While keeping his “buy” call on Grab, Tiruchelvam has raised his target price to US$4.60 from US$4.
Aletheia Capital analyst Nirgunan Tiruchelvam has reaffirmed his thesis that Grab Holdings will acquire GoTo Gojek Tokopedia, given how the latter is seeing faltering food delivery business, while Grab has gone the other way with a bigger lead.
If the trend persists, Indonesia-based GoTo might suffer a cash crunch with its US$2 billion in net cash depleting by end of FY2023. Grab, on the other hand, holds some US$5.5 billion.
