GRAB
The thesis in one line
Grab is trying to turn a mediocre-looking stock chart into a much prettier business story. The note leans on two things investors love to squint at: accelerating GMV and better FY26 guidance.
Why this matters
If you’ve been watching GRAB, you know the stock has spent a lot of time in the penalty box — down more than 25% year to date, according to the note. But the argument here is that the market may be underestimating the combo platter of:
- stronger underlying transaction growth
- a post-earnings rebound
- a valuation that still looks reasonable compared with the growth setup
That’s the kind of recipe that can make a beaten-down name suddenly look less like dead money and more like an awkwardly timed opportunity.
What investors should watch next
The big question is whether this GMV acceleration is a one-quarter caffeine jolt or the start of a real trend. If Grab keeps showing improving growth and can defend that upgraded FY26 outlook, the “Buy” call starts looking less like optimism and more like a rational bet.
Big picture: when a stock is already limping along, even a small growth surprise can feel like a full-on comeback tour.