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

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab Holdings (GRAB US)</a> continues to face off the competition with product-led initiatives which continue to gain traction, improving retention rates, and increasing user spend and frequency.</li>
<li>Competition from new players in Singapore is evident but given Grab's market position, which allows it to virtually guarantee driver's daily income, whilst competition often affects smaller players more.</li>
<li>
<a href="https://www.smartkarma.com/entities/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab Holdings (GRAB US)</a> continues to reinvest excess margins in growth but the real kicker will come next year once new product initiatives fully take hold. </li>
</ul>



Grab Holdings (GRAB US) continues to face off the competition with product-led initiatives which continue to gain traction, improving retention rates, and increasing user spend and frequency.
Competition from new players in Singapore is evident but given Grab's market position, which allows it to virtually guarantee driver's daily income, whilst competition often affects smaller players more.

Grab Holdings (GRAB US) continues to reinvest excess margins in growth but the real kicker will come next year once new product initiatives fully take hold. 


Grab Holdings (GRAB US) - Facing Off the Competition

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.

<ul>
<li>Grab, a Singapore-based technology company offering ride-hailing transport, food delivery, and payment solutions, leveraged its vast user base of more than 2 million drivers and 63 million downloads in the fourth quarter of 2021.</li>
<li>Its financial performance for the first quarter of 2024 shows strong growth in several key areas, such as its delivery and mobility services, its financial services, and its strategic initiatives to sustain and generate growth.</li>
<li>In the first quarter of 2024, Grab's revenue grew by 24% year over year and 29% in constant currency terms, reaching $653 million.</li>
</ul>


Grab, a Singapore-based technology company offering ride-hailing transport, food delivery, and payment solutions, leveraged its vast user base of more than 2 million drivers and 63 million downloads in the fourth quarter of 2021.
Its financial performance for the first quarter of 2024 shows strong growth in several key areas, such as its delivery and mobility services, its financial services, and its strategic initiatives to sustain and generate growth.
In the first quarter of 2024, Grab's revenue grew by 24% year over year and 29% in constant currency terms, reaching $653 million.


Grab Holdings: Improving Marketplace Efficiencies and Operating Leverage!

<ul>
<li>
<a href="https://www.smartkarma.com/entities/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a>'s 1Q2024 reflected strong performance from its deliveries and mobility segments despite seasonal headwinds, with growth driven by new initiatives rather than increased incentives, with affordable products leading.</li>
<li>The company has launched new products in the premium segment, with advanced bookings improving the most recent initiative, while its saver products are increasing spend, frequency, and retention. </li>
<li>Another key feature of the 1Q2024 has been the strong performance of groceries, driven by alliances with retailers, and booking higher growth than food deliveries. </li>
</ul>



Grab's 1Q2024 reflected strong performance from its deliveries and mobility segments despite seasonal headwinds, with growth driven by new initiatives rather than increased incentives, with affordable products leading.
The company has launched new products in the premium segment, with advanced bookings improving the most recent initiative, while its saver products are increasing spend, frequency, and retention. 
Another key feature of the 1Q2024 has been the strong performance of groceries, driven by alliances with retailers, and booking higher growth than food deliveries. 


Grab Holdings (GRAB US) - Leaning In with Product Initiatives

<ul>
<li>
<a href="https://www.smartkarma.com/entities/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a>'s focus last year was offering more affordable products, which helped to increase its addressable market. FY2024 will see the rollout of a broader range of initiatives across economic segments. </li>
<li>This year Grab is rolling out more premium offerings and new initiatives, including advance bookings, family accounts, increased reviews, and new merchant features to grow revenue streams from advertising.</li>
<li>The upcoming results are likely to reflect seasonal factors but should also reveal something about Grab's new initiatives and the changing competitive environment, with GoTo investing more aggressively. </li>
</ul>



Grab's focus last year was offering more affordable products, which helped to increase its addressable market. FY2024 will see the rollout of a broader range of initiatives across economic segments. 
This year Grab is rolling out more premium offerings and new initiatives, including advance bookings, family accounts, increased reviews, and new merchant features to grow revenue streams from advertising.
The upcoming results are likely to reflect seasonal factors but should also reveal something about Grab's new initiatives and the changing competitive environment, with GoTo investing more aggressively. 


Grab Holdings (GRAB US) - Rich in Initiatives

<ul>
<li>
<a href="https://www.smartkarma.com/entities/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a>'s 3Q2023 results demonstrate a high degree of success in achieving a delicate balance between growth and profitability, with significant progress across all verticals, and a  broadening of product offerings.</li>
<li>The company turned adjusted EBITDA breakeven for the first time in 3Q2023, through lower incentives, cost efficiencies, and lower regional corporate costs, with further progress towards FCF breakeven in 4Q2023.</li>
<li>
<a href="https://www.smartkarma.com/entities/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a> remains confident about the outlook with guidance revised upwards, with the company looking at some potentially interesting M&amp;A, which should be earnings accretive and beneficial to the ecosystem. </li>
</ul>



Grab's 3Q2023 results demonstrate a high degree of success in achieving a delicate balance between growth and profitability, with significant progress across all verticals, and a  broadening of product offerings.
The company turned adjusted EBITDA breakeven for the first time in 3Q2023, through lower incentives, cost efficiencies, and lower regional corporate costs, with further progress towards FCF breakeven in 4Q2023.

