Hyperlocal deliveries fuel 300% stock rise for Shopee owner
It's called Shopee. And it's thriving.
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Owned by Singapore-based
Sea Ltd
., Shopee has pulled off one of the more improbable corporate comebacks in recent memory, sending its stock soaring more than 300% since the start of 2024. A key secret weapon is a little known logistics operation powered by an army of homemakers, students and retirees. And the help of some very large Ikea bags.
That operation is
SPX Express
, a homegrown in-house delivery network that Sea spent years building in the shadows. While rivals like Amazon.com Inc. plastered ads across the city for Black Friday and TikTok Shop flooded feeds with flash sales, Shopee was busy rewiring the infrastructure of Southeast Asian commerce one community at a time.
They're a familiar sight in Singapore. The retired "uncle" in flip-flops, slinging parcels across a housing block in an ever-practical blue Ikea bag. Or an entrepreneurial homemaker busily sorting a makeshift Shopee kiosk beside the elevator. They're the human backbone of SPX Express, which now handles the majority of Shopee's several billion parcels annually.
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And Wall Street has noticed. Shopee's success has helped Sea inch toward a $100 billion market cap, on the heels of Singaporean banking giant DBS, the region's most valuable company. The stock, listed on the New York Stock Exchange, has soared 324% since hitting a low in January last year. Of the 41 analysts tracked by Bloomberg who rate Sea, 33 of them have a "buy" recommendation on the stock.
"Sea's significant recovery was largely driven by growth in its e-commerce business, which was executed really well during the post-Covid period," said Hussaini Saifee, an equity research analyst at Maybank Securities, who rates the stock a "buy."
In 2021, Shopee was facing a conundrum: demand was exploding-especially during the Covid pandemic-but its delivery pipeline was buckling under the pressure. Until then, Shopee had relied mostly on third-party carriers like J&T Global Express and Singapore Post to navigate the logistical complexity of Southeast Asia: thousands of islands, alleys too narrow for vans, dirt roads more familiar to scooters than trucks.
That changed almost overnight. As online orders more than doubled in 2021, Sea bet big on building its own logistics arm.
During a 2022 Sea earnings call, Chief Executive Officer Forrest Li pledged to build up its logistics business, spending nearly $1 billion that year alone. Lowering the cost of delivering parcels will be "key to long-term growth," he said.
It was a big risk during a difficult period. Sea had just lost almost 90% of its value from its 2021 peak. Investors were disillusioned about its money-making potential in a global tech rout, scrutinising Sea's growth prospects after shoppers emerging from pandemic lockdowns started cutting back on online purchases.
The gaming and e-commerce giant had cut about 7,000 jobs to try assuage some of these concerns. It also shuttered its e-commerce operations in some European and Latin American markets and said it would reduce expenses to cope.
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