Sea Group has been sold down from US$370 on 20 October 2021 to US$87.62 on 22 April 2022. This is a 76% decline in share price. Is this the end of the Sell Down? The sell down in the past 6 months has been due to 2 reasons: (i) risk off behavior by investors due to interest rate hikes and quantitative tightening and (ii) companies failing to meet their own guidance or have growing losses. The effects of (i) should be almost done, barring any surprises from the Federal Reserve such as a 75 basis point hike in May 2022. However what I am worried is Sea Group will report another set of poor results for 1Q2022 in June 2022. Why a Poor Q1? The growth of Sea's gaming arm has slowed as the popularity of Free Fire has plateau. In addition, while Shopee and Sea Money are growing, their losses are growing as well because these 2...