Grab Holdings Ltd.: Expecting solid Q2 results, but regulatory environment in Indonesia appears to be worsening

研报英文原文证据摘录

Grab Holdings Ltd.: Expecting solid Q2 results, but regulatory environment in Indonesia appears to be worsening

Equity Research

China Technology

8 July 2026

Grab Holdings Ltd.

Expecting solid Q2 results, but

regulatory environment in Earnings Preview

GRAB OVERWEIGHTIndonesia appears to be worsening

Unchanged

Ahead of the Q2 print, we outline our expectations and tweak China Technology POSITIVE

estimates. We also see risks rising amid the current Unchanged

regulatory environment in Indonesia, thus we lower our Price Target lowered -29% fromUSDUSD5.007.00

valuation multiple, driving PT to $5. Price (06-Jul-26) USD 3.85

Potential Upside/Downside +29.9%

Source: Bloomberg, Barclays Research

Broadly speaking, we expect solid results in Q2 across delivery, mobility and financial

services segments. We believe GMV for delivery in Q2 came in slightly above 20% yoy and GMV

Market Cap (USD mn) 15786for mobility slightly below 20% yoy. Generally speaking, these GMV figures are broadly in line

Shares Outstanding (mn) 4100.48with our expectations. And on top of that we estimate FX had a blended negative impact of 1%

Free Float (%) 80.15or slightly higher. Adjusting for FX, the on-demand GMV growth is likely a bit better than

52 Wk Avg Daily Volume (mn) 48.2expected.

Dividend Yield (%) N/A

In terms of margins, while we expect delivery margins to be flattish qoq (at 2.3%) as the Return on Equity TTM (%) 5.83

company marches steadily towards its long-term 4%+ goal, on mobility margins, our checks Current BVPS (USD) 1.59

suggest that Grab may have achieved mobility margins near the higher end of the 8.5-9% Source: Bloomberg

long-term target range as the company aggressively managed expense items amid higher

fuel prices and higher subsidies to the drivers during the quarter.