Grab Holdings Limited (GRAB): A Bull Case Theory 

We came across a bullish thesis on Grab Holdings Limited on GabGrowth’s Substack. In this article, we will summarize the bulls’ thesis on GRAB. Grab Holdings Limited’s share was trading at $4.4700 as of January 29th. GRAB’s trailing and forward P/E were 226.50 and 50.51, respectively according to Yahoo Finance.

Grab Holdings Limited engages in the provision of superapps in Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam. GRAB reported a solid Q3 2025 performance, with revenue of $873 million, largely in line with estimates, reflecting 22% YoY growth (17% in constant currency), and adjusted EBITDA of $136 million, up 51% YoY.

The company’s ecosystem momentum continues, with On-Demand GMV rising 24% YoY to $5.77 billion and MTUs growing 14% YoY to 47.7 million, while loan portfolio growth accelerated 65% YoY to $821 million, driven by a $3.5 billion annualized run-rate in disbursals. Grab raised its full-year revenue guidance to $3.38–3.40 billion and adjusted EBITDA to $490–500 million, reflecting confidence in its growth trajectory.

Deliveries remains the largest segment, posting 26% YoY GMV growth, supported by product-led initiatives like Saver Deliveries and Group Orders, while mobility, though commoditized, saw transactions grow 30% YoY, with adjusted EBITDA tracking toward the long-term 9% margin target. Financial services (GFin) continues to expand rapidly, improving segment EBITDA margins from -40% to -31%, while leveraging proprietary ecosystem data to extend credit to previously underbanked users.

Emerging businesses like GrabMart, now 10% of Deliveries GMV, and GrabAds, with advertisers up 15% YoY and spend up 41%, are driving high-margin growth and ecosystem monetization. Management emphasized disciplined cost control, improving operating leverage, and strategic capital allocation toward organic growth, selective M&A, and autonomous vehicle initiatives.

While mobility growth remains modest and cash deployment conservative, the core platform flywheel—combining deliveries, financial services, GrabMart, and GrabAds—is accelerating. With strong visibility into 2026 products and a rapidly expanding ecosystem, Grab is well-positioned for sustained revenue growth, higher margins, and long-term shareholder value creation.

Previously, we covered a bullish thesis on Grab Holdings Limited (NASDAQ:GRAB) by amitisinvesting in January 2025, which highlighted the company’s super-app dominance in Southeast Asia, strong financial inclusion efforts, strategic partnership with Uber, and rising profitability. GRAB’s stock price has depreciated by approximately 5.69% since our coverage due to steady operational performance. GabGrowth shares a similar thesis but emphasizes Q3 2025 results, including revenue and EBITDA growth, expanding loan portfolio, and emerging high-margin segments like GrabMart and GrabAds.

Grab Holdings Limited is not on our list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 59 hedge fund portfolios held GRAB at the end of the third quarter which was 60 in the previous quarter. While we acknowledge the risk and potential of GRAB as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than GRAB and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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Disclosure: None.