Welcome back everyone. My name is Adam. I have Risman Victor. >> Hi everyone. >> Thanks for joining us. Today we're going to talk about C Limited. So this is like a digital internet kind of company uh during co very very exciting. Went up all the way to the moon. It came down and we're going to explore the reasons why that happened. Um, and we want to look at this company because there's new areas of growth that could be really really interesting.

And we're going to have a look at the valuation whether it makes sense as well. Um, but this company is also you could say it's like a Singapore company in a sense maybe uh and whether there's potential to have a look at this one >> because of the growth potential and the valuation at this point in time and some of you maybe actually have like be interested in this company because of you know there not many like growth kind of companies in Singapore and this is one of them.

Okay. So before we jump into the business and all that, let's have a look at its history. So people who don't know what happened with this company, why don't we give them like a recap of what happened from COVID till now. >> So uh actually first I think you need to understand that uh C is has three main businesses, right? So first one is uh Garina, right? This is a gaming platform. I think those of you who play League of Legends, Dota, I grew up playing Dota.

I was one of the Garina customers, right? And then that was their early years and then they venture into uh shopppee. M >> so which I think all of us shop on shopppee now okay especially Southeast Asia you live in Southeast Asia right uh and then subsequently they also expand into the fintech business right which is their uh C money right and this is where you when you buy things on the platform let's say it's a iPhone you can pay by installment using the shop as pay later okay so that's a business that uh is actually growing very very fast okay so if you look at the chart of uh C limited okay since 2020 20.

Okay, that was where the real uh share price uh you know it rose a lot. >> Okay, during the pandemic at that time because uh that time there was a lockdown. So people were playing games and one of the titles that they own is actually free fire. >> Mhm. >> Right. So this free fire is their own gaming franchise. Okay. And it basically during the lockdown everybody a lot of people were playing free fires. >> Okay. So and that business actually grew really fast at the time.

And of course at the same time e-commerce also benefited a lot. Okay. Because a lot of offline retail would have to shut >> we couldn't we just could we could only stay at home. >> Yeah. E-commerce, gaming, Netflix, all that stuff. Yeah. >> So those were the stocks that actually benefited a lot. All right. So there are e-commerce business also did extremely well. Okay. And that causes the share price to run up so much.

Okay. I think it's gone up almost 10 times >> uh in like short two years. >> Okay. So that's this C limit was one of those stock that back in 2020 2021 it was like if you pick that stock you are a genius >> you know >> I remember >> yeah because that pandemic and a lot of growth stock were growing and that time despite the fact that they were still loss making >> and they were trading at one stage I think bigger than or >> bigger than DBS >> the largest bank or largest company in Singapore.

Yeah, >> right. I remember that time it overtook DBS in term of valuation, right? And then subsequently of course 2022 there was a shift. Um and then that's where the interest start to hike. Uh and then they are free fire games also was uh banned in India. >> Okay. Uh and of course they also shut down some of the market the e-commerce that time they were also just rolling out to a few different uh new markets and they had to shut down some of those uh new ventures like Argentina for example. uh and and that time uh that was where during the rate high a lot of growth stock get hammered and C limited was one of those stocks that really get hammered down and it was down I think as much as 80 to 90%.

M >> so uh was a very painful experience for those of you who own C Limited through that cycles right before CO or even after CO you are essentially back to almost square one >> okay and then entering into the 2024 that's where the recoveries started to comes in uh because all segments started to really bring in the result and it's also the first time that we are seeing them um uh generating profit >> right adjusted profit for the company okay and yeah so the growth if you look at the table over here.

Uh if you look at across the last two years and a half uh you can see that the growth in term of revenue for digital entertainment that gina also have started to recover because gaming at that time they got boosted by pandemic and then subsequently 2023 2022 they will start to slump okay and then 2024 2025 and then first half they started to recover. So you can see that there's a strong recovery in their gaming business.

Uh e-commerce continued to grow. All right. Uh back then of course they were growing very fast. Now they are growing at like 38% 33% and then 46%. Okay, that's the based on first half result. Okay, and now they are fintech business is also really bringing in the result. Okay, and it's growing really really fast. Okay, so that's why it leads to the share price recovery from 2024 to 2025. Okay, so that share price alone has actually gone up quite uh I think by three times more than three times okay and then subsequently as we enter 2025 to 206 I think the share price started to decline again.

