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>'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

<ul>
<li>Grab Holdings Limited is entering a consequential phase in its evolution as both an on-demand platform and a broader digital ecosystem.</li>
<li>After reporting a first full year of net profit in 2025, delivering $500 million of adjusted EBITDA, and outlining a three-year roadmap that targets roughly 20% annual revenue growth and $1.5 billion of EBITDA by 2028, the company has now added a major external growth lever to the conversation: the proposed $600 million cash acquisition of Delivery Hero’s Foodpanda Taiwan business.</li>
<li>The transaction would mark Grab’s first meaningful expansion outside Southeast Asia and would give it immediate exposure to a market where Foodpanda generated roughly $1.8 billion of gross merchandise value in 2025 and was profitable on an adjusted EBITDA basis before group cost allocations.</li>
</ul>


Grab Holdings Limited is entering a consequential phase in its evolution as both an on-demand platform and a broader digital ecosystem.
After reporting a first full year of net profit in 2025, delivering $500 million of adjusted EBITDA, and outlining a three-year roadmap that targets roughly 20% annual revenue growth and $1.5 billion of EBITDA by 2028, the company has now added a major external growth lever to the conversation: the proposed $600 million cash acquisition of Delivery Hero’s Foodpanda Taiwan business.
The transaction would mark Grab’s first meaningful expansion outside Southeast Asia and would give it immediate exposure to a market where Foodpanda generated roughly $1.8 billion of gross merchandise value in 2025 and was profitable on an adjusted EBITDA basis before group cost allocations.


Grab Takeover Of Foodpanda Taiwan Might Change Everything For Investors!

<ul>
<li>Grab delivered a year characterized by accelerating ecosystem-led growth alongside expanding profitability, reflecting progress across its on-demand, merchant, and financial services pillars, while also introducing new strategic complexities.</li>
<li>Growth within Deliveries was supported by the outperformance of GrabMart, which expanded faster than food delivery due to deeper supermarket integration, shifts toward weekly stock-up behavior, and cross-ordering through GrabMore, lifting users and frequency.</li>
<li>However, the segment still represents a relatively small share of overall GMV and remains exposed to execution risk as it scales.</li>
</ul>


Grab delivered a year characterized by accelerating ecosystem-led growth alongside expanding profitability, reflecting progress across its on-demand, merchant, and financial services pillars, while also introducing new strategic complexities.
Growth within Deliveries was supported by the outperformance of GrabMart, which expanded faster than food delivery due to deeper supermarket integration, shifts toward weekly stock-up behavior, and cross-ordering through GrabMore, lifting users and frequency.
However, the segment still represents a relatively small share of overall GMV and remains exposed to execution risk as it scales.


Grab Holdings: From Food to Daily Essentials—The Hidden Upside in Delivery Mix Shift!

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Grab (GRAB 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

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

Grab Takeover Of Foodpanda Taiwan Might Change Everything For Investors!

Grab Holdings Limited is entering a consequential phase in its evolution as both an on-demand platform and a broader digital ecosystem.

Baptista Research

Grab Holdings: From Food to Daily Essentials—The Hidden Upside in Delivery Mix Shift!

Grab delivered a year characterized by accelerating ecosystem-led growth alongside expanding profitability, reflecting progress across its on...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)