Grab

[winston]

not vested

Prioritizing growth over nearterm margin expansion

Affordability strategy drives growth In 2Q25, Grab posted strong top-line growth despite softer macro in emerging (EM) ASEAN markets.

We think the near-term focus is on expanding TAM on the back of an affordability push although it may come at the cost of slower margin expansion.

We also see Grab taking the right steps within the AV space which, in our view, opens new growth/monetisation opportunities.

We raise our 2025-27 GMV growth expectations by 1-2% but maintain our adj. EBITDA estimates.

We as well incorporate recent CB issuances but retain TP of US$5.85. Maintain BUY.

Source: Maybank

https://mkefactsettd.maybank-ke.com/PDFS/474622.pdf

[winston]

not vested

Grab reports Q2 2025 earnings of US$35 million on higher revenue and margins

This is driven by operating profit and lower finance costs, and also partially offset by higher income tax expenses in Q2 2025

by Benjamin Cher

Superapp Grab reported Q2 2025 earnings of US$35 million, reversing from a loss of US$53 million in the same year-ago period.

This was driven by operating profit and lower finance costs, and also partially offset by higher income tax expenses in Q2 2025.

Revenue for the period grew 23 per cent to US$819 million from US$664 million the year prior. Operating profit also rose to US$7 million in Q2 2025 from a loss of US$56 million in Q2 2024.

Adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) rose 69 per cent to US$109 million from US$64 million.

he company is still guiding for revenue to be between US$3.3 billion and US$3.4 billion with a 19 to 22 per cent growth. Adjusted Ebitda is guided to be between US$460 million and US$480 million with a 47 to 53 per cent growth.

Source: Business Times

https://www.businesstimesintl.com/compa ... nd-margins

[winston]

not vested

What if Uber exits its minority stake in Grab?

What’s new? Uber has announced a USD20b in share buyback program.

With over USD3b still to be executed from previous approvals, the total buyback commitment now exceeds USD23b, equivalent to around 12% of Uber’s market cap.

Management plans to fund the program primarily through free cash flow, allocating roughly 50% of FCF p.a. to repurchases.

Additionally, as per company CFO, Uber will opportunistically recycle proceeds from the sale of its minority equity stakes to fund both buybacks and selective ecosystem investments, such as autonomous vehicle (AV) partnerships.

Source: Maybank

https://mkefactsettd.maybank-ke.com/PDFS/476857.pdf