Insurance & Central Asia-focused Analyst, KT Capital Group

Alec Tseung

Insurance & Central Asia-focused Analyst

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Equity Bottom-Up

<ul>
<li>
<a href="https://smartkarma.zoom.us/rec/share/greN_IcTNbNIKfXkLUrkLPlmSXvDzuNh6Oad7iFT39LMx6BL5WsQXTLHfLErBwPT.Xt9FLCjm5WkeCCsj" target="_blank" data-smartkarma-citation="insights:131779" rel="noopener">A recent Smartkarma Corporate Webinar | iFAST: Stellar Performance of Singapore's Global Fintech Player</a> introduced one of the few Fintech players in Asia that has been making profits since 2011.</li>
<li>The successful launch of its HK ePension platform can be highly scalable and is expected to be an important growth driver for the company in 2024 and 2025. </li>
<li>IFast Global Bank is expected to break even in Q4 this year and to be an important growth driver for the group's next 3-year plan (2025 and beyond). </li>
</ul>
<p><em>This Insight is part of the Smartkarma Corporate Webinar series, supported by SGX through the Investor Education Fund.</em></p>



A recent Smartkarma Corporate Webinar | iFAST: Stellar Performance of Singapore's Global Fintech Player introduced one of the few Fintech players in Asia that has been making profits since 2011.
The successful launch of its HK ePension platform can be highly scalable and is expected to be an important growth driver for the company in 2024 and 2025. 
IFast Global Bank is expected to break even in Q4 this year and to be an important growth driver for the group's next 3-year plan (2025 and beyond). 

This Insight is part of the Smartkarma Corporate Webinar series, supported by SGX through the Investor Education Fund.

IFast: A Profitable Fintech Player that Deserves More Investor Attention

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

<ul>
<li>In Aug 2022, <a href="https://www.smartkarma.com/entities/zomato-ltd" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOMATO IN)</a> completed the acquisition of 91% of Blinkit’s outstanding shares via issuing its own shares. These shares were released from their lockup in Aug 2023.</li>
<li>Leading to a selldown by <a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group (9984 JP)</a> in the same month, followed by another selldown in Oct 2023. Softbank will once again be released from its lockup soon.</li>
<li>In this note, we will talk about the lock-up dynamics and recent updates.</li>
</ul>


In Aug 2022, Zomato (ZOMATO IN) completed the acquisition of 91% of Blinkit’s outstanding shares via issuing its own shares. These shares were released from their lockup in Aug 2023.
Leading to a selldown by Softbank Group (9984 JP) in the same month, followed by another selldown in Oct 2023. Softbank will once again be released from its lockup soon.
In this note, we will talk about the lock-up dynamics and recent updates.


Zomato Lock-Up - Last of the Softbank Selldown

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

<ul>
<li>
<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>
<li>
<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>
</ul>



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>Grab Holdings Inc. reported its first quarter 2026 results amid a seasonally soft period influenced by Ramadan and Chinese New Year, posting a 24% year-on-year growth in on-demand gross merchandise value (GMV) alongside an increase in monthly transacting users (MTUs) to 52 million.</li>
<li>The company highlighted strong performance in its Financial Services segment, with loan disbursals surging 67% year-over-year to surpass $1 billion, and expects this segment to reach adjusted EBITDA breakeven in the second half of 2026.</li>
<li>Notably, the company achieved its 17th consecutive quarter of adjusted EBITDA growth and expanded trailing twelve-month adjusted free cash flow to $489 million.</li>
</ul>


Grab Holdings Inc. reported its first quarter 2026 results amid a seasonally soft period influenced by Ramadan and Chinese New Year, posting a 24% year-on-year growth in on-demand gross merchandise value (GMV) alongside an increase in monthly transacting users (MTUs) to 52 million.
The company highlighted strong performance in its Financial Services segment, with loan disbursals surging 67% year-over-year to surpass $1 billion, and expects this segment to reach adjusted EBITDA breakeven in the second half of 2026.
Notably, the company achieved its 17th consecutive quarter of adjusted EBITDA growth and expanded trailing twelve-month adjusted free cash flow to $489 million.


Grab: Indonesia Regulation, EV Expansion & AI Monetization—What Investors Should Watch Next!

<ul>
<li>
<a href="https://www.smartkarma.com/entities/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab Holding)</a> has announced that it will acquire 100% of foodpanda in Taiwan for US$600m in a cash-and-debt-free transaction, with an expected incremental US$60m in adjusted EBITDA in 2028.</li>
<li>Taiwan is an attractive market for Grab with much higher urban density versus Southeast Asian cities and with a more affluent population, adding significantly to Grab’s total addressable market. </li>
<li>
<a href="https://www.smartkarma.com/entities/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a> remains highly attractive after a -26% correction YTD, despite impressive FY2025 results, and positive guidance, reiterated for this year. Delivery margins are expected to improve this year and next.</li>
</ul>



Grab Holding) has announced that it will acquire 100% of foodpanda in Taiwan for US$600m in a cash-and-debt-free transaction, with an expected incremental US$60m in adjusted EBITDA in 2028.
Taiwan is an attractive market for Grab with much higher urban density versus Southeast Asian cities and with a more affluent population, adding significantly to Grab’s total addressable market. 

Grab remains highly attractive after a -26% correction YTD, despite impressive FY2025 results, and positive guidance, reiterated for this year. Delivery margins are expected to improve this year and next.


Grab Holdings (GRAB US) - Extending Reach

Singapore

Grab is a leading superapp in Southeast Asia, providing services across deliveries, mobility, and digital financial services. Its platform connects consumers with driver and merchant partners for on-demand food, grocery, and package deliveries, ride-hailing, and digital payment solutions. The company is headquartered in Singapore and was founded in 2012.

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Grab (GRAB US)

IFast: A Profitable Fintech Player that Deserves More Investor Attention

iFast Corporation is one of the few Fintech players in Asia that has been consistently making net profits since as early as 2011. It operates in...

Alec Tseung

Zomato Lock-Up - Last of the Softbank Selldown

In Aug 2022, Zomato completed the acquisition of 91% of Blinkit’s outstanding shares via issuing its own shares. This has led to two earlier...

Sumeet Singh

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

Grab: Indonesia Regulation, EV Expansion & AI Monetization—What Investors Should Watch Next!

The company highlighted strong performance in its Financial Services segment, with loan disbursals surging 67% year-over-year to surpass $1 billion...

Baptista Research

Grab Holdings (GRAB US) - Extending Reach

Grab Holding) has announced that it will acquire 100% of foodpanda in Taiwan for US$600m in a cash-and-debt-free transaction, with an expected...

Angus Mackintosh

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