Grab

[behappyalways]

The audacity of Grab': Customers question why they're charged more for booking the same trip
https://www.asiaone.com/singapore/audac ... 1659077752

[winston]

vested

CGS-CIMB initiates 'add' on Grab with TP of US$3.60

by Khairani Afifi Noordin

Amid easing competition, Grab is expected to be able to scale back on its incentive levels and continue to increase monetisation.

CGS-CIMB Research analysts Ong Khang Chuen and Kenneth Tan have initiated coverage on Grab with an “add” rating with a sum of the parts (SOTP)-based target price of US$3.60 ($4.97).

The analysts' valuations include US$1.60 per share for the on-demand services (deliveries and mobility), 50 US cents per share for the financial services segment and 40 US cents per share for the enterprise and new initiatives segment. The target price implies 4.9x FY2023 P/adjusted sales.

“We believe that at its current valuation of 5.4x FY2023 EV/sales, investors have yet to fully appreciate the easing competition in Southeast Asia, which could accelerate the path to profitability for Grab,” they added.

In mobility, for example, the analysts observed higher ride-hailing fares across markets year-to-date (ytd) — in 2QFY2022, fares are up 22%-42% y-o-y in Singapore, while promotional levels reduced meaningfully. There is also lower discounting in food delivery, especially in Indonesia since 1QFY2022.

Grab is expected to report its 2QFY2022 results mid this month. Overall, CGS-CIMB forecast Grab to report robust gross merchandise value (GMV) of US$5.1 billion (6% increase q-o-q and 31.3% increase y-o-y), with its mobility segment especially benefitting from the reopening of regional economies.

Amid easing competition, the analysts believe Grab is able to scale back on its incentive levels and continue to increase monetisation. Hence, they forecast revenue of US$281 million in 2QFY2022, a 23.2% growth q-o-q and 56.1% growth y-o-y.

“With better scale and easing competition, we expect adjusted EBITDA losses to further narrow on a q-o-q basis to US$241 million in 2QFY2022, though remain higher versus 2QFY2021,” they add.

Source: The Edge

https://www.theedgesingapore.com/news/b ... b-tp-us360

[winston]

vested

Time to take a Grab

The ASEAN leader of ride hailing (71% market share) and food delivery
(51%), Grab has solid potential with TAM set to triple to US$185bn by 2025F.

Grab is at a fundamental inflection point; we see easing competition enabling
rapid margin improvement across segments (esp. Mobility) starting 2Q22F.

Equity market weakness lowers risks of aggressive new entrants; we think
Grab can reach adj. EBITDA breakeven by FY24F, ahead of street (FY25F).

Initiate coverage with an Add rating and SOP-based TP of US$3.60.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... D0064D84F8

[behappyalways]

"订单越多酬劳越少" 两大平台送餐员罢工 | 八点最热报 05/08/2022
https://m.youtube.com/watch?v=WhdAijvBdz8

[winston]

vested

Singapore's Grab reports 79% rise in quarterly revenue

Loss for the period narrowed to US$572 million, from US$801 million a year earlier.

Source: Reuters

https://www.theedgemarkets.com/article/ ... ly-revenue

[winston]

vested

Grab Reports Second Quarter 2022 Results

Q2 record Revenue of $321 million, up 79% year-over-year

Q2 GMV of $5.1 billion, up 30% year-over-year

Q2 Loss for the period of $572 million, a 29% improvement year-over-year

Core food and Deliveries segment expected to break even earlier than previous guidance

Source: Business Wire

https://finance.yahoo.com/news/grab-rep ... 55.htmlGMV grew 51% YoY and revenue rose 37% YoY

[winston]

vested

Grab Holdings Ltd (GRAB US): Broadly inline results with lower Delivery losses offset by rising Fintech losses [HOLD, TP US$2.85]

2Q22 accounting revenue of US$322m (+41% q-o-q) was inline and comprised 23.2% of our FY22F estimates led by sharp improvement in Delivery take rates

2Q22 adjusted EBITDA loss of (US$233m) was slightly better than our (US$250m) estimate; better-than-expected Mobility and Delivery offset by weaker fintech segment

For FY22F, GMV growth rate has been lowered without adverse impact on the revenue guidance;

Delivery EBITDA breakeven guidance brought forward by 1-2 quarters in FY23F.

Maintain HOLD with unchanged TP of US$2.85, based on 12% FY27F normalised EBITDA margins at 12x EV/EBITDA, discounted back annually at 10%.

Source: DBS

[winston]

vested

Grab Holdings
Accelerating the path to profitability

Grab’s 2Q22 revenue of US$321m (+41% qoq, +79% yoy) was a strong beat led by strong mobility recovery. Adj. LBITDA further narrowed qoq in 2Q22.

Accelerating path to profitability the key focus; Grab expects its core food and deliveries segment to break even 1-2 quarters ahead of previous guidance.

We believe Grab can reach adj. EBITDA breakeven by FY24F, ahead of street (FY25F). Reiterate Add with higher SOP-based TP of US$4.10.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... 7674835436

[winston]

vested

Profit-versus-growth dilemma plays out
Still overvalued; Maintain SELL

2Q22 PATMI loss of USD547 (-29% YoY, +29% QoQ) missed ours and the streets estimates.

However, 2Q22 Adjusted EBITDA (AEBITDA) as a % of GMV (gross merchandise value) improved for the 3rd consecutive quarter to -4.6% (1Q22: -6.0%, 2Q21: -5.5%), but this came at a cost to GMV growth in the delivery segment, which missed GMV guidance of USD2.55-2.65b (2Q22: USD2.48b).

Even after we increased our EV/S multiple to 1.4x for delivery and to 1.8x for mobility (anchored to Uber) to reflect stronger profitability prospects, Grab’s target price of USD2.83 still appears overvalued.

Source: Maybank

https://mkefactsettd.maybank-ke.com/PDFS/276971.pdf

[winston]

vested

Singapore-based Grab Says Food-Delivery Business Is Softening

It believes its customers may prefer to order groceries and cook at home.

To cut company costs, Grab will cut back on inventories and promotions to attract drivers and users, drop unprofitable businesses such as its “dark stores” in some countries and decrease hiring.

The company forecast revenue between US$1.25 billion and $1.3 billion for the year, compared with its prior range of $1.2 billion and $1.3 billion.

Grab forecasts gross merchandise volume growth between 21% and 25% for the year.

On a constant currency basis, gross merchandise volume is expected to grow between 25% and 29%, compared with its prior range of 30% and 35%.

Source: NACS

https://www.convenience.org/Media/Daily ... ernational