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 Holdings</a> reported nothing short of an impressive set of results for 4Q2023, booking another positive adjusted EBITDA but also an actual net profit and positive adjusted cash flow. </li>
<li>The company saw its mobility GMV come in above pre-COVID levels and deliveries GMV growth reaccelerated, while also reaching positive adjusted EBITDA for a second quarter.</li>
<li>
<a href="https://www.smartkarma.com/entities/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a> aims to deepen its engagement with users through affordable and premium offerings and a laddered pricing approach, with additional focus on financial services and advertising to come in 2024.</li>
</ul>



Grab Holdings reported nothing short of an impressive set of results for 4Q2023, booking another positive adjusted EBITDA but also an actual net profit and positive adjusted cash flow. 
The company saw its mobility GMV come in above pre-COVID levels and deliveries GMV growth reaccelerated, while also reaching positive adjusted EBITDA for a second quarter.

Grab aims to deepen its engagement with users through affordable and premium offerings and a laddered pricing approach, with additional focus on financial services and advertising to come in 2024.


Grab Holdings (GRAB US) - Surging Ahead of Expectations

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 positive financial performance and future expectations make it an attractive investment opportunity.</li><li>Lyft's 2023 performance was marked by significant growth in the company's rideshare service, with gross bookings reaching an all-time high, ride growth accelerating each quarter and ending the year up 26% in Q4.</li><li>This growth demonstrates the strong demand for Lyft's service, which bodes well for its future performance.</li></ul>

Lyft's positive financial performance and future expectations make it an attractive investment opportunity.Lyft's 2023 performance was marked by significant growth in the company's rideshare service, with gross bookings reaching an all-time high, ride growth accelerating each quarter and ending the year up 26% in Q4.This growth demonstrates the strong demand for Lyft's service, which bodes well for its future performance.

Lyft Inc: Expanding Portfolio through Strategic Partnerships & 5 Major Growth Drivers! - Financial Forecasts

<ul><li>Lyft, Inc. delivered mixed results for the previous quarter, with revenues above the analyst consensus.</li><li>A pivotal development in the quarter was the significant rise in drivers opting for Lyft, resulting in an impressive 45% year-over-year surge in the hours spent using the platform, particularly in non-incentivized hours.</li><li>The emphasis on simplifying the earning process for drivers proved successful, maintaining a stable conversion rate even as rider demand escalated.</li></ul>

Lyft, Inc. delivered mixed results for the previous quarter, with revenues above the analyst consensus.A pivotal development in the quarter was the significant rise in drivers opting for Lyft, resulting in an impressive 45% year-over-year surge in the hours spent using the platform, particularly in non-incentivized hours.The emphasis on simplifying the earning process for drivers proved successful, maintaining a stable conversion rate even as rider demand escalated.

Lyft Inc.: Focus on Operational Excellence & Differentiated Products! - Major Drivers

<ul>
<li>
<a href="https://www.smartkarma.com/entities/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab Holdings</a> looks set to move toward cashflow breakeven in 2H2024 having hit adjusted EBITDA breakeven in 3Q2023 as it successfully struck a delicate balance between growth and profitability.</li>
<li>The sale of 75% of Tokopedia by <a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia-tbk-pt" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo</a> may mean more intense competition in Indonesia as it focuses on online delivery services but <a href="https://www.smartkarma.com/entities/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a> is well-positioned to deal with this.</li>
<li>2024 will see the potential completion of the Transcab deal plus a potential acquisition in food delivery increasing scale and competitiveness. Valuations are attractive relative to growth and financial position.</li>
</ul>



Grab Holdings looks set to move toward cashflow breakeven in 2H2024 having hit adjusted EBITDA breakeven in 3Q2023 as it successfully struck a delicate balance between growth and profitability.
The sale of 75% of Tokopedia by GoTo may mean more intense competition in Indonesia as it focuses on online delivery services but Grab is well-positioned to deal with this.
2024 will see the potential completion of the Transcab deal plus a potential acquisition in food delivery increasing scale and competitiveness. Valuations are attractive relative to growth and financial position.


Grab Holdings (GRAB US) - Risks and Rewards in 2024

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

<ul>
<li>Full Truck Alliance reported strong growth in Q3, from the right sources</li>
<li>Improved sales mix &amp; progress on expense control lifted core margins</li>
<li>With 22% upside to US$9.5 based on 21x PER, our high conviction pick</li>
</ul>


Full Truck Alliance reported strong growth in Q3, from the right sources
Improved sales mix &amp; progress on expense control lifted core margins
With 22% upside to US$9.5 based on 21x PER, our high conviction pick


2024 High Conviction: Full Truck Alliance | Strong Top Line, Margins in Q3 | Worth US$9.5 on 21x PER

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) - Surging Ahead of Expectations

Grab aims to deepen its engagement with users through affordable and high-value offerings and a laddered pricing approach, with additional focus on...

Angus Mackintosh

Lyft Inc: Expanding Portfolio through Strategic Partnerships & 5 Major Growth Drivers! - Financial Forecasts

Lyft's positive financial performance and future expectations make it an attractive investment opportunity. Lyft's 2023 performance was marked by...

Baptista Research

Lyft Inc.: Focus on Operational Excellence & Differentiated Products! - Major Drivers

Lyft, Inc. delivered mixed results for the previous quarter, with revenues above the analyst consensus. A pivotal development in the quarter was...

Baptista Research

Grab Holdings (GRAB US) - Risks and Rewards in 2024

Grab Holdings looks set to move toward cashflow breakeven in 2H2024 having hit adjusted EBITDA breakeven in 3Q2023 as it successfully struck a...

Angus Mackintosh

2024 High Conviction: Full Truck Alliance | Strong Top Line, Margins in Q3 | Worth US$9.5 on 21x PER

In Q323 Full Truck Alliance reported strong revenue growth and impressive margin expansion compared to Q322. We believe the company's shares are...

Tracking Traffic

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