Sheeeeep personal page - To The Moon

Sheeeeep

Sheeeeep

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07-23

[Happy]

2024-03-31

Tiger BOSS Debit Card - BIG BOSS BASH!

Find out more here:Tiger BOSS Debit Card - BIG BOSS BASH! Grab your friends, win SGD 888*!

Tiger BOSS Debit Card - BIG BOSS BASH!

2024-01-29

[Smile]

2024-01-09

[Smile]

2023-12-29

I prefer to invest in ETF so that I can slack off[LOL] and no need to follow the market v closely .

2023-12-27

$Nikko AM STI ETF(G3B.SI)$ $Nikko AM STI ETF(G3B.SI)$

2022-10-05

[Smile]

2022-03-21

[Smile]

@ChristKitto:Should You Buy Amazon Before Its Stock Split?

2022-02-11

$Rivian Automotive, Inc.(RIVN)$[Facepalm] [Facepalm] [Facepalm] [Facepalm] [Facepalm]

2022-02-10

$NVIDIA Corp(NVDA)$[Smile]

2022-01-02

[Happy]

2021-12-24

Great ariticle, would you like to share it?

S&P 500 hits record close as Omicron fears ebb

2021-09-14

$Altimeter Growth Corp.(AGC)$[Smile]

BRIEF-Grab Holdings Reports Q2 Results

2021-09-14

[Miser]

BRIEF-Grab Holdings Reports Q2 Results

2021-09-13

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@TigerStars:? Tigers of the Week (Sept 2 - Sept 8)

2021-09-06

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An IFRS-Updated Complete And Comprehensive Fundamental Analysis Of Grab And AGC

2021-09-06

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An IFRS-Updated Complete And Comprehensive Fundamental Analysis Of Grab And AGC

