Grab - A - Stock Analyst Research
| Target Price* | 7.00 |
| Recommendation | BUY› BUY |
| Market Cap* | - |
| Publication Date | 11 Aug 2026 |
*At the time of publication
Grab Holdings -Growth momentum intact despite near-term headwind
- 2Q26 revenue was in line with our estimates, while 2Q26 PATMI outperformed due to a US$307mn gain recognised upon consolidating Superbank. Excluding this gain, 1H26 revenue/PATMI accounted for 47%/23% of our FY26 forecasts. We expect earnings to be back-end loaded, supported by financial services reaching profitability in 2H26.
- Revenue growth remains strong, +22% YoY to US$997mn in 2Q26, driven by continued strong momentum across delivery services (+21% YoY) and Financial Services (+60% YoY). Grab reiterated confidence in valuation with an additional US$750mn share repurchase authorisation.
- We maintain our BUY recommendation, with an unchanged target price of US$7.00. Our FY26e forecast, terminal growth, and WACC assumptions remain unchanged. With elevated fuel prices, Grab has demonstrated resilience, maintaining robust underlying demand and stable margins. Its ecosystem continues to strengthen, with emerging growth opportunities across groceries and financial services. We continue to view Grab as a long-term structural winner in the region.
The Positives
+ Groceries: the next leg of Deliveries growth. Deliveries continued to deliver healthy growth,
with GMV +22% YoY. GrabMart is emerging as a major growth driver, with GMV growing at
1.7x the rate of food delivery and its user base expanding 42% YoY. GrabMart users still
account for only 14% of Grab’s food-delivery user base, leaving substantial room for cross
selling and market penetration. Grab is further expanding the opportunity through
supermarket partnerships and its AI-powered Shopping Agent, which drives higher purchase
frequency, larger basket sizes and additional advertising opportunities.
+ Financial Services approaching a profitability inflection. Financial Services remained Grab’s
fastest-growing segment, with revenue growing 59% YoY and Adjusted EBITDA losses
narrowing to US$15mn from US$26mn a year ago. Lending momentum remains strong. Gross
loan portfolio reached US$2.3bn, up 197% YoY. (+100% YoY excluding the consolidation of
Superbank). Management reiterated that financial services is on track to achieve adjusted
EBITDA profitability in 2H26 and expects the loan book to exceed US$3bn by year-end. The
consolidation of Superbank and acquisition of wealth platform Stash should further broaden
Grab’s financial ecosystem while creating additional cross-selling opportunities across its
existing user base.
About the author
Helena Wang
Research Analyst
PSR
Helena covers Hardware/Marketplaces/ETF. Helena graduated with a master degree in Financial Technology from Nanyang Technological University
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About the author
Helena Wang
Research Analyst
PSR
Helena covers Hardware/Marketplaces/ETF. Helena graduated with a master degree in Financial Technology from Nanyang Technological University


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