ASEAN Internet Thoughts into 2Q26 results

Research evidence excerpt

ASEAN Internet Thoughts into 2Q26 results

J P M O R G A N Asia Pacific Equity Research

30 June 2026

ASEAN Internet

Thoughts into 2Q26 results

ASEAN internet stocks have been weak this year (SE: -27%, GRAB: -25%, ASEAN TMT

ACGOTO:-22%, NASDAQ: +11%) due to worries about competition, macro impact, Ranjan Sharma, CFA

and the broader de-rating of internet stocks. In our view, GRAB’s 2Q26 could (65) 6882-1303

dispel many of the concerns with continued strong growth in on-demand GMV, ranjan.x.sharma@jpmorgan.com

market-share gains and stable margins. Any addition to the existing buyback J.P. Morgan Securities Singapore Private Limited

program is likely to be positively received, given the stock is at a 2028E EV/ Sigrid Qiu

EBITDA multiple of 8x. While we anticipate continued strong growth at Shopee, (65) 6882-1454

sigrid.qiu@jpmorgan.com

we believe margins are unlikely to inflect in 2Q26E. Given the Street’s focus on J.P. Morgan Securities Singapore Private Limited

Shopee’s margins, we believe GRAB could perform better than SE with 2Q26

Steven Suntoso

results. Taking a long-term view, we remain OW on both SE and GRAB as we (622-1) 5291 8090

believe the Street is underestimating the earnings potential of both platforms. steven.suntoso@jpmorgan.com

PT J.P. Morgan Sekuritas Indonesia

• GRAB – Market share gains likely to have continued into 2Q26. We Alex Yao

anticipate mobility and delivery GMV growth of 18% and 20%, respectively. (86 21) 6106 6505

In our view, GRAB is outpacing industry growth and gaining market share, alex.yao@jpmorgan.com

driven by its product-led initiatives and platform advantage. We believe that SAC Registration Number: S1730523020001

on-demand industry shows strong network effects which are benefitting J.P. Morgan Securities (China) Company Limited

GRAB.