Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

<ul>
<li>Q1 Revenue growth and gains in profitability both strong, but Q2 guidance unexciting</li>
<li>FTA is making good progress on promoting its automated freight matching service</li>
<li>But other changes will require more time, and investors are impatient</li>
</ul>


Q1 Revenue growth and gains in profitability both strong, but Q2 guidance unexciting
FTA is making good progress on promoting its automated freight matching service
But other changes will require more time, and investors are impatient


Full Truck Alliance Q123 Earnings | Progress on Improving Mix | Other Changes Need More Time

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>
<a href="https://www.smartkarma.com/entities/grab-holdings-inc" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a>'s1Q2023 made for positive reading with rapid revenue growth and a quickening of progress towards profitability but the focus perplexingly seemed to be drawn to the ethereal measure of GMV. </li>
<li>The delivery segment saw the most significant GMV slowdown, impacted by a high base and seasonality but saw rapid revenue growth and record margins. Mobility remained the cash cow.</li>
<li>
<a href="https://www.smartkarma.com/entities/grab-holdings-inc" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a>'s profitability improved considerably in 1Q2023 across all segments, with management upgrading the outlook for FY2023 for adjusted EBITDA and maintaining its breakeven target for 4Q2023, which now looks conservative.</li>
</ul>



Grab's1Q2023 made for positive reading with rapid revenue growth and a quickening of progress towards profitability but the focus perplexingly seemed to be drawn to the ethereal measure of GMV. 
The delivery segment saw the most significant GMV slowdown, impacted by a high base and seasonality but saw rapid revenue growth and record margins. Mobility remained the cash cow.

Grab's profitability improved considerably in 1Q2023 across all segments, with management upgrading the outlook for FY2023 for adjusted EBITDA and maintaining its breakeven target for 4Q2023, which now looks conservative.


Grab (GRAB US) - Living in an Ethereal World

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Capital Markets

Uber Technologies  / Equity Capital Markets

<ul><li>Uber Technologies started 2023 on a strong note, with gross bookings up 22% yearly in constant currency.</li><li>In addition, Uber produced a 12% increased adjusted EBITDA margin and $549 million in free cash flow.</li><li>We give Uber Technologies a 'Hold' rating with a revised target price.</li></ul>

Uber Technologies started 2023 on a strong note, with gross bookings up 22% yearly in constant currency.In addition, Uber produced a 12% increased adjusted EBITDA margin and $549 million in free cash flow.We give Uber Technologies a 'Hold' rating with a revised target price.

Uber Technologies Inc.: Fall In ETAs A Good Sign? – Key Drivers

High Quality Stock Setups, Weekly Stock Bull Finder

Weekly Stock Bull Finder

High Quality Stock Setups

Finding high potential stock setups on quality companies

Thematic (Sector/Industry)

<ul><li>The exercise of catching bottoms and averaging down versus cutting losers and admitting you were wrong can and often is a painful lessons every investor goes through during points in their investing journey.</li><li>While scanning and examining companies and charts that are participating in strong uptrends is a worthwhile exercise, an equally important exercise is looking for companies which are currently in cycle downtrends but have strong underlying fundamentals which may not be presented reflected in today’s price.</li><li>In effect, they have been “thrown out with the bathwater” and are now potentially mispriced based upon their current and future underlying fundamentals.</li></ul>

The exercise of catching bottoms and averaging down versus cutting losers and admitting you were wrong can and often is a painful lessons every investor goes through during points in their investing journey.While scanning and examining companies and charts that are participating in strong uptrends is a worthwhile exercise, an equally important exercise is looking for companies which are currently in cycle downtrends but have strong underlying fundamentals which may not be presented reflected in today’s price.In effect, they have been “thrown out with the bathwater” and are now potentially mispriced based upon their current and future underlying fundamentals.

<ul><li>Uber Technologies Inc. has delivered good results during this quarter and managed an all-around beat with a positive bottom-line.</li><li>The overall situation is in favor of the company as the competitive environment is getting better.</li><li>We give Uber Technologies Inc. a 'Hold' rating with a revised target price.</li></ul>

Uber Technologies Inc. has delivered good results during this quarter and managed an all-around beat with a positive bottom-line.The overall situation is in favor of the company as the competitive environment is getting better.We give Uber Technologies Inc. a 'Hold' rating with a revised target price.

United States

Uber Technologies Inc provides ride hailing services. The Company develops applications for road transportation, navigation, ride sharing, and payment processing solutions. Uber Technologies serves customers worldwide.

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Uber Technologies (UBER US)

Full Truck Alliance Q123 Earnings | Progress on Improving Mix | Other Changes Need More Time

Despite solid revenue growth and rising profitability in Q1, investors focused on unexciting Q2 guidance. In this note we highlight some...

Tracking Traffic

Grab (GRAB US) - Living in an Ethereal World

Grab's1Q2023 made for positive reading with rapid revenue growth and a quickening of progress towards profitability. Too much time dwelling on...

Angus Mackintosh

Uber Technologies Inc.: Fall In ETAs A Good Sign? – Key Drivers

Uber Technologies started 2023 on a strong note, with gross bookings up 22% yearly in constant currency. In addition, Uber produced a 12%...

Baptista Research

Weekly Stock Bullfinder - Week of 5/8

The exercise of catching bottoms and averaging down versus cutting losers and admitting you were wrong can and often is a painful lessons every...

Weekly Stock Bull Finder

Uber Technologies Inc.: Major Drivers

Uber Technologies Inc. has delivered good results during this quarter and managed an all-around beat with a positive bottom-line. The overall...

Baptista Research

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