Broker: Maybank Research Pte Ltd
Date of Report: 15 Apr 2026
Excerpt from Maybank Research Pte Ltd report.
Report Summary
- Grab Holdings
Action: BUY
Target Price: USD6.48
Highlights: 1Q26 results are strong with GMV/revenue/adj. EBITDA up 20%/18%/44% YoY, beating Street expectations by ~6%. Despite fuel inflation being a key risk for 2Q, the investment thesis remains intact due to rational competition, limited AI disintermediation risk, fintech AI upside, and autonomous vehicle optionality. The current valuation is below 10x 2027E EV/EBITDA, which is a 20% discount to Uber despite nearly twice the EBITDA CAGR. The 26% year-to-date correction is considered overdone.
- Sing Investments & Finance (SIF)
Action: BUY (Initiation)
Target Price: SGD2.11
Highlights: Initiated with BUY; target price based on 0.95x FY26E P/B. Upside driven by resilient net interest margins, stable deposit-funded model, niche SME lending, and healthy asset quality. Risks include concentrated Singapore credit exposure, interest rate declines, and general liquidity/funding risk.
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
