$Grab Holdings(GRAB)$I think yesterday's share price movement shows one thing, as many have pointed out: A good company to consumers doesn't mean a good company to investors. Grab is huge in ASEAN, with many services spanning ride hauling, food delivery, grocery delivery, e-payment, etc. But currently it's financials are showing a few problems with the way the company is being runned:
1) Revenue is not growing as fast, recent 3Q even declined and only had USD157mn. This is the key problem for such a loss making company. Your growth can't slow yet.
2) GMV up 30+% to USD4bn but revenue decline suggest take rate could be declining, meaning Grab have to give me discounts to grow GMW. This could mean stiff competition in the sector.
3) Losses are widening to USD988bn in 3Q. Again very worrying as topline growth slows but expenses are speeding up, means spending not as effective in growing topline, and cash burn rate will persist, which means more share placement in future.
4) Grab listing valuations is at 10x 2022 P/S, which is almost the same as SEA Ltd and much more expensive than Didi and Uber. But SEA revenue and losses are both improving. So valuation wise Grab is not cheap as all.
Hopefully this helps clear some queries. One thing to note, the stock is quite thinly traded so some squeeze is possible, fundamentally I think the company still have problems with the way the business is executed
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