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

Grab: Strong Earnings Beat Fails to Impress Market as Growth Rates Decelerating

Tencent: Earnings Miss, Cost Controls Help Margins; Slowdown in Domestic Gaming Is Concerning

GoTo: Cost Cutting Measures Pay Off but What About Growth?

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>Grab’s share price moved up by about 10% following its 2Q2023 earnings announcement as the market got excited over the company’s prospect of reaching profits in the next few quarters.</li>
<li>Mobility GMV is nearing pre-Covid levels, however, there has been a sharp increase in incentive spending during 2Q2023 suggesting incentives is a key driver of GMV growth.</li>
<li>Our analysis on deliveries biz suggests that segment’s margins have very little room for improvement and further reducing incentives could stall growth going forward.  </li>
</ul>


Grab’s share price moved up by about 10% following its 2Q2023 earnings announcement as the market got excited over the company’s prospect of reaching profits in the next few quarters.
Mobility GMV is nearing pre-Covid levels, however, there has been a sharp increase in incentive spending during 2Q2023 suggesting incentives is a key driver of GMV growth.
Our analysis on deliveries biz suggests that segment’s margins have very little room for improvement and further reducing incentives could stall growth going forward.  


Grab: Profitability Seems Not So Easy to Sustain

Grab Holdings

Grab: Profitability Seems Not So Easy to Sustain