Grab Holdings Ltd (GRAB US): Buy: 2Q beat, guidance raised, share buyback

研报英文原文证据摘录

Grab Holdings Ltd (GRAB US): Buy: 2Q beat, guidance raised, share buyback

4bn by 2028e. With this report, we reflect for the 2Q beat, roll forward 52-WEEK PRICE (USD)

valuation base and HSBC strategists’ new cost of equity assumptions. We reiterate 6.90

our Buy with an unchanged TP of USD6.00. We note uncertainty remains on Uber’s 4.85

strategic intent for Southeast Asia (see report: Scenarios to navigate uncertainty

2.80

around Uber’s strategy, 24 July). Grab’s CEO mentioned during the earnings call: 08/25 02/26 08/26

“We maintain ongoing dialogue with Uber in their capacity as a shareholder in Grab.” Target price: 6.00 High: 6.45 Low: 3.27 Current: 3.67

Source: LSEG IBES, HSBC estimates

2Q26 results beat: 2Q26 adj. EBITDA came 7% ahead of HSBCe at USD168m due

to higher-than-expected growth in the Deliveries segment and lower-than-expected

Piyush Choudhary*, CFA

regional corporate cost. Adjusted EBITDA grew by 54% y/y driven by GMV growth, Head of Asia Telecoms

margin expansion in the Deliveries segment (+44bps y/y) alongside narrowing of The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch

losses in the financial services segment. GMV grew 21% y/y to USD6.5bn (in-line piyush.choudhary@hsbc.com.sg

+65 6658 0607

with HSBCe) driven by MTU growing 17% y/y in 2Q.

Rishabh Dhancholia*

Key highlights from results and earnings call: (1) 2026 guidance raised to reflect Analyst, Asia Telecoms

HSBC Securities and Capital Markets (India) Private Limited

for strong 1H, consolidation of Superbank and acquisition of Stash: a) Revenue of rishabh.dhancholia@hsbc.co.in

USD4.10-4.15bn (from USD4.05-4.10bn previously), b) Adjusted EBITDA of +91 80 30012841

USD720-740m (from USD700-720m previously); (2) It announced an additional Abhishek Jhanwar*

Associate