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Oaktree co-founder Howard Marks discloses a new Sea Limited position
Sea reported revenue gains across Shopee, fintech and games, including a rise in Shopee ad business of more than 70%.
Oaktree Capital co-founder Howard Marks has disclosed a new position in Sea Limited, a Southeast Asian internet and technology company, according to Yahoo Finance. The stake is valued at about $60.9 million.
Sea operates three growth areas, with Shopee running an online shopping platform, Monee providing fintech and lending, and Garena managing the company’s video game business. Over the past year, the stock has fallen by about 30%, while Marks’ move highlights the value-investing approach to the drawdown.
The latest results discussed by Yahoo Finance show Sea revenue rising 48% year over year and beating Wall Street estimates. Shopee revenue grew 49%, goods sold increased 28%, and the ad business grew more than 70%.
Management also expects Shopee to clear $1 billion in adjusted profit for the full year, its biggest profitability milestone yet. Monee revenue rose 59% with a loan book up about 62% and bad loans around 1% of total, while Garena bookings rose 15% and profit increased 17%, though earnings per share came in below analyst expectations as the company continued investing and bought back shares.