A doubling of revenue coupled with a 263% surge in Sea Ltd.’s shares aren’t enough to make the Southeast Asian internet company profitable, but they do provide something almost as important: opportunity.

Investors seem besotted with Sea, propelling it to a US$69 billion ($94.2 billion) market value despite its net loss widening 41% from a year earlier in the second quarter. Analysts, overwhelmingly bullish with 14 buy ratings to two sell calls, don’t even expect the games and e-commerce company to post net income this year or next.

Once known as Garena, Singapore-based Sea gets 44% of sales from digital entertainment such as online games and 41% from e-commerce and other services. The rest comes from direct sales of products. Those have proven to be great businesses to be in during a pandemic when customers are cooped up at home bored, hungry and in desire of some retail therapy. 

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