Broker Name: Maybank Research Pte Ltd
Date of Report: April 14, 2026

Excerpt from Maybank Research Pte Ltd report.

Report Summary

• Stock: Grab Holdings (GRAB US)
• Action: BUY
• 12m Target Price: USD 6.48 (upside of +74%)
• Key Idea: Maybank expects Grab to deliver resilient growth in 1Q26, with gross merchandise value (GMV) up 20% YoY, revenue up 18% YoY, and adjusted EBITDA up 44% YoY to USD153m. The stock is trading at less than 10x 2027 EV/EBITDA, a 20% discount to Uber, while Grab’s adj. EBITDA CAGR at 42% is nearly double Uber’s.
• Highlights:
  • Mobility remains the main profit engine; GMV and EBITDA both expected to grow 20%+ YoY. Delivery GMV up 21% YoY but with some seasonal margin softness. Financial services loan book expected to rise 115% YoY with narrowing losses.
  • Key risk is fuel price inflation, which may impact demand and driver supply if costs remain high. A sustained 15% increase in fuel costs, with Grab absorbing half, could reduce adj. EBITDA by ~17%.
  • Maybank maintains its positive view, seeing the recent 26% year-to-date share price correction as a buying opportunity. Grab is identified as a leader in Southeast Asia, well-positioned for growth, limited risk from AI disintermediation, and a potential beneficiary of autonomous vehicle adoption.
• Implications: Investors are advised to BUY with a target price of USD 6.48, based on Sum-of-the-Parts (SOTP) valuation. Grab is seen as attractively valued with robust growth prospects and operating leverage, despite near-term fuel price risks.

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 : www.maybank-keresearch.com