Grab

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Grab narrows loss by 35% to US$435 million in 1QFY2022

by Khairani Afifi Noordin

Grab’s gross merchandise value (GMV) grew by 32% y-o-y, driven by mobility segment acceleration, strong core food and groceries growth as the company expanded its merchant selection and contributions from Jaya Grocer.

Source: The Edge

https://www.theedgesingapore.com/news/r ... n-1qfy2022

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Grab’s Singapore Digital Bank Launch Set for Second Half

The segment’s total payments volume (TPV) pre-InterCo, or including payments from transactions between Grab entities, in the first quarter was US$3.6 billion, up 32 percent from the year-ago quarter, Grab reported, adding the division’s revenue was US$11 million, up 52 percent from the year-ago quarter.

The TPV of the Buy Now Pay Later (BNPL) product grew by five times from the year-earlier quarter, while overall loans, including BNPL, grew three times, Grab said.

Source: Finews Asia

https://www.finews.asia/finance/36912-g ... econd-half

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A surprise lift from reopening
Stronger-than-expected revenue guidance; BUY

1Q22 net loss of USD423m (-36% YoY, -60% QoQ) was narrower than our expectation but in line with the street.

FY22E revenue guidance of USD1.2-1.3b is 15-25% higher than our original forecast – due to stronger-than expected GMV growth, higher commission rates and tapering of
incentives.

Reducing our SOTP-based TP to USD4.25 despite higher segmental valuations due to our lower net-cash forecast.

Given mobility’s stronger profitability vs. deliveries, we see strong mobility recovery as a catalyst. BUY

Source: Maybank

https://mkefactsettd.maybank-ke.com/PDFS/262833.pdf

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GrabFin Rolls Out Investment Product Earn+ for Its Singapore Users

Earn+ is a low-risk investment product with a projected yield of 2%-2.5% per annum with better potential returns than most savings accounts when held over the short-to-medium term.

Source: Fintechnews Singapore

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Global speed bumps
Positive long-term but risks emerging

Even as we are positive towards Grab’s long-term prospects and have recently raised FY22E revenue by 14% on stronger-than-expected guidance, we are also vigilant about global energy and food security risks to delivery and mobility segments.

While we see risks to FY23E delivery GMV if the global fertilizer shortage results in food security/inflation concerns in Southeast Asia, mobility may be more resilient as the segment has shown demand inelasticity and correlates strongly with returning
economic activity;

As such, we maintain our SOTP TP at USD4.25.

Source: Maybank

https://mkefactsettd.maybank-ke.com/PDFS/265000.pdf

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Grab launches GrabMaps to tap into US$1 bil market opportunity in Southeast Asia

To tap into the US$1 billion (US$1=RM4.39) per year market opportunity in Southeast Asia for mapping and location-based services.

Expects to be fully self-sufficient with GrabMaps by the third quarter of 2022.

“GrabMaps today powers more than 800 billion API (application programming interface) calls per month across a variety of Grab services”.

GrabMaps, as a business-to-business solution, would offer a few services like base data map, map-making tools and software-as-a-service and APIs and mobile software development kits (SDKs).

“GrabMaps’ main benefit is founded on community-based mapping principles that take advantage of Grab’s customers, retailers and fleet of drivers and delivery partners.

Grab had collected 33 million points of interest (POIs) and other rich data like street imagery, street names and traffic signs and would add 5 million more by end of 2022.

Source: Bernama

Grab launches GrabMaps to tap into US$1 bil market opportunity in Southeast Asia Bernama / Bernama

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Grab Holdings Ltd (GRAB US): When could Grab turn profitable? [HOLD, TP US$2.85]

Grab might turn EBITDA-positive by FY25F at the earliest

Mobility to benefit from lower competition in Singapore, while food delivery competition has also become more rational

Maintain HOLD with a lower TP of US$2.85, as we move away from revenue-based multiple to long-term EBITDA-based multiple

Source: DBS

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Not enough SaaS
D/G to SELL; recession risks mounting

With our macro team projecting a further +175bps hike in the Fed funds rate (FFR), we believe that capital market expectations have changed, rationalising a mark-to-market exercise.

Our SOTP TP falls to USD2.29, slashing the multiple for Delivery to 0.9x FY23E EV/S, moving in line with regional competitors DeliveryHero and Deliveroo, and bringing Mobility to 1.1x FY23E EV/S, maintaining our anchor with Lyft (see Figs 4-8).

We downgrade to SELL from BUY as recession and macro risks mount.

Source: Maybank

https://mkefactsettd.maybank-ke.com/PDFS/269089.pdf

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槓上Google 叫車龍頭Grab進攻地圖服務｜FOCUS午間新聞 20220721
https://m.youtube.com/watch?v=obYh7gteous

[winston]

vested

Citi cuts Grab's TP to US$5, keeps 'buy' as growth profile remains intact

by Khairani Afifi Noordin

Citi’s SOTP values Grab at US$21.36 billion. This is based on:-
1. 2.5x 2024 adjusted revenues for the delivery business; mixed
2. 11x 2024 adjusted EBITDA for the new mobility business; up
3. 12x 2024 adjusted revenues for financial services; up
4. 0.5x 2024 revenues for enterprise and new initiatives (mixed) and
5. 50% discount on 1QFY2021 year-end cash.

Source: The Edge

https://www.theedgesingapore.com/news/b ... ins-intact