Grab Holdings Ltd.

Overview Key strengths Key risks Among the top ride-hailing and food delivery platform operators in Southeast Asia. Geographic footprint focused on Southeast Asia, with limited revenue scale, compared with rated global peers. Solid liquidity buffer over the next 24 months. Engaged in a highly competitive and nascent industry, with exposure to evolving regulatory risks. On track to achieve first year of positive EBITDA, while sustaining positive operating cash flow (OCF). Leverage tolerance and shareholder distribution policy remains uncertain. We expect Grab?s rising gross merchandise value (GMV) and take rates (revenue as a proportion of GMV), along with economies of scale, to drive a sustained EBITDA improvement on an S&P Global Ratings-adjusted basis. The company's differentiation strategy to pursue various market

...Grab Holdings Ltd. is on track to achieve positive EBITDA for the first full year in 2024, while sustaining positive OCF. We expect Grab's rising gross merchandise value (GMV) and take rates (revenue as a proportion of GMV), along with economies of scale, to drive a sustained EBITDA improvement on an S&P Global Ratings-adjusted basis. The company's differentiation strategy to pursue various market segments has pushed GMV up to US$8.7 billion in the first half of 2024, from US$7.5 billion a year ago. On-demand take rates marginally improved over the same comparative period, signaling Grab's continued focus on capturing profitable growth....

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