Grab remains confident about the outlook with guidance revised upwards, with the company looking at some potentially interesting M&amp;A, which should be earnings accretive and beneficial to the ecosystem. 


Grab Holdings (GRAB US) - Steering and Batching Towards Profitability

Singapore

ComfortDelGro Corporation Limited provides bus, taxi, car leasing and rental, automotive engineering, maintenance services, and diesel sales.  The Group also provides investment trading and operates vehicle inspection and assessment services, and advertising services.

SBS Transit Limited provides public bus services, advertisement on its bus fleet, and bus chartering.

Singapore Airlines Limited provides air transportation, engineering, pilot training, air charter, and tour wholesaling services. The Company's airline operation covers Asia, Europe, the Americas, South West Pacific, and Africa.

SATS Limited provides integrated ground handling and in-flight catering services at Singapore Changi Airport.  The Company also provides aviation security, airline laundry, and airport cargo delivery management services.

SIA Engineering Co Ltd provides airframe and component overhaul services, line maintenance and technical ground handling services. The Company also manufactures aircraft cabin equipment, refurbishes aircraft galleys, repairs and overhauls hydromechanical aircraft equipment.

Hutchison Port Holdings Trust is a port investor, developer and operator. The Company is also involved in transportation related services and logistics operations, including container storage and repair, container tracking, general and bulk cargo tranfer, warehousing, marine shuttle services and other related services.

Singapore Post Limited is the national postal service provider in Singapore. The Company provides domestic and international postal and courier services including end-to-end integrated mail solutions covering data printing, letter-shopping, delivery and mailroom management, and others. Singapore Post also offers end-to-end e-commerce logistics solutions.

Samudera Shipping Line Limited owns and operates ocean-going ships and provides containerized feeder shipping services. Through its subsidiaries, the Company also owns and charters vessels, provides sea and air freight forwarding, and operates shipping agency and container freight station services.

Keppel Corporation Limited's core businesses are offshore and marine, infrastructure, property investment and development, telecommunications and transportation, energy, and engineering.

ST Engineering is a global technology, defence and engineering group with offices across Asia, Europe, the Middle East and the U.S., serving customers in more than 100 countries. The Group uses technology and innovation to solve real-world problems and improve lives through its diverse portfolio of businesses across the aerospace, smart city, defence and public security segments. Headquartered in Singapore, ST Engineering reported revenue of $7.9b in FY2019 and it ranks among the largest companies listed on the Singapore Exchange. It is a component stock of the FTSE Straits Times Index, MSCI Singapore, iEdge SG ESG Transparency Index and iEdge SG ESG Leaders Index.

U-Haul Holding Company operates as a holding company. The Company, through its subsidiaries, offers rental of trucks, trailers, and self storage space, as well as provides property and casualty and life insurance products. U-Haul Holding also sells boxes, tapes, and other moving and self-storage products and services to 'do-it-yourself' moving and storage customers.

Daqin Railway Co., Ltd. mainly provides coal transportation service in Northern China. It also operates passenger transportation business.

Knight-Swift Transportation Holdings Inc. provides transportation and logistics services. The Company offers dry van, cross border freight transportation, fleet solutions, consulting, brokerage, equipment leasing, temperature controlled transport, and engineering services. Knight-Swift Transportation Holdings serves customers in North America.

West Japan Railway Company provides rail transportation services including the shinkansen network (bullet train) in North Kyushu, Kinki, Chugoku, and Hokuriku including Kyoto and Osaka.  The Company also operates ferries in Miyajima, manages real estate, shopping centers, and hotels, and offers leisure-related services such as travel packaging products.

J.B. Hunt Transport Services, Inc. and its subsidiaries provide transportation and logistics services in the United States, Canada, and Mexico.  The Company transports a variety of products including automotive parts, department store merchandise, paper and wood products, food and beverages, plastics, chemicals, and manufacturing materials and supplies.

Saia, Inc. provides trucking transportation to the retail, petrochemical, and manufacturing industries.  The Company offers regional, interregional, and national less-than-truckload services, and selected truckload services across the United States.

East Japan Railway Company provides rail transportation services in the Kanto and Tohoku regions, including Tokyo.  The Company's services include the shinkansen (bullet train) network and the Tokyo metropolitan network.  East Japan Railway also leases real estate and operates hotel, travel, and restaurant businesses.

Container Corporation of India Limited supplies railway cargo services, via its fleet of container trains.  The Company also provides bonded warehousing services.

Localiza Rent a Car SA rents automobiles.  The Company owns and franchises locations in Brazil and elsewhere in Latin America.  Localiza primarily operates through airport locations.  The Company also sells used cars and offers fleet management services.

TFI International Inc is in the transportation and logistics industry. The Company  identifies strategic acquisitions and manages a network of subsidiaries. TFI International operates across the United States, Canada and Mexico.

Grab Holdings Limited operates as a holding company. The Company, through its subsidiaries, develops delivery management, mobility, financial services, and enterprise software solutions. Grab Holdings serves customers worldwide.

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Grab Holdings (GRAB US)