2021-08-30

$Altimeter Growth Corp.(AGC)$Hope grab ipo bring me good luck and $$

2021-08-17

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2021-08-09

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BOSS Debit Card - BIG BOSS BASH!","htmlText":"Find out more here:<a href=\"https://tigr.link/782g8o?utm_campaign=AC1707206667589EduMbB&amp;utm_medium=tiger_community&amp;shareID=2c34d40d2f5cf0d662121b273f76a20c&amp;invite=IXBEWA&amp;lang=en_US&amp;platform=android&amp;utm_source=invite\">Tiger BOSS Debit Card - BIG BOSS BASH!</a> Grab your friends, win SGD 888*!","listText":"Find out more here:<a href=\"https://tigr.link/782g8o?utm_campaign=AC1707206667589EduMbB&amp;utm_medium=tiger_community&amp;shareID=2c34d40d2f5cf0d662121b273f76a20c&amp;invite=IXBEWA&amp;lang=en_US&amp;platform=android&amp;utm_source=invite\">Tiger BOSS Debit Card - BIG BOSS BASH!</a> Grab your friends, win SGD 888*!","text":"Find out more here:Tiger BOSS Debit Card - BIG BOSS BASH! Grab your friends, win SGD 888*!","images":[],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/290245505958176","isVote":1,"tweetType":1,"viewCount":2648,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":268141159297312,"gmtCreate":1706495237361,"gmtModify":1706495241990,"author":{"id":"3583137009388827","authorId":"3583137009388827","name":"Sheeeeep","avatar":"https://static.tigerbbs.com/27923972e21afd7321c7974dd54a3fa0","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3583137009388827","authorIdStr":"3583137009388827"},"themes":[],"htmlText":"[Smile]&nbsp;&nbsp;","listText":"[Smile]&nbsp;&nbsp;","text":"[Smile]","images":[{"img":"https://community-static.tradeup.com/news/7cab3872a36753f503a802d63988e262","width":"750","height":"984"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/268141159297312","isVote":1,"tweetType":1,"viewCount":1812,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":261119955874072,"gmtCreate":1704760353390,"gmtModify":1704760357038,"author":{"id":"3583137009388827","authorId":"3583137009388827","name":"Sheeeeep","avatar":"https://static.tigerbbs.com/27923972e21afd7321c7974dd54a3fa0","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3583137009388827","authorIdStr":"3583137009388827"},"themes":[],"htmlText":"[Smile]&nbsp;&nbsp;","listText":"[Smile]&nbsp;&nbsp;","text":"[Smile]","images":[{"img":"https://community-static.tradeup.com/news/a2fe27051b1a2ba0b9f8ff5a7e27649a","width":"750","height":"984"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/261119955874072","isVote":1,"tweetType":1,"viewCount":2188,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":257110493561024,"gmtCreate":1703805013647,"gmtModify":1703805019175,"author":{"id":"3583137009388827","authorId":"3583137009388827","name":"Sheeeeep","avatar":"https://static.tigerbbs.com/27923972e21afd7321c7974dd54a3fa0","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3583137009388827","authorIdStr":"3583137009388827"},"themes":[],"htmlText":"I prefer to invest in ETF so that I can slack off[LOL]&nbsp;&nbsp;and no need to follow the market v closely .","listText":"I prefer to invest in ETF so that I can slack off[LOL]&nbsp;&nbsp;and no need to follow the market v closely .","text":"I prefer to invest in ETF so that I can slack off[LOL] and no need to follow the market v closely .","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/257110493561024","isVote":1,"tweetType":1,"viewCount":2532,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":256536968745256,"gmtCreate":1703650377988,"gmtModify":1703650381815,"author":{"id":"3583137009388827","authorId":"3583137009388827","name":"Sheeeeep","avatar":"https://static.tigerbbs.com/27923972e21afd7321c7974dd54a3fa0","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3583137009388827","authorIdStr":"3583137009388827"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/G3B.SI\">$Nikko AM STI ETF(G3B.SI)$&nbsp;</a><a href=\"https://ttm.financial/S/G3B.SI\">$Nikko AM STI ETF(G3B.SI)$&nbsp;</a>","listText":"<a href=\"https://ttm.financial/S/G3B.SI\">$Nikko AM STI ETF(G3B.SI)$&nbsp;</a><a href=\"https://ttm.financial/S/G3B.SI\">$Nikko AM STI ETF(G3B.SI)$&nbsp;</a>","text":"$Nikko AM STI ETF(G3B.SI)$ $Nikko AM STI ETF(G3B.SI)$","images":[{"img":"https://community-static.tradeup.com/news/28f91614ec07e8b7cbddc1717f25293d","width":"348","height":"561"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/256536968745256","isVote":1,"tweetType":1,"viewCount":2228,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9915033050,"gmtCreate":1664926027170,"gmtModify":1676537528556,"author":{"id":"3583137009388827","authorId":"3583137009388827","name":"Sheeeeep","avatar":"https://static.tigerbbs.com/27923972e21afd7321c7974dd54a3fa0","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3583137009388827","authorIdStr":"3583137009388827"},"themes":[],"htmlText":"[Smile]&nbsp;","listText":"[Smile]&nbsp;","text":"[Smile]","images":[{"img":"https://community-static.tradeup.com/news/7dfb1e2a07a4e4b4705737079eef758e","width":"750","height":"984"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9915033050","isVote":1,"tweetType":1,"viewCount":3184,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9034801561,"gmtCreate":1647840824264,"gmtModify":1676534270798,"author":{"id":"3583137009388827","authorId":"3583137009388827","name":"Sheeeeep","avatar":"https://static.tigerbbs.com/27923972e21afd7321c7974dd54a3fa0","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3583137009388827","authorIdStr":"3583137009388827"},"themes":[],"htmlText":"[Smile]&nbsp;","listText":"[Smile]&nbsp;","text":"[Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9034801561","repostId":"9035634925","repostType":1,"repost":{"id":9035634925,"gmtCreate":1647577072546,"gmtModify":1676534246982,"author":{"id":"9000000000000652","authorId":"9000000000000652","name":"ChristKitto","avatar":"https://static.tigerbbs.com/4978f4a510bcf43d5d844a52ae86fd92","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"9000000000000652","authorIdStr":"9000000000000652"},"themes":[],"title":"Should You Buy Amazon Before Its Stock Split?","htmlText":"Amazon<a href=\"https://laohu8.com/S/AMZN\">$Amazon.com(AMZN)$</a> recently announced a 20-for-1 stock split.