I think now down is about close to like 40 to 50%. >> A bit of a roller coaster this this company here. >> Yeah, it's a very volatile company. Okay. But at the same time, it has a lot of uh potential. That's why it's a considered a growth stocks in that sense. Okay. >> Uh and yeah, so this uh right now of course the share price came down because of the margin means that they are reporting especially on the e-commerce side. uh you can see that the e-commerce topline for the first time actually grew 46% but on the IBITA side you only actually came down largely because of the more competition that we are seeing you have Tik Tok live you have uh nowadays you also have Pinto coming in doing spanning ads on the social media app okay nowadays I even see my friends shopping on PTO >> correct >> yeah cheaper >> tapa also >> tapa also uh yeah and >> like live streamers as well >> yeah live streamer is more like Tik Tok >> Tik Tok right >> yeah Tik Tok okay so and of course live streaming is the advantage goes to uh towing or Tik Tok.

Okay. Uh because Shopee when you go you don't really watch live stream. Although nowadays it force people to do watch live stream. >> Wow. It forces you to do it. >> I wouldn't want to watch it, man. I just want to buy something and get out. But people I guess some people like to watch >> to buy and I mean live streaming is catching up the trend. I think it's going to be the future trend because that's what's happening in China. >> In China they transit to live streaming.

But I think moving forward live streaming is going to be common because >> we are not from the live streaming era. Live stream just come into our life, right? So the new generation they are more into live streaming. >> Yeah. >> Yeah. So the the China live streaming works really well. So this South Asia market they still working really hard on that. But so far I think Tik Tok did >> quite well. Okay. Okay. And they managed to get a lot of market share for the live streaming commerce uh market. >> So this will be like a threat to see. >> Yeah.

This is one of the key ways for their e-commerce uh business and not just in Southeast Asia market also in Brazil right and this that's the big market that I think they all everybody's eyeing for. >> Okay. >> Yeah. Okay. So for the gaming business right they biggest title which is their free fire I think this still account above their contribution I think 70% of what I read. Okay. >> Okay. they try to uh venture into other gaming uh titles but again there's don't you don't know whether you take off or not. >> Okay.

So right now is still the big constitution in this uh segment. Yeah. So uh and the other segment of course is the uh digital uh no the the e-commerce business and if you look at this segment the growth for the last uh six seven eight years has been amazing. Okay. So you can see that uh since the pandemic I think that this businessman continued to do well and of course now it's Iita positive all right so earning before interest tax deposition and mortization actually positive okay and the management actually has guided that this segment alone will make at least 1 billion for this full year 2026 >> in in revenue or >> in the eida okay but in terms of operating profit is also positive >> yeah it's very positive I think when it comes it comes to e-commerce I only shop on two platforms Amazon Amazon, Shopppee, >> Amazon, and Shopppee >> for me.

I don't know if it's the same for you in Singapore anyway. >> I do that on Lazada and Shopppee and >> you still do Lazada. Wow. >> Yeah. >> Wow. Okay. Cuz you compare you compare you compare compare. >> Okay. [snorts] >> Um and Amazon exited Singapore market. So >> Amazon fresh right >> now. Yeah. So now you you have one less choice. Okay. So you can kind of get see that the competition in this landscape for Southeast Asian market. adding Shopee actually managed to win number one for most market Philippine uh Thailand, Indonesia, uh and Singapore, right?

So they are the biggest uh market share holder in e-commerce platform here. I think the latest data I have is of course 2023, but that will be about 45%. >> But I think Tik Tok life is getting stronger. >> It's getting stronger for their lives. >> I mean it's really different, right? If I want to buy protein powder, I don't watch your live stream to get protein powder. I just going to buy protein powder. >> I think because you're [laughter] a guy. >> Okay.

I have no idea. I think Tik Tok live I feel a lot of ladies they they tend to watch Tik T. >> Is that true? >> Oh wow. >> And also partly because people who watch Tik Tok generally they might want to have vouchers. Okay. >> So they do give out a lot. Okay. >> And the Tik Tok life they have quite a big discount you live and I guess I guess if they give me a discount I'll watch it. [laughter] >> Yeah. And I think for auto Fox they like to watch people who demo the products. >> Okay.

