Tellimer starts Grab at 'buy' with TP of US$13

theedgesingapore2021-12-10

Tellimer’s Nirgunan Tiruchelvam has initiated coverage on Grab Holdings with a “buy” call and a US$13 target price. In his Dec 9 report, Tiruchelvam, who heads up Tellimer's consumer sector equity ...

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精彩评论

BleuNovember
2021-12-15
BleuNovember
I just read this. This analyst has no idea what he is talking about. He starts Grab at BUY. I hope he himself put his life savings on the line for US$13. I called for the shorts early on and nailed it (go back in my posts) simply because the business is loss making, from day ONE. And HUGE losses. and this guy is pumping up the numbers and now many have lost their money. Please put this guy up on your screens for list of failed analysts.
Officer
2021-12-14
Officer
Go go go , grab and grab the moon [Happy]
Dazz
2021-12-13
Dazz
Is this guy trying to offload his shares?
FanChen
2021-12-10
FanChen
OMGStill dropping !!!!Positive recommendations by FA - calling ‘buy’Still can’t help????
Alconies
2021-12-10
Alconies
The most news about grab, the more it drop.
Imrrus
2021-12-10
Imrrus
Great read!

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Its adjusted net revenue as a percentage of GMV is 12%, while its take rate has risen threefold since 2018, better than Alibaba.\n“Grab has the potential to be re-rated as an all-encompassing super app like Alibaba. It is becoming a one-stop shop for ride-hailing, food delivery, payments and other services. The current valuation does not reflect its potential as a super-app,” says Tiruchelvam.\nGrab has three main segments — deliveries, mobility and financial services. Tiruchelvam expects the company’s delivery GMV to rise by a compound annual growth rate (CAGR) of 42% in FY20 to 24, assuming the ratio of GMV monetisation to be 15%.\nThe mobility revenue is expected to rise by a CAGR of 32% in FY20 to FY24. Tellimer assumes the ratio of GMV monetisation to gradually increase from 18% in FY20 to 24% by FY24.\nGrab’s financial services total payment volume is expected to grow at a CAGR of 43% in FY20 to FY24.\nThe tech company’s operating margins for FY20 were -298.3%. Tiruchelvam estimates Grab’s operating margins to improve and turn positive during the forecast period, expecting it to reach 30% by FY24.\nIn his risk analysis, Tiruchelvam says Grab may face serious business risks as its business segments are still in the early stages of growth. The food delivery business, for instance, is still in its infancy. Major international players such as Meituan Dianping may enter the market and undercut Grab.\nThe end of the pandemic may also weaken the demand for food delivery and therefore affect the company’s growth trajectory, he adds.\n“Despite the progress in vaccination, there have been renewed restrictions in some Asean countries including Singapore, Malaysia and Indonesia. This could adversely affect Grab’s business, financial condition, results of operations and prospects,” says Tiruchelvam.\nThere is also the risk of a vastly disproportionate voting share of its founder Anthony Tan, says Tiruchelvam. “Its founder Anthony Tan Tan holds 3.7% of the shares in the company by virtue of his 183 million Class B Shares. This includes 28 million shares from co-founder Tan Hooi Ling and 18 million shares from Grab president Ming Ma – these shares are beneficially owned by Tan.\n“Each Class B share equals 45 votes, while each Class A share is equal to one vote. Accordingly, Tan controls more than 60% of the voting shares after the merger with Altimeter. This disproportionate voting share for the founder is familiar to many tech companies, including Facebook and Alphabet.”\nBesides Tiruchelvam, JP Morgan’s Ranjan Sharma has also initiated coverage on the stock with an \"overweight\" call and US$12.50 target price.JP Morgan is one of the banks that helped arrange Grab's listing.\nGrab closed 81 cents lower or 9.11% down at US$8.08 on Dec 9.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":607186158,"gmtCreate":1639497618289,"gmtModify":1639497618289,"author":{"id":"3582072879359907","authorId":"3582072879359907","name":"BleuNovember","avatar":"https://static.tigerbbs.com/858c953c6d746cceced02c5851bce220","vip":1,"crmLevel":7,"crmLevelSwitch":0},"htmlText":"I just read this. This analyst has no idea what he is talking about. He starts Grab at BUY. I hope he himself put his life savings on the line for US$13. I called for the shorts early on and nailed it (go back in my posts) simply because the business is loss making, from day ONE. And HUGE losses.