$Grab Holdings (GRAB.US)$ Citi maintains "buy" on Grab with ...
Citi maintains "buy" on Grab with a target price of US$5.20.
Citi Research analyst Alicia Yap is increasingly positive on Grab's execution in delivering sustainable improvement in operations after hosting the company's CFO Peter Oey at Citi's 31st annual Global Tech Conference on Sept 8.
In her note, Yap highlights Grab's commitment in lowering cost to broaden the affordability of more consumers, driving higher income for the driver-partners and merchant-partners. More importantly, Grab continues to optimise its operations and invest in product innovation, she adds.
Grab also shared with Citi a few reasons behind the decent results it achieved in 2QFY2023 ended June, which was announced on Aug 23. It includes deliveries gross merchandise volume (GMV) regaining growth at 10% q-o-q, which was driven by the solid momentum of GrabUnlimited as well as the lowering of costs mentioned.
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