Sea Limited: Still An Excellent GARP Growth Pick Outside America (Rating Upgrade)

Sea Limited is upgraded to Strong Buy, citing a rare combination of high growth and deeply discounted valuation. SE trades at 20x EPS with projected 25-30% annual operating income growth, and boasts an A+ balance sheet with significant net cash. Peer comparisons highlight SE's exceptional free cash flow yield (7.5%-11.3%) and ultra-low EV/sales and EV/EBITDA multiples among major global online retailers.