&nbsp;Shareholders of record at the market close on May 27 will receive 19 additional shares for every share they own. The split will go into effect on June 6. Unfortunately, the extra shares are not free. Shareholders get more shares, but the stock price is adjusted proportionally so that the value of the investment stays the same. Nonetheless, the lower stock price will make it easier for investors to buy a single share. If the stock split went into effect today, it means Amazon's share price would trade for about $145.&nbsp;In the very near term, the lower share price could theoretically boost demand for the stock and send it a few points higher. However, investors should bear in m","listText":"Amazon<a href=\"https://laohu8.com/S/AMZN\">$Amazon.com(AMZN)$</a> recently announced a 20-for-1 stock split.&nbsp;Shareholders of record at the market close on May 27 will receive 19 additional shares for every share they own. The split will go into effect on June 6. Unfortunately, the extra shares are not free. Shareholders get more shares, but the stock price is adjusted proportionally so that the value of the investment stays the same. Nonetheless, the lower stock price will make it easier for investors to buy a single share. If the stock split went into effect today, it means Amazon's share price would trade for about $145.&nbsp;In the very near term, the lower share price could theoretically boost demand for the stock and send it a few points higher. However, investors should bear in m","text":"Amazon$Amazon.com(AMZN)$ recently announced a 20-for-1 stock split. Shareholders of record at the market close on May 27 will receive 19 additional shares for every share they own. The split will go into effect on June 6. Unfortunately, the extra shares are not free. Shareholders get more shares, but the stock price is adjusted proportionally so that the value of the investment stays the same. Nonetheless, the lower stock price will make it easier for investors to buy a single share. If the stock split went into effect today, it means Amazon's share price would trade for about $145. In the very near term, the lower share price could theoretically boost demand for the stock and send it a few points higher. However, investors should bear in m","images":[{"img":"https://community-static.tradeup.com/news/fc167fdd55bb9b0760cab9b0836d724f","width":"-1","height":"-1"}],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9035634925","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":2,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2814,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9092342313,"gmtCreate":1644543177151,"gmtModify":1676533939213,"author":{"id":"3583137009388827","authorId":"3583137009388827","name":"Sheeeeep","avatar":"https://static.tigerbbs.com/27923972e21afd7321c7974dd54a3fa0","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3583137009388827","authorIdStr":"3583137009388827"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/RIVN\">$Rivian Automotive, Inc.(RIVN)$</a>[Facepalm]&nbsp;[Facepalm]&nbsp;[Facepalm]&nbsp;[Facepalm]&nbsp;[Facepalm]&nbsp;","listText":"<a href=\"https://ttm.financial/S/RIVN\">$Rivian Automotive, Inc.(RIVN)$</a>[Facepalm]&nbsp;[Facepalm]&nbsp;[Facepalm]&nbsp;[Facepalm]&nbsp;[Facepalm]&nbsp;","text":"$Rivian Automotive, Inc.(RIVN)$[Facepalm] [Facepalm] [Facepalm] [Facepalm] [Facepalm]","images":[{"img":"https://static.itradeup.com/news/741d0785cb27b64b7d880e8b46b944ce","width":"828","height":"1632"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":1,"link":"https://ttm.financial/post/9092342313","isVote":1,"tweetType":1,"viewCount":2119,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9092902255,"gmtCreate":1644503688057,"gmtModify":1676533934290,"author":{"id":"3583137009388827","authorId":"3583137009388827","name":"Sheeeeep","avatar":"https://static.tigerbbs.com/27923972e21afd7321c7974dd54a3fa0","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3583137009388827","authorIdStr":"3583137009388827"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/NVDA\">$NVIDIA Corp(NVDA)$</a>[Smile]&nbsp;","listText":"<a href=\"https://ttm.financial/S/NVDA\">$NVIDIA Corp(NVDA)$</a>[Smile]&nbsp;","text":"$NVIDIA