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 Bottom-Up

<ul>
<li>In the latest earnings results, Grab Holdings Limited showcased a mix of strong performance and strategic development, underscored by various operational highlights and anticipated challenges.</li>
<li>The company reported substantial growth across its segments, reflecting increased user engagement and strategic product innovations.</li>
<li>In terms of financial performance, Grab saw an impressive year-over-year increase in monthly transacting users by approximately 6 million, reaching 48 million.</li>
</ul>


In the latest earnings results, Grab Holdings Limited showcased a mix of strong performance and strategic development, underscored by various operational highlights and anticipated challenges.
The company reported substantial growth across its segments, reflecting increased user engagement and strategic product innovations.
In terms of financial performance, Grab saw an impressive year-over-year increase in monthly transacting users by approximately 6 million, reaching 48 million.


Grab Holdings Scales Up Its Digital Empire—Are AVs

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 Holdings (GRAB US)</a> 3Q2025 results more than justified previous upgrades to company guidance, with further confirmation and optimism for a strong finish to the year. </li>
<li>Margins were close to steady state for Mobility, with incremental margin improvements for deliveries. Financial services continues to scale loans, with year-end targets in sight and breakeven expected in 2026.</li>
<li>Grab Mart is becoming increasingly important at 10% of deliveries GMV, with strong prospects for deeper penetration, combining with Grab Food. Valuations remain attractive versus growth, with real profits.</li>
</ul>



Grab Holdings (GRAB US) 3Q2025 results more than justified previous upgrades to company guidance, with further confirmation and optimism for a strong finish to the year. 
Margins were close to steady state for Mobility, with incremental margin improvements for deliveries. Financial services continues to scale loans, with year-end targets in sight and breakeven expected in 2026.
Grab Mart is becoming increasingly important at 10% of deliveries GMV, with strong prospects for deeper penetration, combining with Grab Food. Valuations remain attractive versus growth, with real profits.


Grab Holdings (GRAB US) - Breaking Records

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab Holdings (GRAB US)</a>  delivered solid Q3 2025 results with healthy revenue and margin expansion across segments, but lagged consensus forecasts.</li>
<li>Growth in Q32025 was driven by rising MTU, strong Mart and Advertising momentum among other factors.</li>
<li>Management believes that the growth seen in recent quarters are sustainable, without sacrificing profitability. Raised full year guidance marginally.</li>
</ul>



Grab Holdings (GRAB US)  delivered solid Q3 2025 results with healthy revenue and margin expansion across segments, but lagged consensus forecasts.
Growth in Q32025 was driven by rising MTU, strong Mart and Advertising momentum among other factors.
Management believes that the growth seen in recent quarters are sustainable, without sacrificing profitability. Raised full year guidance marginally.


Grab Holdings: Growth Engines Continue to Rev - What’s Powering the Momentum?

<ul>
<li>Press reports suggest that a merger between <a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia-tbk-pt" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo Gojek Tokopedia</a> and <a href="https://www.smartkarma.com/entities/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a> is back on the table, which is ironic given the progress of both companies towards profitability. </li>
<li>Any merger may encounter anti-trust issues in Indonesia, with some fallout for drivers and potentially merchants, which may encounter resistance from the government and even potential demonstrations but not insurmountable.</li>
<li>
<a href="https://www.smartkarma.com/entities/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a> should book a net profit in 2025 plus higher growth, as its barbell strategy gains traction, but a <a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia-tbk-pt" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo</a> merger could move the dial towards much higher profitability.</li>
</ul>


Press reports suggest that a merger between GoTo Gojek Tokopedia and Grab is back on the table, which is ironic given the progress of both companies towards profitability. 
Any merger may encounter anti-trust issues in Indonesia, with some fallout for drivers and potentially merchants, which may encounter resistance from the government and even potential demonstrations but not insurmountable.

Grab should book a net profit in 2025 plus higher growth, as its barbell strategy gains traction, but a GoTo merger could move the dial towards much higher profitability.


Grab Holdings (GRAB US) - GoTo Merger Rears Its Head?

<ul>
<li>Grab Holdings’ second-quarter 2025 earnings reflected a mix of strong operational progress and notable challenges, painting a nuanced picture for investors evaluating the company’s prospects.</li>
<li>The quarter showcased impressive momentum in user engagement, with group Monthly Transacting Users (MTUs) continuing to rise and on-demand Gross Merchandise Value (GMV) posting 21% year-on-year growth in US dollar terms and 18% in constant currency.</li>
<li>This growth underscores the platform’s increasing utilization and the loyalty of its user base.</li>
</ul>


Grab Holdings’ second-quarter 2025 earnings reflected a mix of strong operational progress and notable challenges, painting a nuanced picture for investors evaluating the company’s prospects.
The quarter showcased impressive momentum in user engagement, with group Monthly Transacting Users (MTUs) continuing to rise and on-demand Gross Merchandise Value (GMV) posting 21% year-on-year growth in US dollar terms and 18% in constant currency.
This growth underscores the platform’s increasing utilization and the loyalty of its user base.


GRAB Holdings Riding A 19% GMV Surge – Can Its Super App Ecosystem Keep Momentum Alive?

Singapore

Grab Holdings Limited operates as a holding company. The Company, through its subsidiaries, develops delivery management, mobility, financial services, and enterprise software solutions. Grab Holdings serves customers worldwide.

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Grab Holdings (GRAB US)

Grab Holdings Scales Up Its Digital Empire—Are AVs

In the latest earnings results, Grab Holdings Limited showcased a mix of strong performance and strategic development, underscored by various...

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