It's almost like you go to those boogie street you know product you see all the other folks tourist they will just stand by and watch they will laugh sometime they're quite entertaining themselves right so they will watch so I saw that on sometime my father-in-law was just doing live streaming I think your father also right live streaming >> yeah wow okay okay so I'm not I'm not the target market I'm not the target no idea but anyway the GMV the gross uh merchandise value for shopppee has been growing all right and the last two three years or so they've been increasing their take rate used to be like low single digit.

Now the take rate has gone up to about now they stand at about 14 over%. >> Okay. So that kind of shows you that they have the uh bargaining power okay against the merchant >> uh they and of course merchant also spending more and then doing the advertise advertisement on their platform. Okay. So the margin means for them is largely due to uh competition. Okay. So now you have uh a lot of choices right Pinto uh Tik Tok live uh and of course Lazada and they usually for these players they give out vouchers right so when they give out vouchers then that will eat into their margin right and that's what those are considered marketing expenses for them okay and on top of that they also building out a lot of uh logistic network across uh not just south Asian market but also in Brazil okay so this is a spend that they need to incur because it's their mode M >> yeah because when I buy something I would want it to delivered almost as soon as possible as soon as possible >> or or free. >> Mhm. >> Okay.

There's a whole draw of Amazon, right? So for shopppee, I think they know this is the advantage. And when I want to shop like a $5 items and I have to pay $2 delivery fees, I wouldn't want to do it. >> So I rather do a picked up. So this uh shopppee uh picked up uh service I think is almost everywhere. I think you can see it. Uh even my house I also have it. So it's very convenient way to shop especially for low ticket item on the e-commerce.

All right. And it's very cost efficient and they also increasingly trying to improve the their logistics network. Okay. So for I think Indonesia they also do delivery. So nowadays can deliver item within 1 hour. >> Wow. 1 hour. Okay. So they don't do it in Singapore but other markets I think they they they do it. Okay. So it's almost like what we are seeing in China Muan delivered item within 30 minutes. This they call it instant delivery market uh services.

Right. So this is a segment that they're investing. I think it's a a money that is well spent. Although now they have to sacrifice a bit of margin on this building out this logistic network. It's their mode. >> Yeah, it is a mode because if someone else can't do it, >> it's like I mean if I had a choice, if this is going to come to me in one hour >> over this guy is going to come to me tomorrow for the same price, right?

Yeah. I'm just going to go with this guy, right? Because it's like I get it straight away. It's like almost like instant gratification. I feel really shocked that I can get it, you know, get my items straight away. >> Yeah, they are moving in the direction for sure. Right. So it's just that of course if you buy on Pinto maybe you have to wait for weeks because it deliver by ship and that takes a long time. Okay. >> Right.

But the big advantage is it's much cheaper. Okay. Compared to uh shopppee I mean shopppee itself sometime I find it's quite cheap. >> Yeah. Especially when they during the singles day or those like promotional days where you can get a lot of vouchers. >> Yeah. Okay. So for e-commerce business I think in as Southeast Asia market is still >> uh growing really really fast and I think AC um if if I refer to a few reports like DBS or even the C economy report by Google right I think they are all expected this segment the GMV to double in the next 5 years. >> Mhm. >> Okay. uh so they both come out with a very uh close figures actually is expected to to reach about 359 billions in the for the Southeast Asian market alone. >> Okay.

For DBS I think they're estimating about 400 billion. >> Okay. >> Okay. So these are credible sources and I think you can kind of expect that e-commerce will continue to grow at double digit year and year. Okay. For shopppee they are growing at a very fast pace in 30% year and year. >> Okay. So the potential is still a long way to go. Okay. Uh and of course for the other big um I think avenue for them to grow is really their fintech business.

Okay. So this is their uh buy now pay later services and they also provide loans to merchants on their platform. Okay. So this is a business that is also growing very fast and is also ITA positive and the margin that they're getting is about 30%. Okay. So uh and this business I think they also have banking license in Singapore. Okay. So uh and uh yeah it's a segment that is going to grow really really fast and if based on the total loan book that they have and this segment on the quarter to quarter basis is growing very very fast as well.

