- 4Q25 revenue was in line with our estimates, while 4Q25 PATMI outperformed due to operating leverage and higher-margin monetisation (fintech + ads). FY25 revenue/PATMI were at 99%/153% of our FY25 forecasts.
- Revenue growth remains strong, +19% YoY to US$906mn in 4Q25. Growth was propelled by strong performances in both On-Demand services (+17% YoY) and the Financial Services arm (+34% YoY).
- We maintain our BUY recommendation with an unchanged DCF target price of US$7.00. We roll over our valuations to FY26e and increase our FY26e revenue and PATMI by 1% and 2% to account for higher growth prospects and expanding margins for both on-demand and financial services. Our WACC and terminal growth rate remains unchanged. Grab has successfully transformed into a higher-margin, ecosystem-led monetisation model, we are positive on the long-term growth prospect with strong growth momentum in both on-demand and financial services.
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