Grab

[winston]

not vested

Singapore ride-hailing firm Grab's Nasdaq debut to set tone for regional listings

by Anshuman Daga and Aradhana Aravindan

$40 billion merger with a special purpose acquisition company (SPAC).

Nine-year-old Singapore company now operates across 400 cities in eight countries, offering food deliveries, payments, insurance and investment products.

Third-quarter revenue fell 9% and its adjusted loss before interest, taxes, depreciation, and amortization (EBITDA) widened 66% to $212 million.

Grab aims to turn profitable on an EBITDA basis in 2023.

Source: Reuters

https://www.theedgemarkets.com/article/ ... l-listings

[winston]

not vested

Where cash is still king, governments are partnering with superapp Grab to bring people into the formal economy

BY MEENA THIRUVENGADAM

In Malaysia, officials relied on Grab to help distribute pandemic relief funds through its digital wallets and in Indonesia, Grab partnered with the government to set up dozens of drive-thru COVID vaccination centers.

Spending per user on Grab is up 43% over the past year, the company said in its third-quarter results in November.

Source: Fortune

https://fortune.com/2021/12/01/grab-pre ... ldatasheet

[winston]

not vested

Grab slumps in US debut after record SPAC deal

S&P Global Ratings said the company's "credit quality continues to be constrained by its loss-making operations, and free operating cash flows could be negative over the next 12 months."

Source: Reuters

https://www.thestar.com.my/business/bus ... -spac-deal

[winston]

not vested

From Segambut to New York: Grab celebrates listing milestone

Source: Bernama

https://www.theedgemarkets.com/article/ ... -milestone

[winston]

not vested

From Segambut to New York: Grab celebrates listing milestone

Source: Bernama

https://www.theedgemarkets.com/article/ ... -milestone

[behappyalways]

Grab debuts on the Nasdaq with a pop and drop
https://www.theedgesingapore.com/news/i ... p-and-drop

[winston]

vested

Tellimer starts Grab at 'buy' with TP of US$13

by Khairani Afifi Noordin

Grab provides unique exposure to the explosion of food delivery, ride-hailing, and mobile money.

Grab has three main segments — deliveries, mobility and financial services.

Tiruchelvam expects the company’s delivery GMV to rise by a compound annual growth rate (CAGR) of 42% in FY20 to 24, assuming the ratio of GMV monetisation to be 15%.

The mobility revenue is expected to rise by a CAGR of 32% in FY20 to FY24. Tellimer assumes the ratio of GMV monetisation to gradually increase from 18% in FY20 to 24% by FY24.

Grab’s financial services total payment volume is expected to grow at a CAGR of 43% in FY20 to FY24.

Tiruchelvam estimates Grab’s operating margins to improve and turn positive during the forecast period, expecting it to reach 30% by FY24.

Source: The Edge

https://www.theedgesingapore.com/capita ... uy-tp-us13

[behappyalways]

Grab to acquire Malaysian supermarket chain Jaya Grocer
https://www.theedgesingapore.com/news/m ... aya-grocer

[winston]

vested

Citi starts Grab at “buy” with TP of US$12

by Felicia Tan

Potential catalysts for Grab’s share price include an earlier-than-expected profitability in deliveries, as well as the launch of a digital bank operation in the 1HFY2022.

“Key investment risks that could mean the stock fails to achieve our target price include: intense competition; regulatory uncertainty across markets; policy changes toward the gig economy; labour supply, cost and benefits; shifts in user behaviour; the impact of the pandemic and any other natural disasters; and volatility as locked-up shares are released into the market”.

Source: The Edge

https://www.theedgesingapore.com/capita ... uy-tp-us12

[winston]

vested

Valuation:

Initiate Grab with BUY and a 12-month TP of US$9.00 translating to 6.5x FY23F adj revenue.

We assign a 30% premium to Grab for its multi-sector leadership, cross-selling synergies and higher growth potential compared to DoorDash, Uber and PayPal in their respective sectors.

We assign 7.8x EV to FY23F adj revenue for delivery, 3.2x for mobility and 7.8x for
fintech & others, Grab’s net cash is ~US$7.5bn.

TP: US$ 9.00

Source: DBS