Intrinsic value of Sea ADR - SE

Previous Close

$12.44

  Intrinsic Value

$0.80

stock screener

  Rating & Target

str. sell

-94%

Previous close

$12.44

 
Intrinsic value

$0.80

 
Up/down potential

-94%

 
Rating

str. sell

We calculate the intrinsic value of SE stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  19.80
  18.32
  16.99
  15.79
  14.71
  13.74
  12.87
  12.08
  11.37
  10.73
  10.16
  9.64
  9.18
  8.76
  8.39
  8.05
  7.74
  7.47
  7.22
  7.00
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.77
  5.70
Revenue, $m
  496
  587
  687
  795
  912
  1,038
  1,171
  1,313
  1,462
  1,619
  1,783
  1,955
  2,135
  2,322
  2,516
  2,719
  2,929
  3,148
  3,376
  3,612
  3,857
  4,113
  4,378
  4,655
  4,942
  5,242
  5,554
  5,880
  6,219
  6,573
Variable operating expenses, $m
  790
  933
  1,090
  1,261
  1,446
  1,644
  1,854
  2,077
  2,313
  2,560
  2,813
  3,084
  3,367
  3,663
  3,970
  4,289
  4,621
  4,966
  5,325
  5,698
  6,085
  6,488
  6,907
  7,343
  7,797
  8,269
  8,762
  9,275
  9,811
  10,370
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  790
  933
  1,090
  1,261
  1,446
  1,644
  1,854
  2,077
  2,313
  2,560
  2,813
  3,084
  3,367
  3,663
  3,970
  4,289
  4,621
  4,966
  5,325
  5,698
  6,085
  6,488
  6,907
  7,343
  7,797
  8,269
  8,762
  9,275
  9,811
  10,370
Operating income, $m
  -293
  -346
  -403
  -466
  -534
  -606
  -683
  -765
  -851
  -942
  -1,030
  -1,129
  -1,233
  -1,341
  -1,453
  -1,570
  -1,692
  -1,818
  -1,949
  -2,086
  -2,228
  -2,375
  -2,528
  -2,688
  -2,854
  -3,027
  -3,208
  -3,396
  -3,592
  -3,796
EBITDA, $m
  -268
  -317
  -371
  -430
  -493
  -560
  -633
  -709
  -790
  -874
  -963
  -1,056
  -1,153
  -1,254
  -1,359
  -1,469
  -1,582
  -1,700
  -1,823
  -1,951
  -2,083
  -2,221
  -2,365
  -2,514
  -2,669
  -2,831
  -3,000
  -3,176
  -3,359
  -3,550
Interest expense (income), $m
  0
  53
  34
  51
  69
  89
  111
  134
  159
  185
  212
  241
  272
  303
  336
  371
  407
  444
  483
  523
  565
  609
  654
  701
  750
  801
  855
  910
  967
  1,028
  1,090
Earnings before tax, $m
  -347
  -380
  -454
  -535
  -623
  -717
  -817
  -923
  -1,036
  -1,154
  -1,271
  -1,401
  -1,536
  -1,677
  -1,824
  -1,977
  -2,136
  -2,301
  -2,473
  -2,651
  -2,837
  -3,029
  -3,230
  -3,439
  -3,656
  -3,882
  -4,117
  -4,363
  -4,619
  -4,886
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -347
  -380
  -454
  -535
  -623
  -717
  -817
  -923
  -1,036
  -1,154
  -1,271
  -1,401
  -1,536
  -1,677
  -1,824
  -1,977
  -2,136
  -2,301
  -2,473
  -2,651
  -2,837
  -3,029
  -3,230
  -3,439
  -3,656
  -3,882
  -4,117
  -4,363
  -4,619
  -4,886

