Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

A chartered management accountant with more than 10 years of rich experience in investment research and financial analysis. Worked as an equity analyst for one of the world's largest asset managers with USD2.5trn in AUM covering numerous sectors including chemicals, retail, tech, autos, telco, real-estate and banks, globally. Experienced in fundamental equity research, industry research, commodity studies, forensic accounting, and due diligence reviews.

Equity Analyst

GoTo: Profitability Is a Tall Order and in Need of More Cash to Fuel Growth

Onewo Space-Tech IPO: A Deep Dive into the Largest Business Segment

GoTo: Growth in Top Line Doesn't Mean Improvement in Profitability

Grab 1Q2022: On a Path to Recovery but Still Has a Long Way To Go

Are Didi’s Regulatory Troubles Finally Over with a US$1.2bn Fine?

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

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 2Q2022 results today. Revenue grew 79% YoY to $321m (vs consensus $273.5m) and reported an adjusted EBITDA (negative) of $233m (vs consensus $256.5m).</li>
<li>Demand for food deliveries has started softening with opening of economies in the SEA region and the segment’s 2Q earnings were driven by the integration of Jaya Grocers.</li>
<li>Grab has downgraded its GMV forecast for 2022E due to softening of food deliveries and the launch of digital bank is postponed to the second half of the year.</li>
</ul>



Grab (GRAB US) reported 2Q2022 results today. Revenue grew 79% YoY to $321m (vs consensus $273.5m) and reported an adjusted EBITDA (negative) of $233m (vs consensus $256.5m).
Demand for food deliveries has started softening with opening of economies in the SEA region and the segment’s 2Q earnings were driven by the integration of Jaya Grocers.
Grab has downgraded its GMV forecast for 2022E due to softening of food deliveries and the launch of digital bank is postponed to the second half of the year.


Grab: Earnings Beat Estimates but No Meaningful Improvement Yet

Grab Holdings

Grab: Earnings Beat Estimates but No Meaningful Improvement Yet