Broadline Retail

Today’s Key News Recap

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0513 | Dolphin Research Focus: 🐬 Macro/Industry 1) On May 12, the Bureau of Labor Statistics reported April CPI rose 0.6% MoM and 3.8% YoY, with core CPI at 2.8% YoY, all higher vs. prior. Energy and shelter remain the key drivers.Inflation proved stickier than expected. Most on Wall St. now expect the Fed to delay cuts, implying a higher-for-longer rate path.2) On May 12, the U.S. Senate voted 51–45. It confirmed Kevin Warsh as a Fed Governor...

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POP MART HK SDR 20to1

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MINIMAX-W

New AI collaboration features ignite MiniMax; Xiaomi 17 Max big-screen flagship debuts | Daily News Recap

Conference Minutes

Below is Dolphin Research's Trans of $Sea(SE.US) FY26Q1 earnings call. For our earnings review, see 'SEA: SE Asia's mini Tencent roars back'. 1) Shareholder returns: The company authorized a $1bn buyback. Since Nov last year, it has repurchased approx. $170mn, and management intends to keep executing. 2) Outlook: Reiterated the FY26 guidance for Shopee GMV. Growth is projected at ~25% YoY...

US Global Sea to Sky Cargo ETF

SE (Trans): Shopee GMV to grow at least 25% in 2026; Garena bookings to sustain strong growth

Financial Analysis

Often dubbed Southeast Asia's 'mini Tencent', $Sea(SE.US) reported Q1 2026 results pre-market on May 12 (U.S. time). The quarter was solid, with revenue growth and profit delivery both beating estimates.However, the upside was driven mainly by Digital Entertainment, not the core e-commerce biz. That makes the beat less high-quality. On profitability...Specifically: (1) Overall performance was strong. Total revenue was near $7.1bn (+47% YoY), well above last quarter’s pace and ahead of the Street’s ~36% growth expectation. As noted, gaming led the beat, while e-commerce and fintech also posted robust growth.

SE: Southeast Asia's mini Tencent roars back!

SE 1Q26 First Take: solid print, with both revenue growth and profits beating. The upside was driven mainly by gaming rather than the more closely watched e-com. Details below: Total revenue was ~$7.1bn, up 47% YoY, well above last quarter's pace and street estimates. Adj. EBITDA came in at ~$1.03bn, ~15% above consensus. Not only did it not fall YoY, it set a new quarterly high.Margins were below the record highs of the prior-year quarter. However, they improved sharply QoQ. They are back to the levels of 2Q–3Q last year.Games was the standout. Against a tough comp from last year's Naruto collaboration, the market expected slight bookings softness at best flat; instead bookings rose ~20%, driving a top- and bottom-line beat. Segment Adj. EBITDA was ~$130mn above expectations (+33%).Based on company disclosures and press reports, the beat was driven by another Free Fire tie-up with top IP Jujutsu Kaisen, with engagement on par with the Naruto event. Arena of Valor also posted a solid quarter.E-com performed fine but not stellar. Order volume rose 29% YoY; momentum eased QoQ but remained strong. GMV grew 30.4% YoY, an acceleration, aided by a ~1% YoY uptick in AOV (FX may have helped).E-com segment margin was 0.6% of GMV this quarter, defying guidance for further slippage with a small QoQ rebound. The repair was not above expectations and pressure remains. But it was not as bad as feared.Fin. services was softer. Loan book and revenue growth were above expectations and remained rapid. However, margins fell further QoQ, leaving profit below expectations.GPM continued to improve. The drag came from a near-doubling in S&amp;M QoQ, as the team pushes to sustain high growth. CAC is getting tougher as the business moves into deeper waters.$Sea(SE.US)

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0511 | Dolphin Research Watch: 🐬 Macro/Industry update. U.S. President Trump will pay a state visit to China on May 13–15, the first by a U.S. president in nine years.This leader-level diplomacy sets the strategic tone and should help manage differences and stabilize U.S.-China relations. It adds certainty globally; watch trade and tech engagement for near-term catalysts and long-term impacts on asset prices.2) Iran-U.S. talks have deteriorated, with Iran demanding that oil sanctions be lifted within 30 days and asserting control over the Strait of Hormuz. Trump called this 'completely unacceptable'...