Okay and the most impressive thing that I see for them is that um they are NPL ratio for this is only 1.1%. >> So it's pretty low. So for those who don't know NPL is non-performing loans. Yeah. So bet that basically almost as good as compared to like Singapore kind of standard. So if they can scale this segment okay at the same time maintaining the MPL ratio even though they operating in Brazil right I mean this is a very impressive figure and the reason why they can achieve that is because they have the data of the consumers who buy uh stuff on the platform >> okay >> and those consumers sometimes um you know that from past records that they have been like buying a lot of items and then they pay all the credit cards and then sometimes they just need bigger buying bigger items maybe phones they just need a financing so they will extend this financing to them.

Mhm. >> Right. So of course they have a the they have a uh system to make sure that this MP don't perform I mean keep within that low ratio percentage and the moment that users stop paying then they will suspend the account then they can no longer shop. >> Mhm. >> So when they can no longer shop of course you will feel horrible. >> So most people I guess that they once they take out this they will make sure that they pay on time.

If not the account get banned and they can no longer shop anymore. >> Yeah. I mean if you have it it kind of makes sense. You know how they they spend money, how they shop and all that and you only extend the credit to not not everyone but based on what they are spending and all that. >> Those people who really have money they spend and then they will >> and all this is based on like because the algorithm will track it. >> Yeah.

So this is uh because I look at some of the uh fintech companies I mean I do own one of them right stone cold and their non-performing ratio is at about what >> high single digit 8 to 9%. Of course they lend out tomemes micro businesses. This one is like lari mostly to the consumers and they can keep it at a low rate. Okay. So this is a segment right now. If you look at the first half 2026 the iita contribution from digital financial services which is their fintech business is almost u uh I would say like 20%. >> So it's quite sizable already. >> Quite sizable.

Yeah. More than 20% actually. Okay. So it's and it's growing really rapidly. >> Okay. Last year was even bigger because like that was because of their digital their gaming business was still relatively depressed and still recovering. Okay. So if their e-commerce can hit 1 billion and continue to grow from there after okay and the fintech business continue to grow. Okay. Eventually these two combined will be bigger than their gaming business right because traditionally the gaming business always the one that fund the shopppee business and the fam business.

And now the shopppee alone is profitable right but uh of course the risk is that the competition in this market is always dynamic >> right you may never know that um decided to give out a lot of vouchers >> uh this year like what they did with uh I mean in the China market the the mtoan and uh JD and uh Alibaba they all went to the price war >> yeah so that's a risk that you need to take note >> so what are the key risk that I mean taking a look at this is a lot of I mean the co days were based on a narrative and that was like based on just sentiment but now it really looks like this company >> has not just one but three segments that are now profitable and there's a lot of growth potential where you can see I mean Brazil is a huge market >> all right so it's not just in Southeast Asia >> but what are the risks that you need to look out for because it's not I mean everything looks like rosy in terms of growth but what are the things that you need to look out for >> I think let's talk about the management right this is a founder >> uh company flawlessly right so a lot of things that he did which result in shopppee like that so so if you go back to the past during the pick >> of 2021 um when the valuation was very high close to the peak price he actually raised equity I mean >> they are they in net cash position and he still raised equity >> mhm >> right at a very high valuation so if on hindsight look it's actually a good move because of that it came crashing down so he raised very >> used very minimum equity to raise enough cash So when the dton came right, it actually helped shopppee helped C sorry. >> Yeah. >> And at the bottom when it was at the very very bottom where you know everybody thought you know C is going down he actually pen out a letter to the the thing it was shared in social medias and all this saying that how he going to turn it profitable how he going to come back and there's still future for C >> and from there to 2025 you see he really turns the company profitable.

So this person is very crucial for shopping success success. Yeah. Okay. So this is the the key man risk that you can see. Okay. But >> there's another risk that uh you you guys may want to take note is that sometimes uh Forest Lee he do have his side quest. >> Ah okay. >> Yeah. So his side quest is he he went to buy a soccer team in Singapore Premier League, right? So he bought over the home united not using his own money but shop the se money. >> Yeah. >> Right.

