Equity Research·5 February 2025·3 min read·Alexander Guselnikov· Summit

$GRAB, Grab Holdings - SEA’s Super App

Grab Holdings Limited ($GRAB) is the leading super-app in Southeast Asia, offering ride-hailing, food delivery, financial services, and advertising within a single ecosystem.

Executive Summary

Grab Holdings Limited ($GRAB) is the leading super-app in Southeast Asia, offering ride-hailing, food delivery, financial services, and advertising within a single ecosystem. The company has achieved financial milestones, including sustained revenue growth, positive EBITDA, and free cash flow while expanding its user base. With $6B in cash on hand and a potential merger with GoTo, Grab is strategically positioned to capitalize on Southeast Asia’s (SEA) economic expansion and digital transformation. Given its dominant market position, strong management team, and compelling growth in financial services, Grab presents an asymmetric risk-reward opportunity with a conservative 2027 price target of $8.40 per share. The latest news catalyst regarding a merger with GoTo, which could near monopolise the SEA market for GRAB is important for establishing recent lows as a structural bottom that puts the risk reward at 4.3x as at close of the 4th February 2025 ($5.11).

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This note is published for informational purposes only and is not investment advice or a recommendation to buy or sell any security. The author may hold positions in securities discussed. See the full disclaimer in the footer.

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