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How Sea Limited Overtook DBS as Singapore’s Most Valuable Company

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TL;DR

  • Sea Limited has surpassed DBS Group to become Singapore’s most valuable publicly traded company, with a market capitalisation of approximately S$143 billion—about S$1 billion more than DBS.
  • This development underscores investor preference for high-growth, tech‑driven firms over stable, dividend‑yielding banks.
  • While Sea’s digital ecosystem—encompassing Shopee, Garena, and Monee—is powering rapid expansion, DBS continues to command strength through consistent profitability, a robust dividend yield (~5.3%), and strong returns on equity (~15%)

Shopee-owner Sea signals strong online shopping momentum with revenue beat | Reuters

Sea Limited Surpasses DBS: A Sign of Singapore’s Investment Shift

In late August 2025, Sea Limited—the Singapore‑listed digital conglomerate behind Shopee, Garena, and Monee—made headlines by overtaking DBS Group Holdings to become the most valuable publicly traded company in Singapore, with a valuation of about S$143 billion, narrowly holding a S$1 billion lead over DBS.

Riding Southeast Asia’s Digital Wave

This achievement reflects investor faith in Sea’s long‑term growth potential across e‑commerce, gaming, and digital financial services—notably through Shopee’s 25% year‑on‑year gross merchandise volume growth and a 64% surge in digital finance revenue during H1 2025. Sea’s market cap rise has also been fuelled by a 300% stock rally, driven by record sales and successful logistics innovations like SPX Express—backed by networks of homemakers, students, and retirees.

DBS Launches SMB Mobile Payment Acceptance Tool

DBS: Stability vs. Growth

Meanwhile, DBS remains a bedrock of strength in Singapore’s financial sector. It continues to deliver solid returns on equity (~15%), a reliable dividend yield (~5.3%), and robust earnings from wealth management and lending operations. Its lower valuation multiple (around 13× trailing earnings) underscores its profile as a steady, income‑oriented investment, contrasted with Sea’s higher multiple (~38×) paid for expected growth.

Sea vs DBS at a Glance

Company Market Cap Valuation Multiple (P/E) Growth Profile Strengths
Sea Limited ~S$143 billion ~38× High-growth, digital ecosystem across SEA Rapid expansion, investor sentiment, innovation
DBS Group ~S$142 billion ~13× Stable, banking-focused, income-generating Dividend yield, profitability, bank stability

  • Portfolio diversification is key: For investors prioritising returns, Sea offers significant growth exposure; for those seeking reliability, DBS remains a strong component.

  • High valuations demand selectivity: Sea’s premium price assumes execution success across markets, while DBS’s steady performance mitigates volatility.

  • Watch for the long game: Markets shift—Sea’s lead may be fleeting, and fundamentals matter beyond leaderboard rankings.

Sea Ltd stock jumps 41% following renewed focus on profitability

FAQ – What Singapore Investors Should Know

1. What is Sea Limited’s edge?
Sea brings together e‑commerce (Shopee), digital payments (Monee), and gaming (Garena), capturing significant market share across Southeast Asia with robust user and revenue growth 

2. How did Sea vault ahead of DBS?
Strong sales, digital services scaling, cost-cutting, and investor confidence in its growth story propelled Sea’s valuation past DBS, which remains stable but less speculative 

3. Is DBS losing momentum?
Not necessarily. DBS continues to show strong fundamentals, including wealth management growth and robust shareholder returns, but lacks the explosive upward trajectory of digital firms like Sea.

4. Should investors focus on market cap?
Market cap offers a snapshot, but investment decisions should align with individual objectives, balancing growth potential with income stability and risk tolerance

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This is an AI-powered article, curated by The Financial Coconut. 

Sources consulted:
  • The Smart Investor, “From Banking to Gaming: Sea Limited Overtakes DBS as Singapore’s Largest Company”
  • AInvest, “Sea Ltd Reclaims Southeast Asia’s Top Spot After 300% Rally, Surpasses DBS”
  • The Edge (Malaysia), “Sea Ltd overtakes DBS Group Holdings after 300% comeback rally”
  • Wikipedia entries for Sea Ltd and DBS Bank
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