Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/grab-holdings-inc" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab (GRAB US)</a> reported 4Q2021 results yesterday (before market). IFRS revenue decreased 44.29% YoY to $122m (vs consensus $219m) compared to $219m in the same quarter a year ago.</li>
<li>Adjusted EBITDA (loss) for the quarter was -$305m (vs consensus -$206m) compared to -$102m a year ago as the company heavily spent on incentives to attract and retain drivers.</li>
<li>Grab’s shares have lost almost 40.0% during intra-day trading as its growth story did not bode well with the investors.</li>
</ul>



Grab (GRAB US) reported 4Q2021 results yesterday (before market). IFRS revenue decreased 44.29% YoY to $122m (vs consensus $219m) compared to $219m in the same quarter a year ago.
Adjusted EBITDA (loss) for the quarter was -$305m (vs consensus -$206m) compared to -$102m a year ago as the company heavily spent on incentives to attract and retain drivers.
Grab’s shares have lost almost 40.0% during intra-day trading as its growth story did not bode well with the investors.


Grab 4Q2021: Heavy Spending on Customer and Driver Incentives Hurts Earnings

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

<ul>
<li>On 13th Apr 2021, Grab (0967655D SP) announced that it plans to go public in the US in partnership with Altimeter Growth Corp (AGC US) at an equity valuation of US$39.6bn.</li>
<li>The merger and listing will be completed on 2nd Dec 2021.</li>
<li>In this note, we will talk about valuations and the lock-up release schedule.</li>
</ul>


On 13th Apr 2021, Grab (0967655D SP) announced that it plans to go public in the US in partnership with Altimeter Growth Corp (AGC US) at an equity valuation of US$39.6bn.
The merger and listing will be completed on 2nd Dec 2021.
In this note, we will talk about valuations and the lock-up release schedule.


Grab SPAC Listing - Thoughts on Valuation, Lock-Up Release

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>This is our first report on transportation and fintech platform provider, Grab Holdings Inc.</li>
<li>The company had a pivotal year in 2023, delivering on key goals and achieving profitability in adjusted EBITDA since the third quarter and earning a positive net profit in the fourth quarter.</li>
<li>The company experienced a series of enhancements, including a successful rebuild of their mobility business which had been vastly impacted by the pandemic.</li>
</ul>


This is our first report on transportation and fintech platform provider, Grab Holdings Inc.
The company had a pivotal year in 2023, delivering on key goals and achieving profitability in adjusted EBITDA since the third quarter and earning a positive net profit in the fourth quarter.
The company experienced a series of enhancements, including a successful rebuild of their mobility business which had been vastly impacted by the pandemic.


Grab Holdings: Initiation Of Coverage - What Is Their Core Business Strategy? - Major Drivers

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 (GRAB US)</a> recently posted another set of positive results, with another quarter of positive adjusted EBITDA. We conducted a follow-up call to explore the outlook for 2024. </li>
<li>The company announced both a US$500m Buyback and the potential for improving margins in its deliveries business plus several new initiatives to drive growth in 2024 and beyond. </li>
<li>Grab Financial continue to grow its loan book through lending to drivers and merchants, which should help to improve margins plus its high-margin advertising income is becoming increasingly important.</li>
</ul>



Grab Holdings (GRAB US) recently posted another set of positive results, with another quarter of positive adjusted EBITDA. We conducted a follow-up call to explore the outlook for 2024. 
The company announced both a US$500m Buyback and the potential for improving margins in its deliveries business plus several new initiatives to drive growth in 2024 and beyond. 
Grab Financial continue to grow its loan book through lending to drivers and merchants, which should help to improve margins plus its high-margin advertising income is becoming increasingly important.


<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> reported nothing short of an impressive set of results for 4Q2023, booking another positive adjusted EBITDA but also an actual net profit and positive adjusted cash flow. </li>
<li>The company saw its mobility GMV come in above pre-COVID levels and deliveries GMV growth reaccelerated, while also reaching positive adjusted EBITDA for a second quarter.</li>
<li>
<a href="https://www.smartkarma.com/entities/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a> aims to deepen its engagement with users through affordable and premium offerings and a laddered pricing approach, with additional focus on financial services and advertising to come in 2024.</li>
</ul>



Grab Holdings reported nothing short of an impressive set of results for 4Q2023, booking another positive adjusted EBITDA but also an actual net profit and positive adjusted cash flow. 
The company saw its mobility GMV come in above pre-COVID levels and deliveries GMV growth reaccelerated, while also reaching positive adjusted EBITDA for a second quarter.

Grab aims to deepen its engagement with users through affordable and premium offerings and a laddered pricing approach, with additional focus on financial services and advertising to come in 2024.


Grab Holdings (GRAB US) - Surging Ahead of Expectations

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 4Q2021: Heavy Spending on Customer and Driver Incentives Hurts Earnings

Grab's first post-IPO results was disappointing as both revenues and margins dropped due to heavy spending on customer/driver incentives. Share...

Shifara Samsudeen, ACMA, CGMA

Grab SPAC Listing - Thoughts on Valuation, Lock-Up Release

On 13th Apr 21, Grab announced that it plans to go public in the US in partnership with Altimeter Growth Corp at an equity val of US$39.6bn. In...

Sumeet Singh

Grab Holdings: Initiation Of Coverage - What Is Their Core Business Strategy? - Major Drivers

This is our first report on transportation and fintech platform provider, Grab Holdings Inc. The company had a pivotal year in 2023, delivering on...

Baptista Research