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,394
  1,649
  1,929
  2,234
  2,563
  2,915
  3,290
  3,687
  4,106
  4,547
  5,009
  5,492
  5,996
  6,522
  7,068
  7,637
  8,229
  8,843
  9,482
  10,145
  10,835
  11,552
  12,298
  13,075
  13,883
  14,724
  15,601
  16,516
  17,470
  18,465
Adjusted assets (=assets-cash), $m
  1,394
  1,649
  1,929
  2,234
  2,563
  2,915
  3,290
  3,687
  4,106
  4,547
  5,009
  5,492
  5,996
  6,522
  7,068
  7,637
  8,229
  8,843
  9,482
  10,145
  10,835
  11,552
  12,298
  13,075
  13,883
  14,724
  15,601
  16,516
  17,470
  18,465
Revenue / Adjusted assets
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
Average production assets, $m
  93
  110
  128
  149
  171
  194
  219
  245
  273
  303
  333
  366
  399
  434
  471
  508
  548
  589
  631
  675
  721
  769
  819
  870
  924
  980
  1,039
  1,099
  1,163
  1,229
Working capital, $m
  -450
  -533
  -623
  -721
  -827
  -941
  -1,062
  -1,190
  -1,326
  -1,468
  -1,617
  -1,773
  -1,936
  -2,106
  -2,282
  -2,466
  -2,657
  -2,855
  -3,062
  -3,276
  -3,499
  -3,730
  -3,971
  -4,222
  -4,483
  -4,754
  -5,038
  -5,333
  -5,641
  -5,962
Total debt, $m
  466
  696
  948
  1,222
  1,518
  1,835
  2,172
  2,530
  2,907
  3,304
  3,720
  4,155
  4,608
  5,081
  5,573
  6,085
  6,617
  7,171
  7,745
  8,343
  8,963
  9,609
  10,280
  10,979
  11,706
  12,464
  13,253
  14,076
  14,934
  15,830
Total liabilities, $m
  1,254
  1,484
  1,736
  2,011
  2,306
  2,623
  2,961
  3,318
  3,696
  4,092
  4,508
  4,943
  5,397
  5,869
  6,362
  6,874
  7,406
  7,959
  8,534
  9,131
  9,752
  10,397
  11,069
  11,767
  12,495
  13,252
  14,041
  14,864
  15,723
  16,618
Total equity, $m
  139
  165
  193
  223
  256
  291
  329
  369
  411
  455
  501
  549
  600
  652
  707
  764
  823
  884
  948
  1,015
  1,084
  1,155
  1,230
  1,307
  1,388
  1,472
  1,560
  1,652
  1,747
  1,846
Total liabilities and equity, $m
  1,393
  1,649
  1,929
  2,234
  2,562
  2,914
  3,290
  3,687
  4,107
  4,547
  5,009
  5,492
  5,997
  6,521
  7,069
  7,638
  8,229
  8,843
  9,482
  10,146
  10,836
  11,552
  12,299
  13,074
  13,883
  14,724
  15,601
  16,516
  17,470
  18,464
Debt-to-equity ratio
  3.340
  4.220
  4.910
  5.470
  5.920
  6.300
  6.600
  6.860
  7.080
  7.270
  7.430
  7.560
  7.690
  7.790
  7.880
  7.970
  8.040
  8.110
  8.170
  8.220
  8.270
  8.320
  8.360
  8.400
  8.430
  8.460
  8.490
  8.520
  8.550
  8.570
Adjusted equity ratio
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -347
  -380
  -454
  -535
  -623
  -717
  -817
  -923
  -1,036
  -1,154
  -1,271
  -1,401
  -1,536
  -1,677
  -1,824
  -1,977
  -2,136
  -2,301
  -2,473
  -2,651
  -2,837
  -3,029
  -3,230
  -3,439
  -3,656
  -3,882
  -4,117
  -4,363
  -4,619
  -4,886
Depreciation, amort., depletion, $m
  25
  29
  33
  37
  41
  46
  51
  56
  62
  67
  67
  73
  80
  87
  94
  102
  110
  118
  126
  135
  144
  154
  164
  174
  185
  196
  208
  220
  233
  246
Funds from operations, $m
  -321
  -351
  -422
  -499
  -582
  -671
  -766
  -868
  -974
  -1,087
  -1,204
  -1,328
  -1,456
  -1,590
  -1,730
  -1,875
  -2,026
  -2,183
  -2,347
  -2,516
  -2,692
  -2,876
  -3,066
  -3,264
  -3,471
  -3,686
  -3,910
  -4,143
  -4,387
  -4,641
Change in working capital, $m
  -74
  -82
  -90
  -98
  -106
  -114
  -121
  -128
  -135
  -142
  -149
  -156
  -163
  -170
  -177
  -184
  -191
  -198
  -206
  -214
  -223
  -232
  -241
  -251
  -261
  -272
  -283
  -295
  -308
  -321
Cash from operations, $m
  -247
  -269
  -331
  -400
  -476
  -558
  -645
  -739
  -839
  -944
  -1,055
  -1,172
  -1,293
  -1,421
  -1,553
  -1,692
  -1,835
  -1,985
  -2,140
  -2,302
  -2,470
  -2,644
  -2,825
  -3,014
  -3,210
  -3,414
  -3,627
  -3,848
  -4,079
  -4,319
Maintenance CAPEX, $m
  -15
  -19
