Tuesday, September 2nd, 2025

🛡️ Grab and Sea Ride Out Trump’s Tariff Storm as Analysts Bet on Long-Term Gains

Grab Holdings Ltd (NASDAQ:GRAB), Sea Ltd (NYSE:SE)

SINGAPORE — Despite sharp sell-offs triggered by U.S. President Donald Trump’s sweeping tariffs, Singapore-based tech giants Grab and Sea are emerging as defensive plays amid escalating trade tensions.

Since Trump’s announcement of “reciprocal tariffs” on April 2, Grab has fallen 19% to US$3.73, while Sea dropped 21.5% to US$105.57 as of April 8. However, analysts remain optimistic.

Both firms lack direct trade exposure to the U.S., positioning them well to weather tariff-related headwinds. Grab operates solely in Southeast Asia, while Sea’s nearest U.S.-adjacent markets are in South America, through its game Free Fire and Shopee Brazil.

Maybank Research noted the lack of U.S. operations shields both companies from immediate tariff effects. Indirect risks, such as slower GDP growth in Southeast Asia, could impact discretionary spending, though Maybank estimates a 1–3% revenue impact.

On-demand services like ride-hailing and food delivery could face larger hits due to reduced consumer activity. However, increased demand for cheaper e-commerce alternatives may offer some balance.


Grab Holdings Ltd (NASDAQ:GRAB)

Analysts at Phillip Securities initiated coverage on Grab with a “buy” rating and a US$5.80 target price on April 8.

Analyst Helena Wang highlighted the company’s revenue growth in on-demand services, rising from US$400 million in FY2020 to US$2.5 billion in FY2024, with monthly transacting users up 16%. Financial services revenue surged to US$253 million, and its loan portfolio jumped 64% year-on-year.

Wang noted Grab’s partnership with BYD is expected to add US$400 million to its loan book. Its net cash of US$5.7 billion provides ample room for AI investment and EV fleet expansion.

In FY2024, Grab’s revenue rose 19% to US$2.8 billion, while losses narrowed significantly to US$105 million, down from US$434 million the previous year.


Sea Ltd (NYSE:SE)

Sea’s revenue climbed 28.8% to US$16.8 billion in FY2024, up from US$13.1 billion in FY2023. Net profit jumped 175.3% to US$447.8 million, boosted by higher revenue and the absence of goodwill impairment.


Both companies are set to release Q1 2025 results soon, which investors will watch closely for confirmation of resilience amid a shifting global trade landscape.

Thank you

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