Corp(NVDA)$[Smile]","images":[{"img":"https://static.itradeup.com/news/314b316160ea8b4d53e57169064b8624","width":"828","height":"1632"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9092902255","isVote":1,"tweetType":1,"viewCount":2638,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9003456435,"gmtCreate":1641058235977,"gmtModify":1676533568455,"author":{"id":"3583137009388827","authorId":"3583137009388827","name":"Sheeeeep","avatar":"https://static.tigerbbs.com/27923972e21afd7321c7974dd54a3fa0","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3583137009388827","authorIdStr":"3583137009388827"},"themes":[],"htmlText":"[Happy]&nbsp;","listText":"[Happy]&nbsp;","text":"[Happy]","images":[{"img":"https://static.itradeup.com/news/38edf86c702ca558b2246a1c213e18ac","width":"750","height":"984"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9003456435","isVote":1,"tweetType":1,"viewCount":1631,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9000757794,"gmtCreate":1640321151862,"gmtModify":1676533516486,"author":{"id":"3583137009388827","authorId":"3583137009388827","name":"Sheeeeep","avatar":"https://static.tigerbbs.com/27923972e21afd7321c7974dd54a3fa0","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3583137009388827","authorIdStr":"3583137009388827"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9000757794","repostId":"2193078140","repostType":4,"repost":{"id":"2193078140","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1640299360,"share":"https://ttm.financial/m/news/2193078140?lang=en_US&edition=fundamental","pubTime":"2021-12-24 06:42","market":"us","language":"en","title":"S&P 500 hits record close as Omicron fears ebb","url":"https://stock-news.laohu8.com/highlight/detail?id=2193078140","media":"Reuters","summary":"* Major indexes climb for 3rd straight session\n* Merck's at-home COVID-19 pill gets U.S. approval\n* ","content":"<p>* Major indexes climb for 3rd straight session</p>\n<p>* Merck's at-home COVID-19 pill gets U.S. approval</p>\n<p>* Weekly jobless claims unchanged at 205,000</p>\n<p>* Consumer spending increases 0.6% in November</p>\n<p>* Indexes up: Dow 0.55%, S&amp;P 0.62%, Nasdaq 0.85%</p>\n<p>Dec 23 (Reuters) - Wall Street's main indexes posted solid gains for a third straight session on Thursday, with the S&amp;P 500 marking a record-high close, as encouraging developments gave investors more ease about the economic impact of the Omicron coronavirus variant.</p>\n<p>Stocks ended the holiday-shortened week on a positive note, lifting sentiment heading into Christmas. Gains were broad among S&amp;P 500 sectors, led by consumer discretionary&nbsp;and industrials, which both rose about 1.2%.</p>\n<p>Vaccine makers <a href=\"https://laohu8.com/S/AZNCF\">AstraZeneca Plc</a>&nbsp;and Novavax Inc&nbsp;said their shots protected against Omicron as UK data suggested it may cause proportionally fewer hospital cases than the Delta variant, though public health experts warned the battle against COVID-19 was far from over.</p>\n<p>The arrival of Omicron has helped ratchet up market volatility for much of the last month of 2021, which has been a strong year for equities.</p>\n<p>“There was a lot of negative sentiment coming into the final part of the year, and investors have likely continued to see pretty strong economic growth and pretty positive developments as it relates to healthcare innovation around COVID and that is putting in a bit of a bid into equities and causing investors to look to allocate capital as they close out the year,” said Matthew Miskin, co-chief investment strategist at John Hancock Investment Management.</p>\n<p>The Dow Jones Industrial Average&nbsp;rose 196.67 points, or 0.55%, to 35,950.56, the S&amp;P 500&nbsp;gained 29.23 points, or 0.62%, to 4,725.79 and the Nasdaq Composite&nbsp;added 131.48 points, or 0.85%, to 15,653.37.</p>\n<p>Defensive sectors, which have mostly outperformed in December, generally lagged on Thursday. The real estate sector&nbsp;fell 0.4%.</p>\n<p>The S&amp;P 500 has gained for three days, after falling in the three prior sessions.</p>\n<p>“People are seeing the strength on Tuesday and Wednesday and all of a sudden everybody is more optimistic again,” said Robert Pavlik, senior portfolio manager at Dakota Wealth Management.</p>\n<p>For the week, the S&amp;P 500 rose 2.3%, the Dow gained about 1.7% and the Nasdaq climbed 3.2%.</p>\n<p>Trading volumes were expected to be thinner than usual ahead of the Christmas and New Year holidays. The stock market will be closed on Friday in observance of the Christmas holiday.</p>\n<p>In another medical development against the pandemic, the United States authorized Merck &amp; Co's&nbsp;antiviral pill for COVID-19 for certain high-risk adult patients, a day after giving a broader go-ahead to a similar but more effective treatment from Pfizer Inc. Merck shares fell 0.6%, while Pfizer dropped 1.4%.</p>\n<p>The number of Americans filing new claims for unemployment benefits held below pre-pandemic levels last week as the labor market tightens, while consumer spending increased solidly, putting the economy on track for a strong finish to 2021.</p>\n<p>Tesla Inc&nbsp;shares rose 5.8%, gaining sharply for a second day after Chief Executive Elon Musk said on Wednesday he was \"almost done\" with his stock sales after selling over $15 billion worth since early November.</p>\n<p>The S&amp;P 500 is up about 26% so far this year. Still, the environment for equities could be changing heading into next year as the Federal Reserve is expected to begin raising interest rates in 2022.</p>\n<p>Advancing issues outnumbered declining ones on the NYSE by a 2.40-to-1 ratio; on Nasdaq, a 2.22-to-1 ratio favored advancers.</p>\n<p>The S&amp;P 500 posted 35 new 52-week highs and no new lows; the Nasdaq Composite recorded 62 new highs and 80 new lows.</p>\n<p>About 8 billion shares changed hands in U.S. exchanges, compared with the 11.8 billion daily average over the last 20 sessions.