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 Bottom-Up

<ul>
<li>Grab Holdings Limited recently presented its Q3 2024 financial performance, showcasing a complex mix of achievements and challenges.</li>
<li>The company highlighted several key metrics tied to its operations and future prospects, amid an increasingly competitive landscape, particularly in Southeast Asia.</li>
<li>The quarter reflected substantial growth in core business areas.</li>
</ul>


Grab Holdings Limited recently presented its Q3 2024 financial performance, showcasing a complex mix of achievements and challenges.
The company highlighted several key metrics tied to its operations and future prospects, amid an increasingly competitive landscape, particularly in Southeast Asia.
The quarter reflected substantial growth in core business areas.


Grab Holdings: Financial Services Expansion & Loan Growth As A Strategic Growth Enabler!

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-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab Holdings</a> has expressed excitement for 2025, as it harvests the investments it has made in its laddered approach to new product offerings from Saver to Grab Unlimited in 2024. </li>
<li>Having grown transacting users in 2024 through its Saver offering, Grab will focus on growing its premium offers in 2025. Groceries should outperform along with its offline dining initiatives. </li>
<li>
<a href="https://www.smartkarma.com/entities/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a> will focus on lending growth at its DigiBanks in Malaysia, and Singapore in 2025 and will double down on its advertising offerings. Grab will book a 2025 net profit.</li>
</ul>



Grab Holdings has expressed excitement for 2025, as it harvests the investments it has made in its laddered approach to new product offerings from Saver to Grab Unlimited in 2024. 
Having grown transacting users in 2024 through its Saver offering, Grab will focus on growing its premium offers in 2025. Groceries should outperform along with its offline dining initiatives. 

Grab will focus on lending growth at its DigiBanks in Malaysia, and Singapore in 2025 and will double down on its advertising offerings. Grab will book a 2025 net profit.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a> booked an impressive performance in 3Q2024, with strong evidence of its high-value products such as advance bookings gaining traction along with increasing monthly transacting users through its Saver offering. </li>
<li>The company's delivery business benefitted from strong performance from GrabMart and GrabFood. Its Grab Unlimited subscription hit record new highs, with users transacting four times as frequently as non-users.</li>
<li>
<a href="https://www.smartkarma.com/entities/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a> also saw a strong performance from GrabFin and its digital banks, which all started lending in November plus rapid deposit growth. Guidance increased reflecting a more positive outlook. </li>
</ul>



Grab booked an impressive performance in 3Q2024, with strong evidence of its high-value products such as advance bookings gaining traction along with increasing monthly transacting users through its Saver offering. 
The company's delivery business benefitted from strong performance from GrabMart and GrabFood. Its Grab Unlimited subscription hit record new highs, with users transacting four times as frequently as non-users.

Grab also saw a strong performance from GrabFin and its digital banks, which all started lending in November plus rapid deposit growth. Guidance increased reflecting a more positive outlook. 


Grab Holdings (GRAB US) - High-Value Products Take the Helm

<ul>
<li>
<a href="https://www.smartkarma.com/entities/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a> has started to harvest revenues from its product-led initiatives with a stronger performance expected in 3Q2024 for both growth and profitability, as efforts to increase MTUs pay dividends.</li>
<li>The tourism-related recovery continues to bring benefits to <a href="https://www.smartkarma.com/entities/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a> across the region with Chinese tourism starting to recover. It is also deploying AI solutions for merchants and customers supporting growth.</li>
<li>
<a href="https://www.smartkarma.com/entities/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a> is being selective with its Saver offering and seeing strong response to premium offerings including Grab Unlimited and Advance Bookings. Grab can now be valued on an EV/EBITDA basis. </li>
</ul>



Grab has started to harvest revenues from its product-led initiatives with a stronger performance expected in 3Q2024 for both growth and profitability, as efforts to increase MTUs pay dividends.
The tourism-related recovery continues to bring benefits to Grab across the region with Chinese tourism starting to recover. It is also deploying AI solutions for merchants and customers supporting growth.

Grab is being selective with its Saver offering and seeing strong response to premium offerings including Grab Unlimited and Advance Bookings. Grab can now be valued on an EV/EBITDA basis. 


Grab Holdings (GRAB US) - Harvesting Product-Led Initiatives

Cross Asset Strategy

<ul>
<li>We look at the major themes and challenges for listed tech stocks in Southeast Asia including <a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd</a>, <a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia-tbk-pt" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo Gojek Tokopedia</a>, <a href="https://www.smartkarma.com/entities/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab Holdings</a>, <a href="https://www.smartkarma.com/entities/global-digital-niaga-tbk-pt" target="_blank" data-smartkarma-citation="entities:34881:1" rel="noopener">Global Digital Niaga (BELI)</a>, and <a href="https://www.smartkarma.com/entities/bukalapak-com-pt-tbk" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak</a>.</li>
<li>Profitability remains the key quest all in 2025, with only <a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd</a> achieving this in a true and sustainable manner, with Grab moving closer ahead of GoTo, BELI, and BUKA. </li>
<li>Increasing take rates through seizing more of the value chain in logistics and advertising is another trend, with Fintech a core focus in shifting the needle on profitability and cross-selling</li>
</ul>


We look at the major themes and challenges for listed tech stocks in Southeast Asia including Sea Ltd, GoTo Gojek Tokopedia, Grab Holdings, Global Digital Niaga (BELI), and Bukalapak.
Profitability remains the key quest all in 2025, with only Sea Ltd achieving this in a true and sustainable manner, with Grab moving closer ahead of GoTo, BELI, and BUKA. 
Increasing take rates through seizing more of the value chain in logistics and advertising is another trend, with Fintech a core focus in shifting the needle on profitability and cross-selling


CrossASEAN Ground Zero - Let the Quest Begin

Singapore

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)

Grab Holdings: Financial Services Expansion & Loan Growth As A Strategic Growth Enabler!

Grab Holdings Limited recently presented its Q3 2024 financial performance, showcasing a complex mix of achievements and challenges.

Baptista Research