The diverging strategies—and market performances—of two big Southeast Asian tech firms may prove to be an interesting test case. Shares of e-commerce and games company Sea have risen 14% since it reported its first ever quarterly profit last week, according to FactSet. In comparison, shares of loss-making mobility app Grab Holdings are down 18% since its latest earning results in February—despite the firm’s new forecast that it will move toward profitability sooner than previously expected.