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>S&P 500 hits record close as Omicron fears ebb</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nS&P 500 hits record close as Omicron fears ebb\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-12-24 06:42</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>* Major indexes climb for 3rd straight session</p>\n<p>* Merck's at-home COVID-19 pill gets U.S. approval</p>\n<p>* Weekly jobless claims unchanged at 205,000</p>\n<p>* Consumer spending increases 0.6% in November</p>\n<p>* Indexes up: Dow 0.55%, S&amp;P 0.62%, Nasdaq 0.85%</p>\n<p>Dec 23 (Reuters) - Wall Street's main indexes posted solid gains for a third straight session on Thursday, with the S&amp;P 500 marking a record-high close, as encouraging developments gave investors more ease about the economic impact of the Omicron coronavirus variant.</p>\n<p>Stocks ended the holiday-shortened week on a positive note, lifting sentiment heading into Christmas. Gains were broad among S&amp;P 500 sectors, led by consumer discretionary&nbsp;and industrials, which both rose about 1.2%.</p>\n<p>Vaccine makers <a href=\"https://laohu8.com/S/AZNCF\">AstraZeneca Plc</a>&nbsp;and Novavax Inc&nbsp;said their shots protected against Omicron as UK data suggested it may cause proportionally fewer hospital cases than the Delta variant, though public health experts warned the battle against COVID-19 was far from over.</p>\n<p>The arrival of Omicron has helped ratchet up market volatility for much of the last month of 2021, which has been a strong year for equities.</p>\n<p>“There was a lot of negative sentiment coming into the final part of the year, and investors have likely continued to see pretty strong economic growth and pretty positive developments as it relates to healthcare innovation around COVID and that is putting in a bit of a bid into equities and causing investors to look to allocate capital as they close out the year,” said Matthew Miskin, co-chief investment strategist at John Hancock Investment Management.</p>\n<p>The Dow Jones Industrial Average&nbsp;rose 196.67 points, or 0.55%, to 35,950.56, the S&amp;P 500&nbsp;gained 29.23 points, or 0.62%, to 4,725.79 and the Nasdaq Composite&nbsp;added 131.48 points, or 0.85%, to 15,653.37.</p>\n<p>Defensive sectors, which have mostly outperformed in December, generally lagged on Thursday. The real estate sector&nbsp;fell 0.4%.</p>\n<p>The S&amp;P 500 has gained for three days, after falling in the three prior sessions.</p>\n<p>“People are seeing the strength on Tuesday and Wednesday and all of a sudden everybody is more optimistic again,” said Robert Pavlik, senior portfolio manager at Dakota Wealth Management.</p>\n<p>For the week, the S&amp;P 500 rose 2.3%, the Dow gained about 1.7% and the Nasdaq climbed 3.2%.</p>\n<p>Trading volumes were expected to be thinner than usual ahead of the Christmas and New Year holidays. The stock market will be closed on Friday in observance of the Christmas holiday.</p>\n<p>In another medical development against the pandemic, the United States authorized Merck &amp; Co's&nbsp;antiviral pill for COVID-19 for certain high-risk adult patients, a day after giving a broader go-ahead to a similar but more effective treatment from Pfizer Inc. Merck shares fell 0.6%, while Pfizer dropped 1.4%.</p>\n<p>The number of Americans filing new claims for unemployment benefits held below pre-pandemic levels last week as the labor market tightens, while consumer spending increased solidly, putting the economy on track for a strong finish to 2021.</p>\n<p>Tesla Inc&nbsp;shares rose 5.8%, gaining sharply for a second day after Chief Executive Elon Musk said on Wednesday he was \"almost done\" with his stock sales after selling over $15 billion worth since early November.</p>\n<p>The S&amp;P 500 is up about 26% so far this year. Still, the environment for equities could be changing heading into next year as the Federal Reserve is expected to begin raising interest rates in 2022.</p>\n<p>Advancing issues outnumbered declining ones on the NYSE by a 2.40-to-1 ratio; on Nasdaq, a 2.22-to-1 ratio favored advancers.</p>\n<p>The S&amp;P 500 posted 35 new 52-week highs and no new lows; the Nasdaq Composite recorded 62 new highs and 80 new lows.</p>\n<p>About 8 billion shares changed hands in U.S. exchanges, compared with the 11.8 billion daily average over the last 20 sessions.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"161125":"标普500","513500":"标普500ETF","SH":"做空标普500-Proshares","BK4504":"桥水持仓","BK4559":"巴菲特持仓","SDS":"两倍做空标普500 ETF-ProShares","OEF":"标普100指数ETF-iShares","SSO":"2倍做多标普500ETF-ProShares","OEX":"标普100","BK4550":"红杉资本持仓",".IXIC":"NASDAQ Composite",".DJI":"道琼斯","SPXU":"三倍做空标普500ETF-ProShares","UPRO":"三倍做多标普500ETF-ProShares",".SPX":"S&P 500 Index","BK4534":"瑞士信贷持仓","IVV":"标普500ETF-iShares","SPY":"标普500ETF"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2193078140","content_text":"* Major indexes climb for 3rd straight session\n* Merck's at-home COVID-19 pill gets U.S. approval\n* Weekly jobless claims unchanged at 205,000\n* Consumer spending increases 0.6% in November\n* Indexes up: Dow 0.55%, S&P 0.62%, Nasdaq 0.85%\nDec 23 (Reuters) - Wall Street's main indexes posted solid gains for a third straight session on Thursday, with the S&P 500 marking a record-high close, as encouraging developments gave investors more ease about the economic impact of the Omicron coronavirus variant.\nStocks ended the holiday-shortened week on a positive note, lifting sentiment heading into Christmas. Gains were broad among S&P 500 sectors, led by consumer discretionary and industrials, which both rose about 1.2%.\nVaccine makers AstraZeneca Plc and Novavax Inc said their shots protected against Omicron as UK data suggested it may cause proportionally fewer hospital cases than the Delta variant, though public health experts warned the battle against COVID-19 was far from over.