Sea Ltd. has overtaken DBS Group Holdings to become Southeast Asia’s most valuable public company after a sharp rebound in its share price, Bloomberg reported.
The Singapore-based internet group rose 1.1% in New York trading, giving it a market capitalisation of about US$111 billion.
DBS closed lower in Singapore, trimming its valuation to roughly US$110.3 billion.
The shift ends the bank’s short-lived reign at the top of the region’s corporate rankings.
Sea’s comeback has been fueled by Shopee, its e-commerce platform that continues to capture a growing share of online spending across the region.
Record sales in August underscored its ability to fend off rivals such as TikTok’s shopping business and Alibaba-owned Lazada.
The stock has climbed more than 300% since early 2024, convincing investors the company can sustain its momentum.
The group’s profitability has been restored through cost controls and a growing logistics arm, SPX Express, which relies on part-time couriers to deliver goods quickly in key markets.
Sea is also expanding into digital finance, positioning itself as more than just a retail marketplace operator.
DBS, meanwhile, has benefited from rising lending and wealth-management income, lifting its stock about 65% since early 2024.
The bank has pledged higher dividends and share buybacks to reward investors after posting strong earnings.
Featured image: Edited by Fintech News Singapore, based on image by The Yuri Arcurs Collection via Freepik
