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</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

<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> booked record GMV, revenue, FCF, MTUs, and EBITDA in 2Q2024 and flagged an optimistic outlook for 2H2024, with positive adjusted FCF expected to remain positive for FY2024.  </li>
<li>The company continues to focus on its product-led and technology-driven initiatives to drive growth and profitability through mass-market and high-value products such as Grab Unlimited, advance bookings, and group bookings.</li>
<li>Concerns over competition from TikTok look overblown, with Grab already active on social media. Management expects positive sequential growth for the next 2Qs and a stronger growth outlook in FY2025,</li>
</ul>



Grab Holdings booked record GMV, revenue, FCF, MTUs, and EBITDA in 2Q2024 and flagged an optimistic outlook for 2H2024, with positive adjusted FCF expected to remain positive for FY2024.  
The company continues to focus on its product-led and technology-driven initiatives to drive growth and profitability through mass-market and high-value products such as Grab Unlimited, advance bookings, and group bookings.
Concerns over competition from TikTok look overblown, with Grab already active on social media. Management expects positive sequential growth for the next 2Qs and a stronger growth outlook in FY2025,


Grab Holdings (GRAB US) - Product-Led Sequential Growth Ahead

<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!

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)