\nThe arrival of Omicron has helped ratchet up market volatility for much of the last month of 2021, which has been a strong year for equities.\n“There was a lot of negative sentiment coming into the final part of the year, and investors have likely continued to see pretty strong economic growth and pretty positive developments as it relates to healthcare innovation around COVID and that is putting in a bit of a bid into equities and causing investors to look to allocate capital as they close out the year,” said Matthew Miskin, co-chief investment strategist at John Hancock Investment Management.\nThe Dow Jones Industrial Average rose 196.67 points, or 0.55%, to 35,950.56, the S&P 500 gained 29.23 points, or 0.62%, to 4,725.79 and the Nasdaq Composite added 131.48 points, or 0.85%, to 15,653.37.\nDefensive sectors, which have mostly outperformed in December, generally lagged on Thursday. The real estate sector fell 0.4%.\nThe S&P 500 has gained for three days, after falling in the three prior sessions.\n“People are seeing the strength on Tuesday and Wednesday and all of a sudden everybody is more optimistic again,” said Robert Pavlik, senior portfolio manager at Dakota Wealth Management.\nFor the week, the S&P 500 rose 2.3%, the Dow gained about 1.7% and the Nasdaq climbed 3.2%.\nTrading volumes were expected to be thinner than usual ahead of the Christmas and New Year holidays. The stock market will be closed on Friday in observance of the Christmas holiday.\nIn another medical development against the pandemic, the United States authorized Merck & Co's antiviral pill for COVID-19 for certain high-risk adult patients, a day after giving a broader go-ahead to a similar but more effective treatment from Pfizer Inc. Merck shares fell 0.6%, while Pfizer dropped 1.4%.\nThe number of Americans filing new claims for unemployment benefits held below pre-pandemic levels last week as the labor market tightens, while consumer spending increased solidly, putting the economy on track for a strong finish to 2021.\nTesla Inc shares rose 5.8%, gaining sharply for a second day after Chief Executive Elon Musk said on Wednesday he was \"almost done\" with his stock sales after selling over $15 billion worth since early November.\nThe S&P 500 is up about 26% so far this year. Still, the environment for equities could be changing heading into next year as the Federal Reserve is expected to begin raising interest rates in 2022.\nAdvancing issues outnumbered declining ones on the NYSE by a 2.40-to-1 ratio; on Nasdaq, a 2.22-to-1 ratio favored advancers.\nThe S&P 500 posted 35 new 52-week highs and no new lows; the Nasdaq Composite recorded 62 new highs and 80 new lows.\nAbout 8 billion shares changed hands in U.S. exchanges, compared with the 11.8 billion daily average over the last 20 sessions.","news_type":1,"symbols_score_info":{"161125":0.9,"513500":0.9,"UPRO":0.9,"SDS":0.9,"OEF":0.9,".IXIC":0.9,".DJI":0.9,"SPY":0.9,"SPXU":0.9,"IVV":0.9,"SH":0.9,".SPX":0.9,"SSO":0.9,"OEX":0.9,"ESmain":0.9}},"isVote":1,"tweetType":1,"viewCount":1218,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":886890816,"gmtCreate":1631578529535,"gmtModify":1676530578857,"author":{"id":"3583137009388827","authorId":"3583137009388827","name":"Sheeeeep","avatar":"https://static.tigerbbs.com/27923972e21afd7321c7974dd54a3fa0","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3583137009388827","authorIdStr":"3583137009388827"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AGC\">$Altimeter Growth Corp.(AGC)$</a>[Smile]&nbsp;","listText":"<a href=\"https://laohu8.com/S/AGC\">$Altimeter Growth Corp.(AGC)$</a>[Smile]&nbsp;","text":"$Altimeter Growth Corp.(AGC)$[Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/886890816","repostId":"2167953360","repostType":2,"repost":{"id":"2167953360","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1631570404,"share":"https://ttm.financial/m/news/2167953360?lang=en_US&edition=fundamental","pubTime":"2021-09-14 06:00","market":"us","language":"en","title":"BRIEF-Grab Holdings Reports Q2 Results","url":"https://stock-news.laohu8.com/highlight/detail?id=2167953360","media":"Reuters","summary":"Sept 13 (Reuters) - GRAB HOLDINGS:    * GRAB HOLDINGS SAYS Q2 ADJUSTED NET SALES REACHED $550 MILLIO","content":"<html><body><p>Sept 13 (Reuters) - GRAB HOLDINGS: </p><p>   * GRAB HOLDINGS SAYS Q2 ADJUSTED NET SALES REACHED $550 MILLION, UP 92%; Q2 REVENUE GREW TO $180 MILLION, UP 132%</p><p>   * GRAB HOLDINGS SAYS Q2 SPEND PER USER INCREASED BY 27%</p><p>   * GRAB HOLDINGS SAYS Q2 GROSS MERCHANDISE VALUE WAS $3.9 BILLION, UP 62%</p><p>   * GRAB HOLDINGS SAYS Q2 NET LOSS WAS $815 MILLION VERSUS $718 MILLION</p><p>   * GRAB HOLDINGS SAYS EXPECTS DEMAND FOR MOBILITY SERVICES TO IMPROVE IN COMING QTRS AS VACCINATION RATES INCREASE ACROSS THE REGION</p><p>   * GRAB HOLDINGS SAYS AS OF JUNE 30, 2021, HAD CASH LIQUIDITY OF $5.3 BILLION, AN INCREASE OF $1.6 BILLION FROM $3.7 BILLION AS OF DEC 31, 2020</p><p>   * GRAB HOLDINGS SAYS REMAINS CAUTIOUS OF RENEWED UNCERTAINTY OF MOVEMENT RESTRICTIONS IN SOUTHEAST ASIA RELATED TO COVID-19</p><p>   * GRAB HOLDINGS SAYS CURRENTLY EXPECTS FY 2021 GROUP-LEVEL GROSS MERCHANDISE VALUES OF $15.0 BILLION - $15.5 BILLION</p><p>   * GRAB HOLDINGS - SEES FY 2021 GROUP-LEVEL ADJUSTED NET SALES OF $2.1 BILLION - $2.2 BILLION; SEES FY 2021 GROUP-LEVEL ADJUSTED EBITDA LOSS OF $0.9 BILLION - $0.7 BILLION</p><p>Source text for Eikon:    Further company coverage:   </p><p> ((Reuters.Briefs@thomsonreuters.com;))</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>BRIEF-Grab Holdings Reports Q2 Results</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; 