  -22
  -26
  -30
  -34
  -39
  -44
  -49
  -55
  -61
  -67
  -73
  -80
  -87
  -94
  -102
  -110
  -118
  -126
  -135
  -144
  -154
  -164
  -174
  -185
  -196
  -208
  -220
  -233
New CAPEX, $m
  -15
  -17
  -19
  -20
  -22
  -23
  -25
  -26
  -28
  -29
  -31
  -32
  -34
  -35
  -36
  -38
  -39
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -58
  -61
  -63
  -66
Cash from investing activities, $m
  -30
  -36
  -41
  -46
  -52
  -57
  -64
  -70
  -77
  -84
  -92
  -99
  -107
  -115
  -123
  -132
  -141
  -151
  -161
  -170
  -181
  -192
  -204
  -216
  -228
  -241
  -254
  -269
  -283
  -299
Free cash flow, $m
  -278
  -304
  -372
  -446
  -527
  -615
  -709
  -809
  -916
  -1,028
  -1,146
  -1,270
  -1,400
  -1,536
  -1,677
  -1,824
  -1,977
  -2,135
  -2,301
  -2,472
  -2,651
  -2,836
  -3,029
  -3,229
  -3,438
  -3,655
  -3,881
  -4,116
  -4,362
  -4,618
Issuance/(repayment) of debt, $m
  -263
  230
  252
  274
  296
  317
  337
  358
  377
  397
  416
  435
  454
  473
  492
  512
  532
  553
  575
  597
  621
  646
  671
  699
  727
  757
  789
  823
  858
  896
Issuance/(repurchase) of shares, $m
  840
  405
  482
  566
  656
  752
  855
  963
  1,078
  1,198
  1,317
  1,449
  1,586
  1,730
  1,879
  2,034
  2,195
  2,363
  2,537
  2,718
  2,906
  3,101
  3,305
  3,516
  3,737
  3,966
  4,205
  4,454
  4,715
  4,986
Cash from financing (excl. dividends), $m  
  577
  635
  734
  840
  952
  1,069
  1,192
  1,321
  1,455
  1,595
  1,733
  1,884
  2,040
  2,203
  2,371
  2,546
  2,727
  2,916
  3,112
  3,315
  3,527
  3,747
  3,976
  4,215
  4,464
  4,723
  4,994
  5,277
  5,573
  5,882
Total cash flow (excl. dividends), $m
  299
  331
  363
  394
  424
  454
  483
  511
  539
  566
  587
  613
  640
  667
  694
  722
  751
  780
  811
  843
  876
  911
  947
  986
  1,026
  1,069
  1,113
  1,161
  1,211
  1,264
Retained Cash Flow (-), $m
  -840
  -405
  -482
  -566
  -656
  -752
  -855
  -963
  -1,078
  -1,198
  -1,317
  -1,449
  -1,586
  -1,730
  -1,879
  -2,034
  -2,195
  -2,363
  -2,537
  -2,718
  -2,906
  -3,101
  -3,305
  -3,516
  -3,737
  -3,966
  -4,205
  -4,454
  -4,715
  -4,986
Prev. year cash balance distribution, $m
  823
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  282
  -74
  -120
  -172
  -232
  -298
  -372
  -452
  -539
  -632
  -731
  -836
  -946
  -1,063
  -1,185
  -1,312
  -1,444
  -1,582
  -1,726
  -1,875
  -2,030
  -2,191
  -2,357
  -2,531
  -2,711
  -2,897
  -3,092
  -3,294
  -3,504
  -3,722
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  271
  -68
  -104
  -142
  -180
  -216
  -251
  -282
  -309
  -331
  -347
  -357
  -360
  -357
  -348
  -333
  -314
  -291
  -266
  -238
  -210
  -182
  -155
  -129
  -105
  -85
  -66
  -51
  -38
  -28
Current shareholders' claim on cash, %
  50.0
  26.7
  14.2
  7.6
  4.0
  2.1
  1.1
  0.6
  0.3
  0.2
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Sea Limited, formerly Garena Interactive Holding Limited, is an Internet company. The Company operates through three segments: digital entertainment, e-commerce and digital financial services. The Company has developed an integrated platform consisting of digital entertainment focused on online games, e-commerce, and digital financial services focused on e-wallet services. Its platforms include Garena, Shopee, and AirPay. Garena provides access to engaging mobile and personal computer (PC) online games, live streaming game play, as well as social features such as user chat and online forums. Shopee is an e-commerce marketplace where users come together to browse, shop and sell on-the-go, anytime, anywhere. AirPay App is the Company’s digital financial services business that provides e-wallet services to consumers through the AirPay App and to small businesses through the AirPay counter application.

