2025-06-09-Jefferies-格拉布（GRAB）_Grab宣布交易状态；基本面步入正轨_7页_107kb

Grab Holdings Ltd (GRAB)

• Rating: BUY ($5.17 current price / $5.60 price target, +8% upside)
• Latest Announcement: Denies media reports of transaction discussions with GoTo; no agreements entered; maintains high hurdle rate for capital deployment.
• Fundamental Performance (Q1-2Q25):
  • Robust on-demand GMV growth (23% ride volume growth, 19% GMV YoY growth)
  • Sequential improvement in Indonesia business (GMV and ride growth)
  • Focus on 'product-led growth' and affordability initiatives driving user engagement and retention.
• Valuation: SOTP valuation, key risks including economic uncertainty, competition, and regulatory factors.

GoTo Gojek Tokopedia Tbk PT (GOTO IJ)

• Rating: BUY (IDR100 price target)
• Latest Announcements: Reiterates inability to comment on market speculation; no decisions made on proposals.
• Valuation/Risks: Buy rating based on price-to-sales; risks include intensified competition, regulatory issues, and slower market recovery.

Both entities maintain Buy ratings per the most recent equity research analysis.