$Grab Holdings (GRAB.US)$ CGS CIMB reiterated add, but reduc...

CGS CIMB reiterated add, but reduced tp to USD4.30 from USD4.50.

They expect Grab's 4Q23F revenue and adj. EBITDA to be in line; but GMV growth could come in softer vs. consensus on weaker Deliveries growth.

Key growth focus on FY24F include deepening market penetration via

1) affordable offerings,

2) advertising services, and

3) fintech services.

Grab said it remains committed to sustainable profit growth, riding on the current healthy competitive landscape in ASEAN.