So there is not a shift in our view about the long-term growth potential and focus of our business to capture this opportunity. In the near term, of course, we continue to see macro uncertainty, headwinds to consumption, so we will be adjusting and fine-tuning our pace and operations carefully in a highly dynamic manner, observe our markets from period to period and adjust accordingly. And therefore, we also share that we may expect fluctuations in our performance and results in the near term from period to period. But on the other hand, I think we have demonstrated clearly our ability to execute both growth and profitability. So in the long run, we are very focused on sustainable growth and further defending and solidifying our ecosystem. Now in terms of competitive landscape, our view is that in the long run, investment in the ecosystem is important, but investment is not just solely in the shape of financial investment, but more importantly, in terms of operational capabilities, these local operational capabilities.
This is still a heavy operational system that we need to build for our online retail marketplace. Therefore, there will always become competitors or other entrants into the market with different angles, different positioning, different advantages, et cetera. But the beauty of e-commerce is that it requires a comprehensive set of skills and capabilities that need to be built over a relatively long period of time, especially in our markets where infrastructure are still very underdeveloped, and especially in Southeast Asia, where the markets are diverse and their individual — many individual markets. Collectively, these are large opportunities, but you have to conquer them one by one. And every market test its own environment, its own setting, it’s own requirements.
Therefore, we believe we’re unique in the sense that we’re able to achieve strong market leadership market by market across so many markets in Southeast Asia. And at the same time, quick turnaround of profitability, and that gives us confidence that we have more resources and capability not just financially, but also operationally and managerially to defend our ecosystem against any future competition, and we’ll remain humble and remain vigilant on competition.
Operator: Our next question comes from Alicia Yap from Citigroup. Please go ahead.
Alicia Yap: Hi, thank you. Good evening, management. Congrats on the strong results and also thanks for taking my question. I have two questions. First is I wanted to follow up on the previous regarding how should we balance between growth versus the profitability? Is there any short-term margin target that management would hope to maintain for each of your business segments? For example, if there’s any incremental margin improvement that you can achieve, then you would reinvest those incremental back to the business to drive faster growth? Because you already turned profitable on both, for example, the Shopee and the DFS. So I’m just wondering, is there a short-term margin target that you wanted to maintain and then any incremental that you can reinvest back to the business to drive faster growth?
Second is on your digital finance services, given you will be rolling out the digibank initiatives soon, will that affect your EBITDA profitability trend for 2023? Thank you.
