Broker Name: Maybank Research Pte Ltd
Date of Report: February 13, 2026
Excerpt from Maybank Research Pte Ltd report:
- Report Summary:
- Grab Holdings has provided rare long-term financial guidance, targeting a 20% revenue CAGR, USD1.5b adjusted EBITDA, and 80% free cash flow conversion by 2028, signaling confidence against AI and automation disruption fears.
- Grab’s competitive position in Southeast Asia remains strong, with double-digit GMV growth and market share gains, especially in Indonesia where regulatory risks are easing.
- The introduction of Stash fills a gap in Grab’s financial services offering, with management targeting >USD60m in adjusted EBITDA contribution by 2028, subject to successful execution and integration.
- Grab’s 4Q25 results were broadly in line with expectations, showing sustained growth in revenue, GMV, and positive adjusted EBITDA, with financial services segment on track for profitability by 2H26.
- Structural growth drivers and ecosystem sustainability position Grab for further expansion, though risks include competitive intensity and macroeconomic headwinds.
- Grab scores above average in ESG assessment, with robust sustainability policies, emissions reduction, workforce diversity, and carbon offset targets.
- A USD500m share repurchase program further supports shareholder value, combining credible long-term growth with capital return.
Above is an excerpt from a report by Maybank Research Pte Ltd. Clients of Maybank Research Pte Ltd can be the first to access the full report from the Maybank Research Pte Ltd website : https://www.maybank.com/investment-banking