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height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBRIEF-Grab Holdings Reports Q2 Results\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-09-14 06:00</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><p>Sept 13 (Reuters) - GRAB HOLDINGS: </p><p>   * GRAB HOLDINGS SAYS Q2 ADJUSTED NET SALES REACHED $550 MILLION, UP 92%; Q2 REVENUE GREW TO $180 MILLION, UP 132%</p><p>   * GRAB HOLDINGS SAYS Q2 SPEND PER USER INCREASED BY 27%</p><p>   * GRAB HOLDINGS SAYS Q2 GROSS MERCHANDISE VALUE WAS $3.9 BILLION, UP 62%</p><p>   * GRAB HOLDINGS SAYS Q2 NET LOSS WAS $815 MILLION VERSUS $718 MILLION</p><p>   * GRAB HOLDINGS SAYS EXPECTS DEMAND FOR MOBILITY SERVICES TO IMPROVE IN COMING QTRS AS VACCINATION RATES INCREASE ACROSS THE REGION</p><p>   * GRAB HOLDINGS SAYS AS OF JUNE 30, 2021, HAD CASH LIQUIDITY OF $5.3 BILLION, AN INCREASE OF $1.6 BILLION FROM $3.7 BILLION AS OF DEC 31, 2020</p><p>   * GRAB HOLDINGS SAYS REMAINS CAUTIOUS OF RENEWED UNCERTAINTY OF MOVEMENT RESTRICTIONS IN SOUTHEAST ASIA RELATED TO COVID-19</p><p>   * GRAB HOLDINGS SAYS CURRENTLY EXPECTS FY 2021 GROUP-LEVEL GROSS MERCHANDISE VALUES OF $15.0 BILLION - $15.5 BILLION</p><p>   * GRAB HOLDINGS - SEES FY 2021 GROUP-LEVEL ADJUSTED NET SALES OF $2.1 BILLION - $2.2 BILLION; SEES FY 2021 GROUP-LEVEL ADJUSTED EBITDA LOSS OF $0.9 BILLION - $0.7 BILLION</p><p>Source text for Eikon:    Further company coverage:   </p><p> ((Reuters.Briefs@thomsonreuters.com;))</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"QTWO":"Q2 Holdings Inc"},"source_url":"http://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2167953360","content_text":"Sept 13 (Reuters) - GRAB HOLDINGS:    * GRAB HOLDINGS SAYS Q2 ADJUSTED NET SALES REACHED $550 MILLION, UP 92%; Q2 REVENUE GREW TO $180 MILLION, UP 132%   * GRAB HOLDINGS SAYS Q2 SPEND PER USER INCREASED BY 27%   * GRAB HOLDINGS SAYS Q2 GROSS MERCHANDISE VALUE WAS $3.9 BILLION, UP 62%   * GRAB HOLDINGS SAYS Q2 NET LOSS WAS $815 MILLION VERSUS $718 MILLION   * GRAB HOLDINGS SAYS EXPECTS DEMAND FOR MOBILITY SERVICES TO IMPROVE IN COMING QTRS AS VACCINATION RATES INCREASE ACROSS THE REGION   * GRAB HOLDINGS SAYS AS OF JUNE 30, 2021, HAD CASH LIQUIDITY OF $5.3 BILLION, AN INCREASE OF $1.6 BILLION FROM $3.7 BILLION AS OF DEC 31, 2020   * GRAB HOLDINGS SAYS REMAINS CAUTIOUS OF RENEWED UNCERTAINTY OF MOVEMENT RESTRICTIONS IN SOUTHEAST ASIA RELATED TO COVID-19   * GRAB HOLDINGS SAYS CURRENTLY EXPECTS FY 2021 GROUP-LEVEL GROSS MERCHANDISE VALUES OF $15.0 BILLION - $15.5 BILLION   * GRAB HOLDINGS - SEES FY 2021 GROUP-LEVEL ADJUSTED NET SALES OF $2.1 BILLION - $2.2 BILLION; SEES FY 2021 GROUP-LEVEL ADJUSTED EBITDA LOSS OF $0.9 BILLION - $0.7 BILLIONSource text for Eikon:    Further company coverage:    ((Reuters.Briefs@thomsonreuters.com;))","news_type":1,"symbols_score_info":{"QTWO":1,"AGC":0.9}},"isVote":1,"tweetType":1,"viewCount":624,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":886807488,"gmtCreate":1631578501044,"gmtModify":1676530578839,"author":{"id":"3583137009388827","authorId":"3583137009388827","name":"Sheeeeep","avatar":"https://static.tigerbbs.com/27923972e21afd7321c7974dd54a3fa0","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3583137009388827","authorIdStr":"3583137009388827"},"themes":[],"htmlText":"[Miser]&nbsp;","listText":"[Miser]&nbsp;","text":"[Miser]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/886807488","repostId":"2167953360","repostType":2,"repost":{"id":"2167953360","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1631570404,"share":"https://ttm.financial/m/news/2167953360?lang=en_US&edition=fundamental","pubTime":"2021-09-14 06:00","market":"us","language":"en","title":"BRIEF-Grab Holdings Reports Q2 Results","url":"https://stock-news.laohu8.com/highlight/detail?id=2167953360","media":"Reuters","summary":"Sept 13 (Reuters) - GRAB HOLDINGS:    * GRAB HOLDINGS SAYS Q2 ADJUSTED NET SALES REACHED $550 MILLIO","content":"<html><body><p>Sept 13 (Reuters) - GRAB HOLDINGS: </p><p>   * GRAB HOLDINGS SAYS Q2 ADJUSTED NET SALES REACHED $550 MILLION, UP 92%; Q2 REVENUE GREW TO $180 MILLION, UP 132%</p><p>   * GRAB HOLDINGS SAYS Q2 SPEND PER USER INCREASED BY 27%</p><p>   * GRAB HOLDINGS SAYS Q2 GROSS MERCHANDISE VALUE WAS $3.9 BILLION, UP 62%</p><p>   * GRAB HOLDINGS SAYS Q2 NET LOSS WAS $815 MILLION VERSUS $718 MILLION</p><p>   * GRAB HOLDINGS SAYS EXPECTS DEMAND FOR MOBILITY SERVICES TO IMPROVE IN COMING QTRS AS VACCINATION RATES INCREASE ACROSS THE REGION</p><p>   * GRAB HOLDINGS SAYS AS OF JUNE 30, 2021, HAD CASH LIQUIDITY OF $5.3 BILLION, AN INCREASE OF $1.6 BILLION FROM $3.7 BILLION AS OF DEC 31, 2020</p><p>   * GRAB HOLDINGS SAYS REMAINS CAUTIOUS OF RENEWED UNCERTAINTY OF MOVEMENT RESTRICTIONS IN SOUTHEAST ASIA RELATED TO COVID-19</p><p>   * GRAB HOLDINGS SAYS CURRENTLY EXPECTS FY 2021 GROUP-LEVEL GROSS MERCHANDISE VALUES OF $15.0 BILLION - $15.5 BILLION</p><p>   * GRAB HOLDINGS - SEES FY 2021 GROUP-LEVEL ADJUSTED NET SALES OF $2.1 BILLION - $2.2 BILLION; SEES FY 2021 GROUP-LEVEL ADJUSTED EBITDA LOSS OF $0.9 BILLION - $0.7 BILLION</p><p>Source text for Eikon:    Further company coverage:   </p><p> ((Reuters.Briefs@thomsonreuters.com;))</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>BRIEF-Grab Holdings Reports Q2 Results</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; 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height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBRIEF-Grab Holdings Reports Q2 Results\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-09-14 06:00</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><p>Sept 