February 18, 2025: 10 High-growth Stocks in Southeast Asia

Here are 10 high-growth stocks in Southeast Asia that showed steady growth in 2024. These companies have adapted well to the fast-changing economy, thanks to strong consumer demand, new technology, and government support that encourages innovation and investment.

1. Sea Limited (NYSE:SE)

Description: This company is a major player in the tech world and runs several important services. It operates Shopee, which is an online shopping platform where people can buy and sell all kinds of products easily from their homes. It also manages Garena, a popular gaming platform that offers a variety of exciting games for players to enjoy. Additionally, the company provides SeaMoney, a financial technology service that helps users with online payments and money transfers. Overall, this company connects people through e-commerce, gaming, and financial services, making life more convenient and fun.

Growth Factors:

Revenue surged 30.8% YoY in Q3 2024, driven by e-commerce and gaming growth.
Shopee expanded its market share in Southeast Asia and Latin America, leveraging gamified shopping and social commerce features.
SeaMoney’s digital financial services saw increased adoption amid rising internet penetration¹.

2. Grab Holdings (NASDAQ:GRAB)

Description: This super-app is a platform that combines a variety of services all in one place. It offers ride-hailing, which means you can easily get a car to take you where you want to go, just by using your phone. Plus, it has food delivery service, so you can order your favorite meals and have them brought right to your doorstep without any hassle. On top of all that, it also provides digital financial services, making it easy for you to manage your money, pay bills, and even send cash to friends.

Growth Factors:

Achieved first full-year positive EBITDA ($313M) in 2024 through cost discipline and product innovation.
Mobility revenue grew 19% YoY, with record user engagement across its platform.
Expanded its fintech offerings, including digital banking partnerships⁴ ⁶.

3. Sembcorp Industries (SGX:U96)

Description: This organization is a leader in renewable energy, including solar and wind power. They are also involved in energy transition projects across Asia, helping countries change from using traditional energy sources, like coal and oil, to cleaner, more sustainable options. Their work is helps reduce pollution and fight climate change, making the planet a healthier place for everyone.

Growth Factors:

Renewables segment grew 42% in net profit, contributing to 65% of its energy portfolio.
Installed renewable capacity reached 13.8GW, with new projects in Vietnam and Thailand⁷.

4. GoTo Group (IDX:GOTO)

Description: Indonesia has the largest technology ecosystem in Southeast Asia, which brings together a variety of services that make life easier for people. The GoTo Group is one major part of this ecosystem, with apps like Tokopedia, a popular e-commerce platform where you can buy almost anything online, from clothes to electronics. Another important part is Gojek, a ride-hailing service that allows you to book rides quickly and efficiently. Together, these services create a powerful system that connects buyers and sellers while also providing convenient transportation options for users, really changing the way people shop and travel in Indonesia.

Growth Factors:

Group gross transaction value (GTV) grew 32% YoY, driven by fintech and on-demand services.
Focused on profitability with cost optimization and strategic reinvestments⁸.

5. AirAsia Group (Capital A) (KLSE:5099)

Description: AirAsia Group is a low-cost airline that is very popular for its affordable flights. Recently, it has started to grow by offering digital travel services that help customers plan their trips more easily. This includes everything from booking hotels and car rentals to providing special travel deals and tips. By expanding into these new areas, AirAsia aims to become not just an airline, but a complete travel solution for everyone looking to explore new places.

Growth Factors:

Carried 63M passengers in 2024, recovering to 89% of pre-pandemic levels.
Fleet expansion with new aircraft improved operational efficiency and capacity utilization⁹.

6. Bukalapak (IDX:BUKA)

Description: Bukalapak is a popular online shopping website from Indonesia. It mainly helps people in smaller cities, known as tier-2 and tier-3 cities, who might not have as many shopping options. The platform offers a wide range of products, making it easier for shoppers to find what they need without traveling far. By connecting local sellers with buyers, Bukalapak plays an important role in improving access to goods and services for people in these areas.

Growth Factors:

Mitra Bukalapak (MSME partners) drove 17% QoQ growth, enhancing rural market penetration.
Expanded into quick-commerce with faster delivery options¹⁰.

7. VNG Corporation (HOSE:VNZ)

Description: VNG Corporation is Vietnam’s first tech unicorn, which means it’s one of the most valuable startups in the country. The company focuses on gaming, fintech, and cloud services. In gaming, VNG offers a variety of games, both in Vietnam and around the world. Its fintech services help people and businesses manage their money in smart ways. Additionally, VNG provides cloud services that give companies the tools they need to grow and improve. With a strong focus on new ideas and high quality, VNG Corporation plays an important role in Vietnam’s growing technology scene.

Growth Factors:

Revenue climbed 46% YoY, driven by ZaloPay’s fintech growth and new gaming titles.
Strategic investments in AI and cloud computing boosted diversification efforts¹¹.

8. Central Retail Corporation (CRC) (SET:CRC)

Description: Central Retail Corporation is Thailand’s foremost omnichannel retail operator, with a robust presence that extends beyond its borders into Vietnam and Italy. This enterprise excels in integrating retail channels, blending online and offline shopping experiences. With a strategic focus on innovation and customer satisfaction, Central Retail Corporation has solidified its position as a market leader.

Growth Factors:

Revenue grew 11% YoY, supported by tourism recovery and luxury retail expansion.
Launched over 40 new stores across Thailand, Vietnam, and Italy¹².

9. Genting Singapore Limited (SGX:G13)

Description: Genting Singapore Limited runs the popular Resorts World Sentosa, which is a large integrated resort located in Singapore. It offers a variety of attractions, including hotels, theme parks, restaurants, and entertainment options. The company focuses on attracting tourists who come for both leisure and business events, known as MICE tourism, which stands for Meetings, Incentives, Conventions, and Exhibitions. They provide a unique experience for visitors, combining fun activities with opportunities for work-related gatherings.

Growth Factors:

Achieved a 92% hotel occupancy rate, benefiting from post-pandemic tourism recovery.
Expanded attractions like Minion Land to boost visitor numbers².

10. FPT Corporation (HOSE:FPT)

Description: FPT Corporation is Vietnam’s largest IT services company, and specializes in AI, cloud computing, and software development. With a dedicated team of experts, FPT works on projects that use artificial intelligence to solve real-world problems. They provide a variety of services that help businesses grow and adapt in the digital age, ensuring they remain competitive in an ever-changing marketplace.

Growth Factors:

IT consulting revenue grew 37% YoY, supported by contracts with global tech giants like NVIDIA.
Opened a new tech hub in Jakarta to expand its ASEAN footprint¹⁴.

Key Insights

Digital Economy Expansion: Companies like Sea Limited, Grab, GoTo, and Bukalapak are capitalizing on rising smartphone adoption and e-commerce penetration across Southeast Asia.
Renewable Energy Transition: Sembcorp Industries is leading the region’s shift toward clean energy.
Tourism Recovery: AirAsia Group, Genting Singapore, and CRC benefited from the resurgence of international travel post-pandemic.

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