In 20 2020 and he privatized and change it to Lion City Sailor now. >> And also his his commitment he also pledged 50 million into the local uh football development. >> Yeah. >> And he also become the football association of Singapore's chairman. >> So he that means basically he's running C and he's alo running the football association. >> Yeah. I mean as a football fan I like that because I think we need someone who maybe >> has a different vision of how football has been run in the country.

It's been like more or less the same for the last I don't know 50 years. But >> it's like >> if you're a football fan, you definitely like that. If you're investor, don't use our money. >> Yours is 50 million, right? >> Yeah. Use the use your own money. >> Again, 15 million is not a big sum for for a company that size, right? It's just that um all these things I think is better done on the personal level >> rather than on the corporate level.

Some shareholder flag it out as a red flag and they don't like it. >> Yeah. So I think it's not it's something to take note. >> Yeah. So you really have to be comfortable with this. Okay. But on the allocation side of >> capital the capital >> like how they allocate the capital and what they say did they fulfill? They did fulfill. So this part they actually did it. >> Okay. >> Right. It's just that are you okay with site quest. >> Okay. >> Right.

And side quest is just 50 million of the amount of like what's the total cash that they have right now? It's about 9 billion. >> Okay. So it's basically a drop. If you are okay >> then this is not a concern right so but you need to know that once in a while or maybe later they the founder got another side quest again >> another 50 million >> or maybe the attention is spent on okay yeah so you just take note about that okay >> yeah back in 2021 I think C donated 50 million also to N west school of computing I think this is in a way that is okay because it's more for research and education right so again uh all these are uh shareholders money so sometimes shareholders don't really like it But because uh Forest has a voting rights.

Okay. I think he control about majority uh >> voting voting power right. >> Yes. Yeah. >> So he control about 57%. Right. Uh and he technically he only owned the share about 16%. >> Right. Uh so there is um I mean whether you like it or not is his choice. >> It's a founder company. You need to basically >> believe in his vision. >> He's the one running it. >> You need to trust him. >> Yeah. So far I think most of the things he he did within the company I think he did very well.

I think he's very good at execution. >> Uh and even the Tencent also they actually uh uh give the voting rights to him. >> Okay. So Tensen is also another uh shareholders that actually control about 17%. Right. This is the company that uh supported C limited and I think they still own the share there. Okay. And of course this back link back to the free fire. All right. So freef fire is considered a Chinese gaming title right?

So that's why it led to India banning right the okay >> the the the game uh back in 2021. Okay. So it's also could be another thing happening again in the f in the future if let's say there's a political tension between India and China. >> So far I think now seems okay at the recent big summit. >> Yeah. >> So C is a Singapore company but it's owned by 10 cent. So sometimes people view it as a China >> Chinese company.

Yeah. So and the gaming business itself now I think the the peak of the pandemic uh the revenue topping I think it has so far normalized. Okay. So now it looks like the gaming business a lot more stable. Uh and if they manage to pull out some of the new gaming titles and that segment will start to contribute to comes in then you will see growth in that area. Okay. Just that now the bar is still coming from free titles.

So that's a huge concentration over there. >> Okay. So this is a very strong franchise for them. Uh and I think people are playing it especially if you live in Brazil or India, Indonesia or Bangladesh, Vietnam. Okay. So a lot of people are actually playing uh Free Fire. It's almost like a PUBG equivalent. >> Okay. >> But it's like within like 11 minutes, 10 minutes that kind of time game play. >> Yeah. And yeah, so those are those are risk for gaming business.

And for e-commerce uh obviously is your pinto >> the competition >> uh and live commerce. I I feel that live commerce is a separate market altogether because people who don't watch live commerce like you and I we won't never go to Tik Tok >> to watch. Okay. But people grow up watching Tik Tok live streaming maybe they will do it. >> Okay. >> Okay. So uh but I think what you should watch out for is really the agentic shopping. >> Right.

Because increasingly I think we are seeing uh the market moving towards direction but it's just too a bit too early. Okay. In the future people just ask Chippity or Gemini to buy items compare prices. They no longer go to the shop to check prices. then that will may affect them. >> Okay. Of course, uh Shopee still have a logistical network advantage there. >> Okay. >> Okay. So, uh that's the risk that they need to watch out for.