&nbsp;and this guy is pumping up the numbers and now many have lost their money. Please put this guy up on your screens for list of failed analysts.&nbsp;","listText":"I just read this. This analyst has no idea what he is talking about. He starts Grab at BUY. I hope he himself put his life savings on the line for US$13. I called for the shorts early on and nailed it (go back in my posts) simply because the business is loss making, from day ONE. And HUGE losses.&nbsp;and this guy is pumping up the numbers and now many have lost their money. Please put this guy up on your screens for list of failed analysts.&nbsp;","text":"I just read this. This analyst has no idea what he is talking about. He starts Grab at BUY. I hope he himself put his life savings on the line for US$13. I called for the shorts early on and nailed it (go back in my posts) simply because the business is loss making, from day ONE. And HUGE losses. and this guy is pumping up the numbers and now many have lost their money. Please put this guy up on your screens for list of failed analysts.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/607186158","repostId":1101819426,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":604708668,"gmtCreate":1639443302294,"gmtModify":1639443302435,"author":{"id":"3577190140208028","authorId":"3577190140208028","name":"Officer","avatar":"https://static.tigerbbs.com/ed97e5216aa01d2c4c7fa27cb2d55ebf","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"Go go go , grab and&nbsp;grab the moon&nbsp;[Happy]&nbsp;","listText":"Go go go , grab and&nbsp;grab the moon&nbsp;[Happy]&nbsp;","text":"Go go go , grab and grab the moon [Happy]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/604708668","repostId":1101819426,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":604229106,"gmtCreate":1639405275667,"gmtModify":1639405276527,"author":{"id":"3580043263355101","authorId":"3580043263355101","name":"Dazz","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":3,"crmLevelSwitch":0},"htmlText":"Is this guy trying to offload his shares?","listText":"Is this guy trying to offload his shares?","text":"Is this guy trying to offload his shares?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/604229106","repostId":1101819426,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":605893858,"gmtCreate":1639140413571,"gmtModify":1639140413658,"author":{"id":"4095155251405440","authorId":"4095155251405440","name":"FanChen","avatar":"https://static.tigerbbs.com/8e2bcba4b45a4f3a8e6decd509e326f9","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"OMGStill dropping !!!!Positive recommendations by FA - calling&nbsp;‘buy’Still can’t help????","listText":"OMGStill dropping !!!!Positive recommendations by FA - calling&nbsp;‘buy’Still can’t help????","text":"OMGStill dropping !!!!Positive recommendations by FA - calling ‘buy’Still can’t help????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/605893858","repostId":1101819426,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":605170909,"gmtCreate":1639136476124,"gmtModify":1639136476271,"author":{"id":"3577316031111876","authorId":"3577316031111876","name":"Alconies","avatar":"https://static.tigerbbs.com/7a7402c5eb67dcf9fbd33ceeaad8337a","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"The most news about grab, the more it drop.&nbsp;","listText":"The most news about grab, the more it drop.&nbsp;","text":"The most news about grab, the more it drop.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/605170909","repostId":1101819426,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":605381734,"gmtCreate":1639113923857,"gmtModify":1639113953346,"author":{"id":"3575502969696183","authorId":"3575502969696183","name":"Imrrus","avatar":"https://static.tigerbbs.com/dd664a9dc4175d81032e5e0986cba7d2","vip":1,"crmLevel":1,"crmLevelSwitch":0},"htmlText":"Great read!&nbsp;","listText":"Great read!&nbsp;","text":"Great read!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/605381734","repostId":1101819426,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":72,"commentSize":7,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.25.1","shortVersion":"4.25.1","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1101819426"}