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GOOGL issues JPY bonds to fuel the AI race; BABA integrates Qwen with Taobao to double down on smart shopping | Daily News Recap

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May 6 | Dolphin Research Focus: Macro/Industry. The US SEC has proposed allowing listed companies to voluntarily file semiannual reports instead of quarterly reports, reducing periodic disclosures from four times a year to two. 🐬Companies could continue using Form 10-Q or switch to a new Form 10-S for half-year reporting. The proposal now enters a 60-day comment period and would take effect once adopted.The aim is to ease compliance burdens, curb short-termism among management, and support long-term planning. However, lower transparency and delayed data could weaken price discovery and exacerbate information asymmetry...

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Meta Platforms

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Direxion Daily Googl Bear 1x Shares

Direxion Daily GOOGL Bull 2X Shares

Anthropic inks multi-bn compute pact with GOOGL; cloud chips ignite QCOM AI rally | Daily News Recap

Kuaishou

Hot topic

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$KUAISHOU-W(01024.HK) sold off mainly on guidance from a small-group meeting (1Q26 &amp; 2026), which was broadly weak and fell well short of buy-side expectations. Management flagged pressure on top-line growth alongside higher investment, implying a sharp YoY decline in profit.1) Biggest drag: e-comm growth concerns — ads guided to low single-digit and GMV to stop being disclosed next year. Management now expects ad revenue growth of 8-9% in Q1 and 6-7% for the full year, a marked slowdown vs. 2025. While GMV will no longer be reported next year...

ByteDance

Guide miss tanks shares; Is Kuaishou at $25bn a buy-the-dip?---

Below is Dolphin Research's Trans of Kuaishou's FY25 Q4 earnings call. For our take, see 'Kling Takes Off, Legacy Biz Delivers — Can Kuaishou Sustain an AI Re-rating?'. Key financials recap: 1) Shareholder returns — the BOD proposes a final dividend for the year ended Dec 31, 2025 of approx. HK$3.0bn; buybacks in 2025 total approx. HK$3.12bn (~56.78 mn shares, ~1.32% of shares outstanding), with a flexible approach to buybacks and dividends going forward...

Kuaishou (Trans): Ramp AI investment this year; flexible on buybacks and dividends

Below is Dolphin Research's FY25 Q4 earnings call Trans for $Sea(SE.US). For the earnings analysis, please see 'SEA: Spending Aggressively for the Future — Is Southeast Asia's 'Mini Tencent' Heading into Another Black Hole?'.Section 1 covers a recap of key financials. Section 2 provides detailed call notes.2.1 Management highlights: 1) Strategy and outlook. Success in 2025 came from choosing the right strategy and executing well. In 2026 we will stay the course; execution remains key, and we will invest more in operational excellence to pursue strong growth and healthy profits...

SE (Trans): Shopee profit flat in 2026?---

Often dubbed Southeast Asia's Tencent, $Sea(SE.US) reported Q4 results premarket on Mar 3. It was a familiar split: core e-commerce and fintech posted strong, above-consensus growth, while profits across segments missed as investment ramped. With the market prioritizing profitability over growth, the stock sold off sharply again.Specifically: 1) E-commerce accelerated, with logistics spending starting to pay off. Contrary to market expectations of a slowdown on higher comps, order volumes actually picked up this quarter...

SE: Burning cash for growth — is SE Asia's 'mini Tencent' heading into another money pit?---

Ha Company COO Ye Gang Sells 20,000 Class A Shares for $1.74 Million

Shopee Announces Ad Billing Shift from CPC to Views Starting June 2026

Shopee Confirms Participation in 2026 Ningbo Cross-Border E-Commerce Expo with Dedicated Zone for Export Consulting

Sea Group Q1 Earnings Soar: GMV Up 30%, Core Revenue Jumps 61% as Shopee Raises Seller Fees

Sea COO Ye Gang Sells 20,000 Class A Shares on May 14-15

Sea Limited Q1 2026 Earnings: Revenue up 47%, Shopee GMV up 30%

Sea Ltd and OpenAI to Host Codex Hackathon in Singapore on June 6, 2026

DBS Analyst Maintains Buy Rating on Sea with a Price Target of $138

Sea released FY2026 Q1 earnings on May 12 Pre-Market (EST), actual revenue USD 7.097 B (forecast USD 6.402 B), actual EPS USD 0.6699 (forecast USD 0.7015)

