Sea Ltd. has overtaken DBS to become Southeast Asia’s most valuable publicly traded company after a surge in its share price.

The Singapore-based internet firm reached a market capitalization of US$111 billion following a 1.1% rise in its New York-listed shares, while DBS closed at a valuation of US$110.3 billion in Singapore on August 26, 2025.

Sea’s ecommerce arm Shopee has seen strong growth as more Southeast Asian consumers shop online, helping the company report record sales in August that topped estimates.

Shares in Sea have climbed over 300% since the start of last year, as the company fends off rivals like ByteDance and Alibaba’s Lazada in the region.

The company has also focused on cost-cutting and new areas such as digital finance, while its logistics unit SPX Express supports deliveries across markets including Singapore.

DBS shares have risen 65% since the start of last year, supported by higher earnings and plans for increased dividends and share buybacks.

🔗 Source: Bloomberg

🧠 Food for thought

1️⃣ Diversified revenue streams create resilience against single-market risks

Sea’s remarkable 300% stock rally demonstrates how multi-segment businesses can outperform focused competitors during market volatility1.

The company generated growth across all three major divisions simultaneously: Shopee e-commerce revenue increased 34% to $3.8 billion, Garena gaming grew 23%, and SeaMoney financial services surged 70% to $882.8 million2.

This diversification strategy proved valuable as it allowed Sea to maintain momentum even while facing intensified competition from TikTok Shop and Lazada in its core e-commerce business2.

2️⃣ Logistics infrastructure becomes a pricing power lever

Sea’s investment in its SPX Express delivery network has translated into tangible competitive advantages and pricing power that rivals struggle to replicate.

The logistics operation contributed to a nearly 30% increase in e-commerce orders, while simultaneously enabling Sea to raise merchant commission rates by approximately one-third in core markets2.

This pricing confidence indicates that merchants view Sea’s platform as irreplaceable due to its delivery capabilities, even as competitors like TikTok and Lazada aggressively expand in the region2.