$Sea(SE.US) rose by more than four points, with the stock price standing fourteen points above the 50-day moving average. Calculated from the 120-day low, it has already gained over 40%.

It is rare to see a company where e-commerce, gaming, and fintech businesses are all rising simultaneously. After Shopee stabilized its market share in Southeast Asia, Garena's legacy games continue to contribute cash flow, and $SEMoney(SEMoney.US)'s lending scale is also expanding.

The current issue lies in valuation—at this level, expectations for no errors across all three business segments are already priced in. The question now is whether to continue monitoring market share expansion or start keeping an eye on the non-performing loan ratio of the credit business. I prefer to focus on the latter, as the consumer loan cycle in Southeast Asia has not yet undergone a true stress test.