Rain Soaks Singapore as Scientists Worry About ‘Burst Flooding'
Welcome to Singapore Edition. Each week we bring insights into one of Asia's most dynamic economies. If you haven't yet, please sign up here.
This waterlogged week, Mary Hui looks at a rising threat of flash flooding, Olivia Poh follows the changes looming in the nation's ride-hailing industry and Alfred Cang tells a cautionary tale from the nation's booming family office business.
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Business of Fashion
14-05-2025
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Sea Profit Tops Estimates as Online Shoppers Keep Spending
Sea Ltd. reported profit that topped analysts' estimates, a sign that the Southeast Asian e-commerce leader is holding up well against fierce rivals TikTok and Lazada. The company's American depositary receipts jumped as much as 8.4 percent in New York after Sea reported net income of $410.8 million for the first quarter through March, compared with a year-earlier loss. Analysts predicted $353.4 million on average. Sales climbed 30 percent to $4.84 billion, roughly in line with estimates. The results suggest online retail arm Shopee is having success fending off ByteDance Ltd.'s TikTok and Alibaba Group Holding Ltd.'s Lazada across Southeast Asia. Newer contenders like Shein and PDD Holdings Inc.'s Temu are also targeting the region of more than 675 million people, where more shoppers are moving online. In a display of its strength, Shopee has been steadily raising the commissions it charges merchants in many core markets by about a third since the start of last year. The hikes, which bring Shopee's fees far above its rivals, show that Sea is confident it can attract and retain merchants, helped by a broad user base and well-established delivery services. Shopee's first-quarter revenue rose 28 percent to $3.5 billion. Meanwhile, Sea's aggressive cost-cutting drive, including thousands of job cuts, has helped the company pad its bottom line. Shopee's sales and marketing expenses as a percentage of its gross merchandise volume contracted, reflecting the cost reductions. Besides the tough competition, Sea's challenges include US-imposed tariffs that could hit the fragile economies of the emerging markets where it operates, souring consumer sentiment. While the company has curtailed its international expansion, it's grown in markets such as Brazil to diversify its customer base. Sea is also betting on new initiatives in areas from digital finance to logistics to convince investors of its long-term earnings potential. Its finance arm — now known as Monee — has overtaken its gaming arm in terms of revenue. What Bloomberg Intelligence says Sea's high-margin advertising services and logistics strength should further improve earnings at its e-commerce segment. Its use of generative AI to improve product discovery should convert more platform visitors into buyers. That would raise the appeal of its ecosystem to merchants looking to place ads. Its well integrated, first-party logistics enable it to deliver orders in two days or less in its home market of Southeast Asia, an edge that could extend to Brazil. That would help Sea defend against TikTok's plan to expand e-commerce in Brazil, says analyst Nathan Naidu. By Olivia Poh Learn more: Shopify Sees Second-Quarter Revenue Above Market Estimates The Ontario-based e-commerce company forecast second-quarter growth in the mid-twenties percentage range.
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Singapore Election Gives Strong Mandate to Tackle Trump Tariffs
Welcome to Singapore Edition. Each week we bring you insights into one of Asia's most dynamic economies. If you haven't yet, please sign up here. In our special edition this week, Bloomberg Television's Haslinda Amin examines the election result and looks at the task facing the new lawmakers.
