kokkaiSea (NYSE:SE) is performing notably better than I - and arguably many market participants - have expected at the beginning of 2024. Around the beginning of the year, I pointed out that Sea's commercial growth momentum is struggling on multiple fronts. And accordingly, I assigned a "Sell" rating. However, my concerns have largely proven temporary. Indeed, Sea's Q2 2024 results exceeded expectations, with revenue growing 23% YoY and EBITDA hitting a 12% margin. Notably, Shopee, Sea's e-commerce arm, ...