FINANCIAL RATIOS  of  Sea ADR (SE)

Valuation Ratios
P/E Ratio -18.2
Price to Sales 11.8
Price to Book 51.5
Price to Tangible Book
Price to Cash Flow -35.4
Price to Free Cash Flow -29.1
Growth Rates
Sales Growth Rate 18.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -67.5%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio 86
Current Ratio 0.1
LT Debt to Equity 0%
Total Debt to Equity 2.5%
Interest Coverage 0
Management Effectiveness
Return On Assets -48.7%
Ret/ On Assets - 3 Yr. Avg. -46.9%
Return On Total Capital -273.6%
Ret/ On T. Cap. - 3 Yr. Avg. 108.6%
Return On Equity -277%
Return On Equity - 3 Yr. Avg. 74.5%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 32.7%
Gross Margin - 3 Yr. Avg. 30.7%
EBITDA Margin -45.4%
EBITDA Margin - 3 Yr. Avg. -36%
Operating Margin -59.2%
Oper. Margin - 3 Yr. Avg. -47.4%
Pre-Tax Margin -56.9%
Pre-Tax Margin - 3 Yr. Avg. -46.9%
Net Profit Margin -64.5%
Net Profit Margin - 3 Yr. Avg. -51.5%
Effective Tax Rate -4.1%
Eff/ Tax Rate - 3 Yr. Avg. -7.1%
Payout Ratio 0%

SE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SE stock intrinsic value calculation we used $414.19 million for the last fiscal year's total revenue generated by Sea ADR. The default revenue input number comes from 0001 income statement of Sea ADR. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our SE stock valuation model: a) initial revenue growth rate of 19.8% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for SE is calculated based on our internal credit rating of Sea ADR, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Sea ADR.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of SE stock the variable cost ratio is equal to 159.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for SE stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 7.3% for Sea ADR.

Corporate tax rate of 27% is the nominal tax rate for Sea ADR. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the SE stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for SE are equal to 18.7%.

Life of production assets of 2.5 years is the average useful life of capital assets used in Sea ADR operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for SE is equal to -90.7%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $469.025 million for Sea ADR - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 125.523 million for Sea ADR is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Sea ADR at the current share price and the inputted number of shares is $1.6 billion.

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COMPANY NEWS

▶ Chase Coleman's Tiger Global Raises Bet on Sea and Sunrun   [Aug-24-18 04:58PM  GuruFocus.com]
▶ Juggling Is the Key Skill in Seas E-Commerce Future   [Aug-22-18 12:37AM  Bloomberg]
▶ How to Make Money on YouTube: Ads, Sponsors and Off-Site   [Jul-30-18 03:47PM  TheStreet.com]
▶ Singapore-based Sea prices $500 mln notes issue   [Jun-14-18 04:14AM  Reuters]
▶ Why Do Investors Hate These 3 Asian IPOs?   [May-28-18 11:08AM  Motley Fool]
▶ Did Sea Limited Finally Prove the Bears Wrong?   [May-17-18 04:21PM  Motley Fool]
▶ Why Shares of Sea Ltd Surged Today   [May-16-18 04:38PM  Motley Fool]
▶ Sea Limited Reports First Quarter 2018 Results   [May-15-18 07:00PM  Business Wire]
▶ An Energy Megadeal That Makes Sense   [Apr-08-18 03:05PM  Motley Fool]
▶ MLPs: It's Complicated   [Mar-20-18 04:20PM  Barrons.com]
▶ FERC to change tax policy for pipeline MLPs. Heres how Houston cos. responded   [Mar-16-18 09:05AM  American City Business Journals]
▶ Why MLPs Are Getting Pummeled Today   [Mar-15-18 04:20PM  Motley Fool]
▶ Why Shares of Sea Ltd. Slumped Today   [Feb-28-18 04:11PM  Motley Fool]
▶ Enbridge Adjusts Its Growth Plans   [Feb-18-18 02:06PM  Motley Fool]
▶ 2 Top Stocks to Buy With Dividends Yielding More Than 4%   [Jan-31-18 02:00PM  Motley Fool]
▶ 4 of the 5 Biggest IPOs in 2017 Bombed. Here's Who Won   [Jan-10-18 11:11AM  Motley Fool]
▶ Your first trade for Friday, December 29   [Dec-29-17 09:01AM  CNBC]
▶ Why Sea Limited Stock Fell 23.1% in November   [Dec-06-17 09:30AM  Motley Fool]
▶ Sea Limited Reports Third Quarter 2017 Results   [Nov-21-17 06:00PM  PR Newswire]
▶ IPO News This Week: BP Midstream Leads 8 Scheduled IPOs   [Oct-22-17 10:07AM  24/7 Wall St.]
▶ Chinese Internet Giants Back These 2 IPOs Due This Week   [Oct-17-17 01:05PM  Investor's Business Daily]
▶ Cramer: The next big Trump stock is a Canadian company   [Apr-26-17 06:53PM  CNBC Videos]

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