In today’s briefing:
- Grab (GRAB US) – Rolling Recovery in Motion
- Southeast Asia Tourism: Who Are the Beneficiaries
Grab (GRAB US) – Rolling Recovery in Motion
- Grab‘s latest results sent a mixed message and if looked at YoY the picture looks gloomy but there is a strong sequential recovery with declining incentives for deliveries.
- Mobility is seeing recovery with higher incentives to bring on drivers and consumers but these should start to decline in 2H2022, with company guidance for revenues reflecting this.
- Grab continues to build its financial services offering through digital payments coupled with BNPL, and growing a digital banking footprint. Valuations are attractive and it has US$8.2bn in cash liquidity.
Southeast Asia Tourism: Who Are the Beneficiaries
- Not all hospitality REITs in Singapore are beneficiaries of the rebound in tourism in Singapore.
- Genting, OUE Commercial REIT, and Fraser Hospitality Trust are not exactly beneficiaries to the current tourism rebound.
- Only Far East Hospitality Trust has a 100% exposure in hotels in Singapore while CDL Hospitality Trust has 41% of the total contribution from Singapore.
Before it’s here, it’s on Smartkarma
