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

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a> recently announced the acquisition of Trans-cab in Singapore, the 3rd largest taxi operator there. This will help to solve driver shortage issues and improve cost efficiencies.</li>
<li>Taxis pay the lowest COE prices plus Grab can improve the productivity of taxi drivers through access to the Grab app. Trans-cab gives Grab access to street hailing. </li>
<li>
<a href="https://www.smartkarma.com/entities/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a>'s Singapore digital bank recently raised new capital but has also seen its deposit cap lifted significantly, which is helping to significantly boost deposit growth.</li>
</ul>



Grab recently announced the acquisition of Trans-cab in Singapore, the 3rd largest taxi operator there. This will help to solve driver shortage issues and improve cost efficiencies.
Taxis pay the lowest COE prices plus Grab can improve the productivity of taxi drivers through access to the Grab app. Trans-cab gives Grab access to street hailing. 

Grab's Singapore digital bank recently raised new capital but has also seen its deposit cap lifted significantly, which is helping to significantly boost deposit growth.


Grab Holdings (GRAB IJ) - Winning with Trans-Cab and Deposits in Singapore

<ul>
<li>
<a href="https://www.smartkarma.com/entities/grab-holdings-inc" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a>'s announcement this week that it would cut 11% of its workforce was a move to rationalise costs to give the platform a sure footing for longer-term growth. </li>
<li>Near-Term profit targets would be achieved without these recent cuts which are focused on addressing geographical cost imbalances and taking into account potential automation through the impact of Generative AI.</li>
<li>The outlook for growth this year looks promising, with the potential for a strong 2H recovery despite employee-related costs but cuts will establish a more competitive cost base long term. </li>
</ul>



Grab's announcement this week that it would cut 11% of its workforce was a move to rationalise costs to give the platform a sure footing for longer-term growth. 
Near-Term profit targets would be achieved without these recent cuts which are focused on addressing geographical cost imbalances and taking into account potential automation through the impact of Generative AI.
The outlook for growth this year looks promising, with the potential for a strong 2H recovery despite employee-related costs but cuts will establish a more competitive cost base long term. 


Grab Holdings (GRAB IJ) - Rationalising With Growth in Mind

<ul>
<li>
<a href="https://www.smartkarma.com/entities/grab-holdings-inc" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a>'s1Q2023 made for positive reading with rapid revenue growth and a quickening of progress towards profitability but the focus perplexingly seemed to be drawn to the ethereal measure of GMV. </li>
<li>The delivery segment saw the most significant GMV slowdown, impacted by a high base and seasonality but saw rapid revenue growth and record margins. Mobility remained the cash cow.</li>
<li>
<a href="https://www.smartkarma.com/entities/grab-holdings-inc" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a>'s profitability improved considerably in 1Q2023 across all segments, with management upgrading the outlook for FY2023 for adjusted EBITDA and maintaining its breakeven target for 4Q2023, which now looks conservative.</li>
</ul>



Grab's1Q2023 made for positive reading with rapid revenue growth and a quickening of progress towards profitability but the focus perplexingly seemed to be drawn to the ethereal measure of GMV. 
The delivery segment saw the most significant GMV slowdown, impacted by a high base and seasonality but saw rapid revenue growth and record margins. Mobility remained the cash cow.

Grab's profitability improved considerably in 1Q2023 across all segments, with management upgrading the outlook for FY2023 for adjusted EBITDA and maintaining its breakeven target for 4Q2023, which now looks conservative.


Grab (GRAB US) - Living in an Ethereal World

High Quality Stock Setups, Weekly Stock Bull Finder

Weekly Stock Bull Finder

High Quality Stock Setups

Finding high potential stock setups on quality companies

Thematic (Sector/Industry)

<ul><li>The exercise of catching bottoms and averaging down versus cutting losers and admitting you were wrong can and often is a painful lessons every investor goes through during points in their investing journey.</li><li>While scanning and examining companies and charts that are participating in strong uptrends is a worthwhile exercise, an equally important exercise is looking for companies which are currently in cycle downtrends but have strong underlying fundamentals which may not be presented reflected in today’s price.</li><li>In effect, they have been “thrown out with the bathwater” and are now potentially mispriced based upon their current and future underlying fundamentals.</li></ul>

The exercise of catching bottoms and averaging down versus cutting losers and admitting you were wrong can and often is a painful lessons every investor goes through during points in their investing journey.While scanning and examining companies and charts that are participating in strong uptrends is a worthwhile exercise, an equally important exercise is looking for companies which are currently in cycle downtrends but have strong underlying fundamentals which may not be presented reflected in today’s price.In effect, they have been “thrown out with the bathwater” and are now potentially mispriced based upon their current and future underlying fundamentals.

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.

Equity Capital Markets

<ul><li>Lyft's Q4 financial performance was mixed as it reported wider-than-expected losses despite surpassing the revenue expectations of Wall Street.</li><li>The company saw a mix of high demand for ride-sharing services, an improving supply, and promising early results from its cost-cutting initiatives.</li><li>Its overall revenue for 2022 increased by 28% compared to 2021 and the company added $375 million to its insurance reserves.</li></ul>

Lyft's Q4 financial performance was mixed as it reported wider-than-expected losses despite surpassing the revenue expectations of Wall Street.The company saw a mix of high demand for ride-sharing services, an improving supply, and promising early results from its cost-cutting initiatives.Its overall revenue for 2022 increased by 28% compared to 2021 and the company added $375 million to its insurance reserves.

Lyft Inc.: A New Bid To Attract Eco-Conscious Customers – Major Drivers

United States

Lyft, Inc. provides online ridesharing services. The Company offers ride booking, payment processing, and car transportation services. Lyft serves customers in the United States.

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Lyft (LYFT US)

Grab Holdings (GRAB IJ) - Winning with Trans-Cab and Deposits in Singapore

Grab recently announced the acquisition of Trans-cab in Singapore, the 3rd largest taxi operator there. This will help to solve driver shortage...

Angus Mackintosh

Grab Holdings (GRAB IJ) - Rationalising With Growth in Mind

Grab's announcement this week that it would cut 11% of its workforce was a move to rationalise costs to give the platform a sure footing for longer...

Angus Mackintosh

Grab (GRAB US) - Living in an Ethereal World

Grab's1Q2023 made for positive reading with rapid revenue growth and a quickening of progress towards profitability. Too much time dwelling on...

Angus Mackintosh

Weekly Stock Bullfinder - Week of 5/8

The exercise of catching bottoms and averaging down versus cutting losers and admitting you were wrong can and often is a painful lessons every...

Weekly Stock Bull Finder

Lyft Inc.: A New Bid To Attract Eco-Conscious Customers – Major Drivers

Lyft's Q4 financial performance was mixed as it reported wider-than-expected losses despite surpassing the revenue expectations of Wall...

Baptista Research

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