2025-06-08-花旗集团-Grab控股有限公司（GRAB）_Grab_Holdings_Ltd（GRAB.O）_花旗越南电子商务生态系统考察要点_11页_321kb

Flash Report Summary (Citi Research on Grab Holdings Ltd)

Date: 09 June 2025
Stock: GRAB.O
Rating: Buy (Maintained)
Target Price: US$6.20

Key Highlights

1. Growth Opportunity: Citi maintains a positive view on Grab's structural growth in Vietnam, citing healthy GDP prospects, strong business momentum, and stability in the food delivery landscape.
2. Valuation:
   • Sum-of-the-parts model yields US$6.20 per share.
   • Breakdown:
     • $4.56/share from the on-demand business (deliveries + mobility).
     • $0.67/share from the financial services business.
     • $0.97/share from cash.
3. Key Notes:
   • Mobility and food delivery (GrabFood) show significant user growth and transaction penetration.
   • Grab holds a #1 position in Vietnam's delivery market, with a strong super app ecosystem.

Risks

1. Intense competition in mobility and food delivery.
2. Regulatory uncertainty and policy changes towards the gig economy.
3. Potential shifts in user behavior.
4. Impact of pandemics/natural disasters.

Analysts

• Alejandro Osorio (Managing Director, Vietnam)
• Doug Eu (Director of Strategic Finance & IR)

Contact

• Alicia Yap, CFA (Research Analyst)
• Nelson Cheung
• Email: alicia.yap@citi.com, nelson.cheung@citi.com