this is one of the best researches on SEA i have seen.. thank you so much for enlightening us.. one question.. how did you get the split of Sales and Marketing and other income for just Garena? There is 1,016,793 of operating income i can see for Digital entertainment in their 10-K for end 2020.. but i cant find the split for the operating expenses for Digital entertainment between S&M and other expense. Any suggestion would help. Thanks!
Thanks a lot for writing this detailed blog. Most of the analysis I have read on Sea just mentions the Free Fire concentration risk and stop. They don't elaborate on how superhit games evolve, risk profile of other game developers, how Free Fire has already extended its longevity, etc.
Question on Adjusted EBITDA formula.. im a little confused how the 2020 Adj EBITDA of 1,983 is calculated. I can see from SEA's presentation that its Operating income (1,016) + Net effect of changes in deferred revenue & related cost (939) + D&A (26,125) = 1,983.. but i am super confused on how the 939 came about..
very well covered - are you based out of singapore? if so and ever want to grab coffee can reach out to pratyush@farrerwealth.com. we're based here too and are also investor in Sea.
this is one of the best researches on SEA i have seen.. thank you so much for enlightening us.. one question.. how did you get the split of Sales and Marketing and other income for just Garena? There is 1,016,793 of operating income i can see for Digital entertainment in their 10-K for end 2020.. but i cant find the split for the operating expenses for Digital entertainment between S&M and other expense. Any suggestion would help. Thanks!
Thanks a lot for writing this detailed blog. Most of the analysis I have read on Sea just mentions the Free Fire concentration risk and stop. They don't elaborate on how superhit games evolve, risk profile of other game developers, how Free Fire has already extended its longevity, etc.
Solid and Insightful case study. Easy to read too.
Just started to get to know SEA. This article help me a lot.
Thks a lot.
Question on Adjusted EBITDA formula.. im a little confused how the 2020 Adj EBITDA of 1,983 is calculated. I can see from SEA's presentation that its Operating income (1,016) + Net effect of changes in deferred revenue & related cost (939) + D&A (26,125) = 1,983.. but i am super confused on how the 939 came about..
This is fantastic analysis. Really enjoyed reading it.
What's your view on the 3Q21 results with respect to your bull, base and bear scenarios for Garena?
I understand that Garena is going to provide steady free cash flow for reinvestment.
But I wonder if it's now tilting towards your bear scenario rather than bull scenario, even accounting for Free Fire Max?
Hi, do you have any analysis on SWAV, I am also long SWAV now
I'm also an investor in Sea stock. This is probably the most insightful article about Garena that I've read so far. Thanks a lot for your sharing!
Nice writeup! I saw a chinese translation of your article, not sure it is with your approval. https://singledoggy.investments/2021/09/04/garena/
very well covered - are you based out of singapore? if so and ever want to grab coffee can reach out to pratyush@farrerwealth.com. we're based here too and are also investor in Sea.