Sea Reports Exceeding Revenue and Growing Net Profit in Q1

Sea Ltd COO Gang Ye Sells Company Shares

Jingye Chen Sells 800 Shares of Sea Limited

Sea Ltd COO Ye Gang sold 20,000 A-class ordinary shares

Shopee's Chief Product Officer Chen Jingye Sells Sea A Shares

Sea Ltd. Executive Wang Yanjun Sells 1,600 A-Class Ordinary Shares

Sea Ltd COO Ye Gang sold 19,000 A class ordinary shares

SEA Expected 2026 Q1 Earnings Report EPS of 0.7740 USD

Sea to release FY2026 Q1 earnings on May 12 Pre-Market EST, forecast revenue USD 6.402 B, EPS USD 0.7015

Ye Gang Sold 20,000 A-class Shares of Sea Ltd

Sea COO Alex Ye Sold 20,000 Class A Ordinary Shares

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AMPLITECH GROUP INC. COM USD0.001 (S/R 18/07/2026)

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Winter Ocean Group (SE.US) Q1 2026 Earnings Conference Call

Winter Ocean Group (SE.US) Q4 2025 Earnings Conference Call

Winter Ocean Group (SE.US) Q3 2025 Earnings Conference Call

Donghai Group (SE.US) Q2 2025 Earnings Conference Call

 Donghai Group (SE.US) Q1 2025 Earnings Conference Call

Singapore Ocean Internet Company (SE.US) Q4 2024 Earnings Conference Call

Singapore Ocean Internet Company (SE.US) Q3 2024 Earnings Conference Call

EBIZ

Yanjun Wang, an insider at Sea Limited (NYSE:SE), sold 800 shares of the company's stock on May 18 for $70,448, reducing their ownership by 5.41% to 14,000 shares valued at $1,232,840. This transaction was disclosed to the SEC. Wang has made several similar sales recently, with varying total values and average prices.

- Yanjun Wang, an insider of Sea Limited, sold 800 shares of the company's stock on May 18th for $70,448, reducing his total holdings to 14,000 shares.  
- The company's recent earnings report revealed a net revenue of $7.10 billion, exceeding analysts' expectations, although earnings per share of $0.67 fell short of the consensus estimate.  
- Various analysts have set new price targets for Sea Limited, with current ratings indicating a consensus of "Moderate Buy."

Market Beat

Global X E-commerce ETF

SEA (NYSE:SE) Insider Sells $70,448.00 in Stock

Jingye Chen, an insider at Sea Limited (NYSE:SE), sold 800 shares of the company's stock on May 15th for $70,864 at an average price of $88.58. Following this transaction, Chen owns 207,200 shares, valued at approximately $18.35 million, marking a 0.38% decrease in ownership. This sale was disclosed to the SEC.

- Insider Jingye Chen sold 800 shares of Sea Limited at an average price of $88.58 on May 15, totaling $70,864.00, with a remaining ownership of 207,200 shares valued at $18,353,776.  
- Sea's Q1 2026 results reported a 46.6% revenue increase year-over-year to $7.1 billion, although it missed EPS expectations at $0.67 per share, compared to a consensus of $0.75.  
- Institutional investors hold 59.53% of Sea Limited's stock, with hedge funds increasing their positions, reflecting cautious optimism amidst recent insider selling.

OCBC Bank

Jingye Chen Sells 800 Shares of SEA (NYSE:SE) Stock

GRAB

[SINGAPORE] Amid the ongoing Middle East conflict and broader macroeconomic uncertainty, consumer spending is coming under pressure with households turning cautious.Yet, both Grab and Sea have maintained their 2026 guidance, saying that their focus on affordability and subscription programmes will prop up demand in the year ahead.Grab has said that it is on track to deliver its 2026 revenue guidance of US$4.04 billion to US$4.1 billion, with adjusted earnings before interest, tax, depreciation and amortisation (Ebitda) of US$700 million to US$720 million.

- The article discusses how consumer spending is pressured by the Middle East conflict and macroeconomic uncertainty.  
- Despite these challenges, Grab and Sea have upheld their 2026 guidance, emphasizing their focus on affordability and subscription programs to support demand.  
- Grab aims to achieve a revenue of US$4.04 billion to US$4.1 billion and adjusted Ebitda of US$700 million to US$720 million for the year.

Businesstimes News

Grab

GRAB - CW25

Grab, Sea lean on affordability, subscriptions to defend growth amid macroeconomic headwinds

Yanjun Wang, an insider at Sea Limited (NYSE:SE), sold 800 shares of the company's stock on May 13th for $75,704 at an average price of $94.63. This sale reduced Wang's ownership by 4.65%, leaving him with 16,400 shares valued at approximately $1.55 million. The transaction was disclosed to the SEC. Wang has made several other sales recently, with varying prices and total values. Sea Limited's stock has seen fluctuations, and the company reported earnings of $0.67 per share, missing estimates, but revenue increased significantly year-over-year.