Okay. For for Shopppee, I think they work with like uh CH GB and um uh Gemini. >> I mean, if you you can still have AI agents and you shop through that, but the order is still still routed through a platform like Yes. Shopppee, right? That can still happen, right? >> Correct. Yeah. But the fear is that if people just using chat GPT to do all the shareh comparison then that will affect their advertising business on the shopppee right merchant spend a lot of money on advertising on shopppee itself just like how >> uh Alibaba or Amazon make their money >> so that is one big risk okay so of course the existing risk that we are we all already know is like the cheaper platform tu or even pinto or even like t shop okay this competition will keep on going okay uh uh and so far I think Shopee has stand up quite well.

Okay, they can manage to increase the tech take rate. Okay, like basically merchant are also paying more. It shows that they are getting the result. Okay, >> I think the longer you spend on shopppee the the more uh when you're top tier membership there's a lot I think a lot messy. I mean I shop on the on the app but I have no idea what's going on. >> It's very messy. >> There's like coins here and coins there. What's that?

I just want to get my thing but I get it. There's there's a lot of incentives as well. Yeah, >> correct. There really a lot of in incentives. All right. Um yeah so that those are some of the key risks that you need to watch out for. Of course this stock alone is uh growth stocks. Okay if you cannot take a draw down of 50% or more >> you should not own this stock because it's not a stock that you pay you dividends. It's a stock that is very volatile.

You go up two times three times if they manage to pull out all the growth >> uh achieve their ROI their target KPI. Okay. And then the price the prices could go up like double or triple. >> If they don't meet it >> if they don't meet it then the next moment you see it crash 50%. you look at the price, you know that it's very very uh volatile. >> Yeah. Okay. >> Okay. That's why it's a growth stocks and it's probably one of the very few stocks that you can find in Singapore. >> All right.

And primarily C was actually listed in the US. It's still listed in the US. Okay. And then of course now they have a SDR version, right? Singapore which is uh listed uh in in Singapore stock exchange. Okay. So the ticker symbol is UGD. Okay. So this is good for those people those of you who don't want to go outside of Singapore market. >> Yeah. to buy shares. Okay. So, SDR will be a good choice. >> And you want to own under CDP.

Yeah. >> So, it appears in your CD account. It's done through SGX. So, if you like that that that comfort and that convenience, you there's a SDR for C. >> Yeah. Not only for C, you also have for Grab and I think SpaceX recently. Yeah. So, I think just to let you guys know, uh, SGX has been doing a really good job at, you know, getting SDRs on board for many, many companies. So, the recent batch has been basically C, Grab, and, uh, SpaceX.

Y so check out our SpaceX um IPO video if you want. Uh but again options for Singapore investors just make it really convenient. >> So right now of course if you look at the valuations uh C limited used to trade at because they are uh lossmaking business in the past now they started to turn profitable but it's a very short time frame that we can you we cannot just use it to look at their past valuation. So the best valuation method to value this company is really price to sales.

Mhm. >> Uh and in the past if you look at the price to sales used to be like at least five times to uh at one stage co is like 30 times. >> Okay. I mean those days are over gone. You won't see the same valuation multiples anymore for C. >> Okay. Moving forward uh what we can expect to see is of course the the band of the valuation for C that trade as their price to sales multiple of between maybe uh 1.5 times to uh three times that range or even four times right if the growth really all come back in and they hitting the investors or analyst expectation you could potentially see reate backs to three times okay so right now it's trading at almost two times price to sales okay >> uh so it's in the way that it's undervalued >> slightly undervalued based on this chart like over the last 3 years price of sales. >> Yeah. >> Yeah.

So again it's it's uh high growth companies at the same time the risks are also higher and it's a lot more volatile. Okay. So please do your homework. Don't take this as a stock recommendation. >> Yeah. Yeah. So again no recommendation buy or sell. We just wanted to cover C because I think it's one of the you know Singapore companies that have a lot of potential. Uh not many of them in Singapore like I said uh but I think a lot of our Singapore companies are doing a good job nowadays with you know becoming more asset light.

