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

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<a href="https://www.smartkarma.com/entities/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a>'s 3Q2023 results demonstrate a high degree of success in achieving a delicate balance between growth and profitability, with significant progress across all verticals, and a  broadening of product offerings.</li>
<li>The company turned adjusted EBITDA breakeven for the first time in 3Q2023, through lower incentives, cost efficiencies, and lower regional corporate costs, with further progress towards FCF breakeven in 4Q2023.</li>
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<a href="https://www.smartkarma.com/entities/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a> remains confident about the outlook with guidance revised upwards, with the company looking at some potentially interesting M&amp;A, which should be earnings accretive and beneficial to the ecosystem. </li>
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Grab's 3Q2023 results demonstrate a high degree of success in achieving a delicate balance between growth and profitability, with significant progress across all verticals, and a  broadening of product offerings.
The company turned adjusted EBITDA breakeven for the first time in 3Q2023, through lower incentives, cost efficiencies, and lower regional corporate costs, with further progress towards FCF breakeven in 4Q2023.

Grab remains confident about the outlook with guidance revised upwards, with the company looking at some potentially interesting M&amp;A, which should be earnings accretive and beneficial to the ecosystem. 


Grab Holdings (GRAB US) - Steering and Batching Towards Profitability

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.

<ul><li>Lyft’s first quarter of 2026 exhibited continued growth and execution aligned with its strategic objectives, supported by increases in active riders, gross bookings, and adjusted EBITDA.</li><li>The company reported a 19% year-over-year rise in gross bookings and a 25% growth in adjusted EBITDA, alongside generating a record $1.12 billion in free cash flow over the prior twelve months.</li><li>Lyft also executed its largest quarterly share repurchase of $300 million during the period.</li></ul>

Lyft’s first quarter of 2026 exhibited continued growth and execution aligned with its strategic objectives, supported by increases in active riders, gross bookings, and adjusted EBITDA.The company reported a 19% year-over-year rise in gross bookings and a 25% growth in adjusted EBITDA, alongside generating a record $1.12 billion in free cash flow over the prior twelve months.Lyft also executed its largest quarterly share repurchase of $300 million during the period.

Lyft’s Waymo Partnership: Can Autonomous Vehicles Unlock The Next Leg?

<ul><li>Lyft is pushing deeper into international mobility with its planned acquisition of Gett’s UK taxi business, a move that would mark its third international acquisition within a year and materially expand its London presence.</li><li>The deal follows Lyft’s earlier international push through FREENOW and TBR Global Chauffeuring, signaling a broader shift from a North America-focused rideshare platform toward a multi-market ground transportation network.</li><li>Gett is a major London black cab app with strong enterprise relationships, and Lyft has said the transaction would bring the majority of Greater London’s registered black cab drivers onto its platform while nearly doubling its London ride volume.</li></ul>

Lyft is pushing deeper into international mobility with its planned acquisition of Gett’s UK taxi business, a move that would mark its third international acquisition within a year and materially expand its London presence.The deal follows Lyft’s earlier international push through FREENOW and TBR Global Chauffeuring, signaling a broader shift from a North America-focused rideshare platform toward a multi-market ground transportation network.Gett is a major London black cab app with strong enterprise relationships, and Lyft has said the transaction would bring the majority of Greater London’s registered black cab drivers onto its platform while nearly doubling its London ride volume.

Lyft Acquisition Shocker: Can This UK Takeover Finally Crack Europe?

<ul><li>Lyft's recent earnings highlighted the company's performance and strategic direction for the future.</li><li>In 2025, Lyft demonstrated impressive growth, achieving accelerated gross bookings and record profitability.</li><li>The company facilitated 946 million rides with an active rider base surpassing expectations, which grew 18% year-over-year.</li></ul>

Lyft's recent earnings highlighted the company's performance and strategic direction for the future.In 2025, Lyft demonstrated impressive growth, achieving accelerated gross bookings and record profitability.The company facilitated 946 million rides with an active rider base surpassing expectations, which grew 18% year-over-year.

Lyft: Expanding Urban Mobility by Integrating Taxis, Fleets, and Platform Intelligence!

<ul><li>Lyft's Q3 2025 performance reflects a mixed bag of positive developments and ongoing challenges as it navigates the competitive rideshare landscape.</li><li>On the upside, Lyft reported a record quarter with significant increases in operational metrics.</li><li>Active Riders grew by 18% year-over-year, gross bookings saw a 16% increase, and Adjusted EBITDA rose by 29%.</li></ul>

Lyft's Q3 2025 performance reflects a mixed bag of positive developments and ongoing challenges as it navigates the competitive rideshare landscape.On the upside, Lyft reported a record quarter with significant increases in operational metrics.Active Riders grew by 18% year-over-year, gross bookings saw a 16% increase, and Adjusted EBITDA rose by 29%.

Lyft Expands Into Europe’s Weak Ride-Hailing Market—Will It Take Over?

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 US) - Steering and Batching Towards Profitability

Grab remains confident on the outlook with guidance revised upwards, with the company looking at some potentially interesting M&A, which should be...

Angus Mackintosh

Lyft’s Waymo Partnership: Can Autonomous Vehicles Unlock The Next Leg?

Lyft’s first quarter of 2026 exhibited continued growth and execution aligned with its strategic objectives, supported by increases in active...

Baptista Research

Lyft Acquisition Shocker: Can This UK Takeover Finally Crack Europe?

Lyft is pushing deeper into international mobility with its planned acquisition of Gett’s UK taxi business, a move that would mark its third...

Baptista Research

Lyft: Expanding Urban Mobility by Integrating Taxis, Fleets, and Platform Intelligence!

Lyft's recent earnings highlighted the company's performance and strategic direction for the future. In 2025, Lyft demonstrated impressive growth,...

Baptista Research

Lyft Expands Into Europe’s Weak Ride-Hailing Market—Will It Take Over?

Lyft's Q3 2025 performance reflects a mixed bag of positive developments and ongoing challenges as it navigates the competitive rideshare...

Baptista Research

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