Solid Q2 results; Macro concerns to linger

研报英文原文证据摘录

Equity Research

China Technology

4 August 2026

Grab Holdings Ltd.

Solid Q2 results; Macro concerns to

linger

2Q results for all major segments solid despite challenging

macro; However, lingering concerns around weaker macro in

SEA and elevated fuel prices will likely keep shares rangebound in the near term; Retain OW and PT of $5.

Earnings Review

OVERWEIGHT

GRAB

Unchanged

POSITIVE

China Technology

Unchanged

USD 5.00

Price Target

Unchanged

Summary: Once again, Grab delivered robust results across all of its major segments, with

delivery GMV up 22% yoy or 24% in CC and mobility GMV up 18% yoy. Financial services

delivered robust results with revenues up nearly 60% yoy (consolidation of Superbank in the

month of June made a small contribution to growth). Management raised FY26 revenue guide

and EBITDA guide (now at $720-740m vs prior $700-720m). Margins were stable qoq despite the

fact that Q2 was the first quarter the company had full-quarter negative impact from higher fuel

costs, demonstrating management's strong capability to manage costs and fine tune different

incentive programs to largely maintain the company’s profitability. Furthermore, Grab

announced an additional $750m share buyback to enhance shareholder returns. However, we

consider the share price is likely to remain range-bound in the near term on concerns around

weakening macro in SEA, partly due to higher oil prices, and tightening regulations in countries

such as Indonesia. In addition, Uber’s recent proposed acquisition of foodpanda in SEA

(although the deal wouldn’t close for another year) has added incremental uncertainty around

how the competitive landscape may look post the deal. Grab’s own proposed acquisition of

foodpanda Taiwan is on track to close in Q4.

Price (03-Aug-26)

Potential Upside/Downside

USD 3.67

+36.2%

Source: Bloomberg, Barclays Research

Market Cap (USD mn)

Shares Outstanding (mn)

Free Float (%)

52 Wk Avg Daily Volume (mn)

Dividend Yield (%)

Return on Equity TTM (%)

Current BVPS (USD)

15048

4100.48

85.77

48.7

N/A

5.83

1.59

Source: Bloomberg

Price Performance

52 Week range

Exchange-Nasdaq

USD 6.62-3.18

…