GRAB
The bull case is alive and kicking
Maybank Research Pte Ltd came out swinging on Grab Holdings, slapping a BUY rating on the stock with a 12-month target of $6.48. That target points to roughly 74% upside, which is basically the market’s way of saying, “Hey, maybe this scooter-and-super-app thing still has legs.”
Why they like it
The report’s core message is pretty straightforward: Grab’s mobility unit is still the main profit engine, and the company’s economics are looking healthier from multiple angles.
- GMV and EBITDA are expected to grow 20%+ year over year in mobility
- Delivery GMV is up 21% year over year, even if seasonal margin softness is doing a little side quest
- The financial services loan book is expected to jump 115% year over year, with losses narrowing
That’s a pretty nice trio if you’re building a case for durable growth. Mobility throws off the cash, delivery keeps the consumer ecosystem sticky, and financial services adds a higher-octane growth layer.
The investor catch
This isn’t a “nothing can go wrong” story. Maybank still flagged near-term fuel price risks, which matters because higher operating costs can nick margins just when things start looking smooth. So yes, the story has momentum — but it’s still riding on a business mix that has to keep executing.
Big picture: Grab is starting to look less like a messy super-app experiment and more like a company with a real operating playbook. If the growth math keeps holding, the stock could have more room to chase that shiny target.