Grab Holdings Inc. (GRAB) PT Raised to $5.10 at Citi

Citi analyst Alicia Yap raised the price target on Grab Holdings Inc. (NASDAQ: GRAB) to $5.10 (from $5.00) while maintaining a Buy rating.

The analyst comments "Grab is scheduled to report 1Q24 after US Markets close on May 15th/Asia May 16th. We expect solid set of results driven by possible stronger-than-expected mobility business thanks to inbound tourism momentum while expect relatively in-line Delivery, Fintech and Enterprise segment. To recall, Grab will be changing the segment reporting starting 1Q24, reallocating Enterprise revs (mostly ads) to Delivery, reallocating payment transaction cost from Fintech back to Delivery/Mobility business and reallocating regional corporate cost to respective business segments. We believe Grab likely to retain or revise up slightly FY2024 revs and adj. EBITDA guidance. Post estimates tweak, our SOTP is adjusted to US$5.10 rolling forward to 2025 estimates. Maintain Buy/High Risk. As upcoming reporting disclosure to demonstrate more transparent and comparable to peer group, together with improving execution and leading market position, we view Grab to gradually attract regional long portfolio given its SEA on-demand exposure."

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