Uh but this is one really exciting because of the areas they operate in a lot of potential and the markets they're in as well. >> Yeah, it's all emerging countries and of course that leads to the currency risk also. Okay. Because uh emerging market like Indonesia >> uh the currency generally tends to weaken and they report their financial statement in I think US dollars. So that also a currency risk also. >> Yeah. Again we have a vested interest in this company.

So we need to disclose it. >> Just to disclose it. Yeah. Okay. >> Yeah. But it's a company that I admire because it's a really a solid growth companies that delivers. >> All right. >> Okay. Of course you look at the share price fluctuations uh it it the 2020 2021 is really over stretch. Okay. Yeah. People were so crazy about grow stock. Yeah. But now the result actually really coming. >> Okay. >> Yeah. So I don't think people when we invest in this they can they shouldn't expect that this is going to go back to COVID level prices or valuation. >> Highly unlikely >> cuz that was like narrative driven.

A lot of sentiment was very positive. Yes. >> Now it's like >> everything is very positive. >> Yeah. Based on like this is like a like a growth like story but now it's really based on the operational performance. >> The results are really coming in >> of the company. It's profitable across three segments. I beta uh >> and there's no reason why it shouldn't continue growing because the markets are there still runway to grow right basically it but of course the the risk is that they just get out competed >> y >> in the markets.

It's just a price actually for the e-commerce market. >> Yeah. >> All right. So, we just want to cover this. Uh again, no recommendation to buy or sell this company. Uh we're just sharing our analysis and what we think about it and we have a vested interest because we actually have a position in this company. So, don't take that as this is something that you should buy. Do your own due diligence. Uh but we want to cover this because it's a really interesting especially after all the hype has died down from those co days.

Yes. Now, is this based on like what what's the business really all about? Fundamental. Yeah. So if you're interested just have a look at uh see yourself do your homework and if you're interested in you know getting the SDR is available on the SGX uh you can invest it through your CDP brokers and all that very very simple and of course uh we have uh SGX SDRs for like Grab and SpaceX just to just to highlight that. Okay.

Uh anything else you want to add about you know this company that people should know about? >> I hope we can reach the World Cup. Oh yeah. [laughter] I was like, do you remember the 2010 uh world cup goal that we had Singapore? >> Yeah. Yeah. Yeah. >> Yeah. We never made it. [laughter] >> So now he's not FAS chairmanly. Maybe we might reach 20 I don't know >> 40 [laughter] I don't know. >> That will be a 50 million. >> Well spent 40. >> So like if this company is more and more successful then maybe he can devote more resources to Singapore football. >> Correct.

Correct. Correct. [laughter] I mean maybe he's he's why he's spending on Singapore maybe it's marketing because the jersey may have seized name I'm not so sure I never see the jersey or shopppee >> right >> I mean Cristiano Ronaldo did the shoppy dance already [laughter] >> that was a funny >> I always remember that I think he's >> so far I see how his past strategy is to make very catchy sound catchy movement >> and in is to consistently everywhere you look >> you can just keep looking at shopppee >> okay >> and he want to drew it into your head. >> So I understand that he may have this side quest but it also may be a marketing as we also say that the side quest is also just a just a needle in the ocean. >> It's a it's a drop in the bucket right.

Yeah. Yeah. So it's like they can well afford it but uh they're using company money as on a like a you know you're looking at that from a that perspective you need to know that. So anyway, uh we wanted to cover C. Uh interesting company, a lot of growth potential, >> but not for the faint of heart because prices can go up and down, a bit volatile, but be prepared. So don't don't like like don't go all in or something like that. >> Correct. >> If you are somebody who your share price dropped 10%, you got heart attack, this is not for you. >> Not for you.

Okay. So anyway, we just wanted to cover it. There are companies like that. Uh and if you want to invest in them, you have to have the right risk tolerance, risk profile >> to invest in something [music] like that. All right. So if you want to cover C, you can invest in it through the SJX because they have an SDR for that. Okay, so I think that's pretty much it for this uh case study, I guess. Yeah. So my name is Adam Rosemary and Victor.

Thanks so much for joining us. If you have any questions about C, you want to know more about, we can answer them for you uh if we have, you know, uh an opinion on that. And of course uh if you like this round table, please hit the like button and subscribe to our channel. Many more round tables coming up and we'll see you