Broker: Maybank Research Pte Ltd
Date of Report: 17 Apr 2026
Excerpt from Maybank Research Pte Ltd report.
Report Summary
- Grab Holdings – BUY, Target Price: USD6.48
1Q26 results expected to beat consensus (GMV/revenue/adj. EBITDA +20%/+18%/+44% YoY and c.6% ahead of Street). Key watchpoint is fuel inflation for 2Q, but overall investment thesis remains intact: rational competition, limited AI risk, upside from fintech AI, and autonomous vehicle optionality. Current valuation at <10x 2027E EV/EBITDA, trading at a 20% discount to Uber despite stronger growth. The recent 26% YTD correction is viewed as overdone. Retain BUY.
- Sing Investments & Finance – BUY, Target Price: SGD2.11
Initiated coverage with a BUY. SIF is supported by resilient net interest margins, stable deposit funding, and a niche SME lending franchise, with healthy asset quality. Key risks are concentrated Singapore exposure and potential interest rate declines. Undervaluation is supported by current fundamentals. Initiate BUY.
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