What constitutes Shopee's moat?

Last night, Sea group published their 2023 Q4 and FY results, announcing its first profitable year. The market had mixed feelings - stock price fluctuated the first trading day post-results, and eventually closed with a 5% increase in share prices.    During the earnings call, Sea executives reiterated the group's dedication to deepening its moat in the region to maintain its position as a market leader in the region. But what exactly is its moat?   Join us in this latest episode as we delve into Sea Group's latest financial results, investor reactions, and explore the rationale behind Shopee's confidence in its guidance of a high teens growth rate, even in the ever-changing ecommerce landscape in the region.