Grab Holdings Limited (GRAB): A Bull Case Theory

We came across a bullish thesis on Grab Holdings Limited on Amit’s Substack by Amits Deep Dives. In this article, we will summarize the bulls’ thesis on GRAB. Grab Holdings Limited's share was trading at $5.26 as of December 3rd. GRAB’s trailing and forward P/E were 263.50 and 58.82 respectively according to Yahoo Finance.

Grab Holdings Limited (GRAB) is emerging as a leading super-app platform in Southeast Asia, offering ride-hailing, food delivery, and financial services across a fast-growing digital economy. With 34 million monthly transacting users and operations in eight countries, Grab benefits from strong network effects and a loyal user base deeply embedded in daily commerce. The company has shifted its focus toward profitability, achieving positive group adjusted EBITDA in 2023—two quarters ahead of schedule—through disciplined cost control, optimized incentives, and increasing operational efficiency.

Grab’s mobility and delivery segments have shown steady growth, with improved take rates and rising contribution margins, while its fintech arm continues to expand through digital banking and payments, supported by rising financial inclusion trends in the region. Management’s commitment to sustained margin improvement and free cash flow generation positions Grab for long-term resilience. Despite macro challenges and intensifying competition, Grab’s scale, ecosystem integration, and deep regional presence provide defensibility and leverage to secular digital adoption tailwinds.

Valuation remains attractive given the company’s improving fundamentals and a potential re-rating as profitability strengthens and cash flow visibility improves. With a solid balance sheet, growing transaction volume, and strong customer engagement, Grab represents a compelling platform play on Southeast Asia’s accelerating digital economy. The investment case is reinforced by management’s prudent execution, operational discipline, and structural growth opportunities across mobility, deliveries, and fintech, suggesting significant upside potential as the company transitions from growth-at-all-costs to sustainable profitability and value creation.

Previously we covered a bullish thesis on Grab Holdings Limited by amitisinvesting in January 2025, which highlighted its regional moat, partnerships, and founder-led execution driving profitability. The company’s stock has appreciated about 10.97% since our coverage as the thesis played out amid improving fundamentals. The thesis still stands as Amits Deep Dives shares a similar view, emphasizing operational discipline and cash flow strength.

Grab Holdings Limited is not on our list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 60 hedge fund portfolios held GRAB at the end of the second quarter which was 56 in the previous quarter. While we acknowledge the potential of GRAB as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy NOW 

Disclosure: None.