing efforts to encourage capital inflows. 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CNA
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Business Times
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Investors chase CNMC Goldmine to new high on record profit, trebled dividend
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