- Yanjun Wang, an insider at Sea Limited, sold 800 shares on May 13th for $94.63 each, totaling $75,704, which reduced their ownership by 4.65%.  
- The company reported strong Q1 2026 revenue of $7.1 billion, a 46.6% increase year-over-year, although it missed earnings expectations with $0.67 per share compared to a consensus of $0.75.  
- Institutional investors own 59.53% of Sea Limited's stock, with recent reports indicating mixed sentiment due to insider sales and varying analyst ratings.

Zions Bancorp

Cullen Frost Bankers

Zions Bancorp Pref Share ZIONP F P12/31/49

Yanjun Wang Sells 800 Shares of SEA (NYSE:SE) Stock

Singapore technology giant Sea Ltd and OpenAI will launch the Sea x OpenAI Codex Hackathon on June 6, 2026, in Singapore, kicking off a regional series across the Asia-Pacific. The one-day event will gather 40 teams of AI developers to create AI-driven products using Codex. Participants will compete in three categories: Autonomous AI, AI-native products, and Deep domain AI. Prizes include OpenAI API credits, with $30,000 for first place. Registration is open until May 28, 2026.

- Sea Ltd and OpenAI will launch the Sea x OpenAI Codex Hackathon in Singapore on June 6, 2026, initiating a regional hackathon series in the Asia-Pacific.  
- The event, bringing together 40 teams of AI developers, focuses on advanced AI applications, with projects categorized into autonomous AI, AI-native products, and deep domain AI.  
- Winning teams will receive OpenAI API credits, with prizes including $30,000 for first place, and registration remains open until May 28, 2026.

TechNode

Sea, OpenAI launch APAC AI Hackathon series, starting in Singapore in June

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Maybank Investment Bank reports that Sea's Q1 results demonstrate strong growth in e-commerce, logistics, and digital finance. Key metrics include Shopee GMV growth of 30%, Garena bookings up 20%, and Monee's loan book expanding by 71%. Adjusted EBITDA reached $1.03 billion, exceeding expectations. Maybank maintains a positive outlook, noting Shopee's strong execution and limited competitive threat from TikTok Shop. Brazil is highlighted as a key growth market, with significant improvements in delivery speeds and profitability. Monee also shows rapid growth, while Garena's performance remains robust despite industry challenges.

- Maybank Investment Bank reports that Sea's first quarter results indicate strong growth, with Shopee's GMV increasing by 30 percent year on year, and Garena's bookings up 20 percent.  
- The group's adjusted EBITDA of $1.03 billion surpasses expectations, driven by solid Garena profitability and stable e-commerce margins amid investment in logistics.  
- Shopee continues to focus on its core strengths while management sees limited competition from TikTok Shop, and maintains its FY26 guidance for 25 percent GMV growth.

ProShares Online Retail

SPDR S&P Retail ETF

Global X Video Games & Esports ETF

VanEck Retail ETF

Wedbush ETFMG Video Game Tech ETF

VanEck Video Gaming and eSport ETF

Global X Fintech

Amplify Online Retail ETF

Maybank: Sea Q1 underscores durable growth momentum

Sea Ltd reported a strong Q1 with $7.1 billion in GAAP revenue, a 47% year-over-year increase, driven by significant growth in Shopee and Monee. Despite a positive earnings report, shares fell on NYSE, reflecting market adjustments. Analyst Fawne Jiang maintained a Buy rating with a $140 price target. Shopee's GMV grew by 30%, boosting e-commerce revenue by 45%, while Monee's revenue surged by 58%. However, margins were affected due to increased investments, leading to a decline in Shopee's adjusted EBITDA.

- Sea Ltd shares declined by 2.41% to $93.71 on Wednesday after a rally following strong first-quarter results.  
- The company reported GAAP revenue of $7.1 billion, a 47% increase year-on-year, outperforming expectations, with notable growth in e-commerce and financial services.  
- While margins are under pressure due to investments, analyst Fawne Jiang maintains a Buy rating, raising the 2026 revenue growth estimate to 33% and indicating improved visibility and execution confidence.

benzinga_article

Sea Posts Q1 Beat On Record Shopee Revenue Growth