Grab Holdings Ltd (GRAB.O): 2Q26E Preview: Expect Solid Q D Despite FX Headwind; See DFS Upside

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Grab Holdings Ltd (GRAB.O): 2Q26E Preview: Expect Solid Q D Despite FX Headwind; See DFS Upside

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29 Jun 2026 06:58:31 ET │ 22 pages

Grab Holdings Ltd (GRAB.O)

2Q26E Preview: Expect Solid Q Despite FX Headwind; See DFS Upside

CITI'S TAKE

We expect Grab to likely report its 2Q26 results in early Aug. Despite fuel

cost and FX headwind that might have affected traveling sentiment in the

region during the quarter, the stronger demand for delivery segment Buy

contributed by strength across food, grocery and advertising revs should Price (26 Jun 26 16:00) US$3.55

lead to another solid 2Q26 for on-demand business. We see possible

Target price US$6.40upside risks for DFS segment given the one-month contribution from

Superbank consolidation. Into 2H26, with moderating fuel cost volatility, Expected share price return 80.3%

we believe tourism volume likely to trend better, together with stable Expected dividend yield 0.0%

competitive landscape, we expect on-demand segment growth remains

Expected total return 80.3%promising with relatively steady margins despite factoring in commission

cap for two-wheeler in Indonesia. We expect Grab to update FY26 guidance Market Cap US$14,520M

especially for DFS to reflect the Superbank consolidation. Post estimate

tweak, our SOTP is unchanged at US$6.40. Maintain Buy and believe

fundamental strength remains intact with more steady policy and

competitive environment. Price Performance

(RIC: GRAB.O, BB: GRAB US)Indonesia 2W commission cap — It is confirmed that the new regulation of capping

commission fees at 8% will only apply to two-wheeler, which we view as a relief and

should help alleviate the overhang. With effective starting July 1st, while no impact in

2Q26, we estimate small and manageable revs and EBITDA impact in 2H26.