VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Thursday, January 8, 2026

Stock Comparison

ASX Limited vs Sea Limited

Compare moat strength, market structure, and segment coverage to understand how each company defends its edge.

ASX Limited

ASX · ASX

Market cap (USD)$9.8B
Gross margin (TTM)75.4%
Operating margin (TTM)94.8%
Net margin (TTM)40.9%
SectorFinancials
IndustryFinancial - Data & Stock Exchanges
CountryAU
Data as of2025-12-28
Moat score
80/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into ASX Limited's moat claims, evidence, and risks.

View ASX analysis

Sea Limited

SE · New York Stock Exchange

Market cap (USD)$82.8B
Gross margin (TTM)44.9%
Operating margin (TTM)8.2%
Net margin (TTM)6.8%
SectorConsumer
IndustrySpecialty Retail
CountrySG
Data as of2026-01-06
Moat score
69/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into Sea Limited's moat claims, evidence, and risks.

View SE analysis

Comparison highlights

  • Moat score gap: ASX Limited leads (80 / 100 vs 69 / 100 for Sea Limited).
  • Segment focus: ASX Limited has 4 segments (31.5% in Markets); Sea Limited has 3 segments (73.8% in Shopee (E-commerce)).
  • Primary market structure: Duopoly vs Oligopoly. Pricing power: Moderate vs Moderate.
  • Moat breadth: ASX Limited has 4 moat types across 3 domains; Sea Limited has 6 across 3.

Primary market context

ASX Limited

Markets

Market

Trading venues for Australian cash equities and exchange-traded derivatives (futures, options)

Geography

Australia

Customer

Brokers/market participants, proprietary trading firms, institutional investors

Role

Market operator / trading venue

Revenue share

31.5%

Sea Limited

Shopee (E-commerce)

Market

E-commerce marketplace and related value-added services

Geography

Southeast Asia, Taiwan, Brazil

Customer

Consumers and sellers

Role

Marketplace operator

Revenue share

73.8%

Side-by-side metrics

ASX Limited
Sea Limited
Ticker / Exchange
ASX - ASX
SE - New York Stock Exchange
Market cap (USD)
$9.8B
$82.8B
Gross margin (TTM)
75.4%
44.9%
Operating margin (TTM)
94.8%
8.2%
Net margin (TTM)
40.9%
6.8%
Sector
Financials
Consumer
Industry
Financial - Data & Stock Exchanges
Specialty Retail
HQ country
AU
SG
Primary segment
Markets
Shopee (E-commerce)
Market structure
Duopoly
Oligopoly
Market share
80%-84% (reported)
52% (reported)
HHI estimate
6,500
n/a
Pricing power
Moderate
Moderate
Moat score
80 / 100
69 / 100
Moat domains
Legal, Network, Demand
Network, Supply, Legal
Last update
2025-12-28
2026-01-06

Moat coverage

Shared moat types

Two Sided Network

ASX Limited strengths

Concession LicenseData Workflow LockinSwitching Costs General

Sea Limited strengths

Distribution ControlEcosystem ComplementsRegulated Standards PipeDirect Network EffectsContractual Exclusivity

Segment mix

ASX Limited segments

Full profile >

Listings

Quasi-Monopoly

18.8%

Markets

Duopoly

31.5%

Technology & Data

Competitive

24.9%

Securities & Payments

Monopoly

24.8%

Sea Limited segments

Full profile >

Shopee (E-commerce)

Oligopoly

73.8%

SeaMoney (Digital Financial Services)

Competitive

14.1%

Garena (Digital Entertainment)

Competitive

11.4%

Want the full wide moat stocks list?

Browse the full ranking of wide moat stocks, updated with moat scores and segment context.

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Proven models entering the expansion stage with unit economics that work.

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Curation & Accuracy

This directory blends AI‑assisted discovery with human curation. Entries are reviewed, edited, and organized with the goal of expanding coverage and sharpening quality over time. Your feedback helps steer improvements (because no single human can capture everything all at once).

Details change. Pricing, features, and availability may be incomplete or out of date. Treat listings as a starting point and verify on the provider’s site before making decisions. If you spot an error or a gap, send a quick note and I’ll adjust.