The Impulso Podcast E130: Shopee, SPX, Monee: Sea Group's Engines Are Powering Ahead, but Eyes Are on Brazil
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Aug 15, 2025 Sea Group's recent Q2 results showed a stunning fivefold increase in net income, boosting investor confidence. Monee made waves with its billion-dollar loan books across Southeast Asia, while SPX Express is reshaping last-mile logistics with community networks. Surprisingly, analysts chose to skip questions about TikTok Shop, focusing instead on Brazil's fierce ecommerce competition, featuring heavyweights like Shopee and MercadoLibre. With multiple players gearing up for battle, the landscape is evolving rapidly.
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Stellar Q2 Performance Sparked Market Rally
- Sea Group reported Q2 net income that grew roughly fivefold year-on-year, surprising investors and lifting the stock ~19% that day.
- The strong results reflect combined strength across Shopee e-commerce and Monee financial services rather than a single business unit.
Monee's Billion-Dollar Loan Footprint
- Monee’s loan books exceeded US$1B in Malaysia, Indonesia, and Thailand, and total outstanding loans reached about $6.9B on-book.
- Jianggan Li estimates annualized disbursements may be 3–4x outstanding, implying disbursements near $25B or ~25–30% of Shopee's GMV.
Low NPLs Despite Rapid Credit Growth
- Shopee keeps most lending on-book ($5.9B on-book) and maintains a falling NPL ratio now at about 1%.
- The hosts view the credit growth as sustainably managed so far, though investors watch for risks common to fast-growing lenders.