“[Grab’s] adjusted net revenue as a percentage of gross merchandise value (GMV) is 12%, while its take rate has risen threefold since 2018. This is better than Alibaba,” says Tiruchelvam.
Aletheia Capital has initiated “buy” on Grab Holdings with a target price of US$4 ($5.37). The target price implies an upside of 24% based on Grab’s price of US$3.20 as at analyst Nirgunan Tiruchelvam’s report dated Jan 3.
In his report, the analyst notes that Grab has emerged as the super app for Asean, even though its super app status has not been recognised by the market. The group now operates in 400 cities in eight countries including Indonesia, which has a population of 270 million.
