The latest results shows that the growth story has disintegrated. Profits earned from Garena is declining, losses from Shopee grew and GMV has slowed. In a sentence, Sea Group's share prices looks set to go down further. Sea Money is unlikely to be the Winner in South East Asia Space No doubt, South East Asia has a large population of unbanked individuals where Sea could tap on. However, it has two major competitors in Grab and Go-to. Furthermore, it seems Grab has keeping itself toe to toe with Sea despite the latter having a larger warchest. Grab's latest financial results shows it has slowed its cash burning rate and is able to survive 10 more quarters on its current cash balance. This means shopee has to balance burning 8 billion in cash over the next 10 quarters to keep its battle with Grab. The emergence of Go-To with a large war chest post IPO signifies...