Most Singaporeans should be familiar with the e-commerce platform, Shopee. Catchy jingles and advertisements constantly put this marketplace at the forefront of people’s minds. With the endless spotlight contributing to strong brand awareness, surely the company behind this e-commerce outfit is not faring too shabbily? Unfortunately, market sentiment surrounding Shopee’s parent company, Sea Limited (NYSE: SE), remains weak. At present, its share price hovers around US$85, plummeting 76.4% from its height of US$360.23. A deeper look reveals that the decline started after Sea released its third quarter 2021 results in the second half of November 2021. We discuss possible reasons for Sea’s continued struggles despite Shopee’s success. Looks can be deceiving. Frequent bombardment of cashbacks and discounts may have cemented the impression that the whole corporate entity revolves around the online retail platform. Yet at its core, Sea should be more accurately perceived as a gaming company under the Garena brand....