In today’s briefing:
- Grab Holdings (GRAB US) – Solidifying Its Appeal
- Haw Par Corp (HPAR SP): $1 Special Dividend–Xie Xie, Let’s Make It Regular!
Grab Holdings (GRAB US) – Solidifying Its Appeal
- Grab Holdings (GRAB US) booked a strong finish to the year, beating its upwardly revised guidance, despite some decline in margins due to increased investment, partly due to competitive pressures.
- The company continues to expand its total addressable market through its Saver initiatives, whilst successfully increasing monetization through its high-value products, and improving retention and engagement through Grab Unlimited.
- Financial services and advertising are becoming increasingly important drivers for growth and profitability. Expect some seasonal slowdown in 1Q2025 but the outlook remains positive and valuations are attractive.
Haw Par Corp (HPAR SP): $1 Special Dividend–Xie Xie, Let’s Make It Regular!
- Haw Par Corp (HPAR SP) announced a special dividend of S$1.00 per share for 2024, alongside its regular S$0.40 dividend.
- Investors have long pushed for higher payouts and special dividends, given the company’s strong cash reserves and free cash flow.
- Based on our analysis of its financials, Haw Par could sustainably raise its regular dividend to S$1.00 per share without tapping into reserves.
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