key points
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C Limited operates three core businesses spanning e-commerce, digital financial services and gaming.
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C accelerated revenue growth during 1Q2026 with strong contributions from all three of its businesses.
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Marine stocks look cheap right now, and Wall Street thinks there could be significant upside ahead.
C Ltd (NYSE:SE) is a triple threat in the digital economy. The Singapore-based company operates the largest e-commerce platform in Southeast Asia, a fast-growing digital financial services business, and a game development studio that is responsible for some of the world’s most successful mobile titles.
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The group’s most bullish analyst estimates the stock could rise as much as 124% from here. I think this is realistic, which is why I bought C stock myself in March.
A man is sitting on the floor shopping online through his smartphone.
Image Source: Getty Images.
Three spectacular growth stories under one roof
Shopee C Ltd is a hybrid of consumer-to-consumer and business-to-consumer e-commerce platform. It serves most Southeast Asian countries, including Singapore, Indonesia and Malaysia, and is also expanding into Latin America, with a rapidly growing presence in Brazil. Shopee processed more than $37 billion in orders during the first quarter of 2026 (ending March 31), up 30% from the year-ago period.
Then there’s Moni, which is C’s digital financial services platform. It lends money to Shopee sellers to help them grow their businesses, and also provides Buy Now, Pay Later Loans to consumers to increase their spending power. MONEY had a record $9.9 billion in loans at the end of the first quarter, a 71% increase year-over-year. Brazilian borrowers contributed $1 billion to those loans, a staggering 250% increase.
C’s third business segment is digital entertainment, led by Garena game development studio. Garena’s most successful mobile game free fireWhich has been downloaded almost 2 billion times worldwide, but it also has other blockbuster titles Call of Duty: Mobile And ea sports fc.
The studio had 666.5 million users across all titles during the first quarter, a slight increase from the same quarter last year. But the percentage of users making in-game purchases stood at 10.9%, the best result in five years.
accelerate revenue growth
Sea Limited generated $7.1 billion in total revenues during the first quarter, representing a year-over-year growth rate of 46.6%. This marked an acceleration in the company’s 36.4% revenue growth for all of 2025, and all three business units contributed to the strong result.
|
Section |
Q1 2026 revenue |
Growth (YoY) |
|---|---|---|
|
E-Commerce (Shopee) |
$5.1 billion |
45.1% |
|
Digital Financial Services (Money) |
$1.2 billion |
57.8% |
|
Digital Entertainment (Garena) |
$696.6 million |
40.6% |
Data Source: C Ltd. YOY = year over year.
C also had a stellar quarter on the bottom line, contributing $1 billion in adjusted Non GAAP (Generally accepted accounting principles) Earnings before interest, taxes, depreciation, and amortization (EBITDA) for the first time ever. Although Shopee contributed the majority of the company’s revenue, it contributed only $223.2 million in adjusted EBITDA due to its extremely low margins. The platform’s goal is to offer consumers the lowest possible price, which is not a recipe for big profits.
C’s largest contributor to adjusted EBITDA was Garena, which generated $573.6 million despite a comparatively small revenue base. This is one of the benefits of C’s highly diversified business.
I agree with Wall Street’s bullish consensus on C stocks
wall street journal C is tracked by 30 analysts covering the stock, and 23 have given it a Buy rating. Two others are in the overweight (bullish) camp, while the remaining five are advised to stay put. C does not receive a sell rating from this group of analysts.
Analysts’ average price target is $141.55, which suggests C stock could climb 63% over the next 12 months. However, the Street-high target of $195 instead suggests a potential upside of 124%.
I think both goals can be achieved based on C’s attractive valuation. its stock is trading on Price-to-Sales (P/S) Ratio of only 2.1, which is well below its three-year average of 3.3. Additionally, Wall Street expects the company’s annual revenue to grow to $29.8 billion in 2026 and $36.2 billion in 2027 (according to Yahoo! Finance), putting its stock at a Forward P/S ratio of 1.78 and 1.47, respectively.
se ps ratio chart
data by YCharts.
This means C stock would have to climb 124% by the end of 2027 to trade in line with its three-year average P/S ratio of 3.3. And if the company’s revenue growth continues to accelerate, I think its valuation could rise even further.
But another reason to love the ocean is that it is as solid as a rock balance sheet. At the end of the first quarter, the company had $11.1 billion of cash, cash equivalents and short-term investments, while debt was less than $800 million. This gives management an incredible amount of flexibility to invest aggressively in growth, which could be very optimistic for shareholders in the long term.
Should you buy stock in C Ltd now?
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Anthony Di Pizio There are posts in C Limited. The Motley Fool has a position in Sea Limited and recommends it. The Motley Fool has one Disclosure Policy.