13 (Reuters) - GRAB HOLDINGS: </p><p>   * GRAB HOLDINGS SAYS Q2 ADJUSTED NET SALES REACHED $550 MILLION, UP 92%; Q2 REVENUE GREW TO $180 MILLION, UP 132%</p><p>   * GRAB HOLDINGS SAYS Q2 SPEND PER USER INCREASED BY 27%</p><p>   * GRAB HOLDINGS SAYS Q2 GROSS MERCHANDISE VALUE WAS $3.9 BILLION, UP 62%</p><p>   * GRAB HOLDINGS SAYS Q2 NET LOSS WAS $815 MILLION VERSUS $718 MILLION</p><p>   * GRAB HOLDINGS SAYS EXPECTS DEMAND FOR MOBILITY SERVICES TO IMPROVE IN COMING QTRS AS VACCINATION RATES INCREASE ACROSS THE REGION</p><p>   * GRAB HOLDINGS SAYS AS OF JUNE 30, 2021, HAD CASH LIQUIDITY OF $5.3 BILLION, AN INCREASE OF $1.6 BILLION FROM $3.7 BILLION AS OF DEC 31, 2020</p><p>   * GRAB HOLDINGS SAYS REMAINS CAUTIOUS OF RENEWED UNCERTAINTY OF MOVEMENT RESTRICTIONS IN SOUTHEAST ASIA RELATED TO COVID-19</p><p>   * GRAB HOLDINGS SAYS CURRENTLY EXPECTS FY 2021 GROUP-LEVEL GROSS MERCHANDISE VALUES OF $15.0 BILLION - $15.5 BILLION</p><p>   * GRAB HOLDINGS - SEES FY 2021 GROUP-LEVEL ADJUSTED NET SALES OF $2.1 BILLION - $2.2 BILLION; SEES FY 2021 GROUP-LEVEL ADJUSTED EBITDA LOSS OF $0.9 BILLION - $0.7 BILLION</p><p>Source text for Eikon:    Further company coverage:   </p><p> ((Reuters.Briefs@thomsonreuters.com;))</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"QTWO":"Q2 Holdings Inc"},"source_url":"http://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2167953360","content_text":"Sept 13 (Reuters) - GRAB HOLDINGS:    * GRAB HOLDINGS SAYS Q2 ADJUSTED NET SALES REACHED $550 MILLION, UP 92%; Q2 REVENUE GREW TO $180 MILLION, UP 132%   * GRAB HOLDINGS SAYS Q2 SPEND PER USER INCREASED BY 27%   * GRAB HOLDINGS SAYS Q2 GROSS MERCHANDISE VALUE WAS $3.9 BILLION, UP 62%   * GRAB HOLDINGS SAYS Q2 NET LOSS WAS $815 MILLION VERSUS $718 MILLION   * GRAB HOLDINGS SAYS EXPECTS DEMAND FOR MOBILITY SERVICES TO IMPROVE IN COMING QTRS AS VACCINATION RATES INCREASE ACROSS THE REGION   * GRAB HOLDINGS SAYS AS OF JUNE 30, 2021, HAD CASH LIQUIDITY OF $5.3 BILLION, AN INCREASE OF $1.6 BILLION FROM $3.7 BILLION AS OF DEC 31, 2020   * GRAB HOLDINGS SAYS REMAINS CAUTIOUS OF RENEWED UNCERTAINTY OF MOVEMENT RESTRICTIONS IN SOUTHEAST ASIA RELATED TO COVID-19   * GRAB HOLDINGS SAYS CURRENTLY EXPECTS FY 2021 GROUP-LEVEL GROSS MERCHANDISE VALUES OF $15.0 BILLION - $15.5 BILLION   * GRAB HOLDINGS - SEES FY 2021 GROUP-LEVEL ADJUSTED NET SALES OF $2.1 BILLION - $2.2 BILLION; SEES FY 2021 GROUP-LEVEL ADJUSTED EBITDA LOSS OF $0.9 BILLION - $0.7 BILLIONSource text for Eikon:    Further company coverage:    ((Reuters.Briefs@thomsonreuters.com;))","news_type":1,"symbols_score_info":{"QTWO":1,"AGC":0.9}},"isVote":1,"tweetType":1,"viewCount":675,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":888625858,"gmtCreate":1631494863774,"gmtModify":1676530556365,"author":{"id":"3583137009388827","authorId":"3583137009388827","name":"Sheeeeep","avatar":"https://static.tigerbbs.com/27923972e21afd7321c7974dd54a3fa0","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3583137009388827","authorIdStr":"3583137009388827"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/888625858","repostId":"889468617","repostType":1,"repost":{"id":889468617,"gmtCreate":1631170926035,"gmtModify":1676530486214,"author":{"id":"9000000000000149","authorId":"9000000000000149","name":"TigerStars","avatar":"https://static.tigerbbs.com/e0b93d50cf0df54ce7b1b746f78db36c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"9000000000000149","authorIdStr":"9000000000000149"},"themes":[],"title":"? Tigers of the Week (Sept 2 - Sept 8)","htmlText":"Roarrr!!! Dear&nbsp;Tigers,&nbsp;? Welcome to our column:&nbsp;Tigers of the Week!&nbsp;???????? This column is designed to stimulate more tigers to actively participate in our discussion, improve together, and be rich rich, to eventually create a harmonious community! We have noticed that many tigers are very proactive in sharing knowledge, opinions,&nbsp;and trading insights with others. Therefore, in this column, we will select? the most active and popular users every week&nbsp;? and&nbsp;give them rewards to show our appreciation! About the Rewards: Tigers who are the most active in posting, commenting, and liking&nbsp;will be given 1,000 Tiger coins ????respectively! Tigers who receive the most comments plus likes will be given 1,000(top3) to&nbsp;500(top4-10)&nbsp;Tiger coins ????eac","listText":"Roarrr!!! Dear&nbsp;Tigers,&nbsp;? Welcome to our column:&nbsp;Tigers of the Week!&nbsp;???????? This column is designed to stimulate more tigers to actively participate in our discussion, improve together, and be rich rich, to eventually create a harmonious community! We have noticed that many tigers are very proactive in sharing knowledge, opinions,&nbsp;and trading insights with others. Therefore, in this column, we will select? the most active and popular users every week&nbsp;? and&nbsp;give them rewards to show our appreciation! About the Rewards: Tigers who are the most active in posting, commenting, and liking&nbsp;will be given 1,000 Tiger coins ????respectively! Tigers who receive the most comments plus likes will be given 1,000(top3) to&nbsp;500(top4-10)&nbsp;Tiger coins ????eac","text":"Roarrr!!! Dear Tigers, ? Welcome to our column: Tigers of the Week! ???????? This column is designed to stimulate more tigers to actively participate in our discussion, improve together, and be rich rich, to eventually create a harmonious community! We have noticed that many tigers are very proactive in sharing knowledge, opinions, and trading insights with others. Therefore, in this column, we will select? the most active and popular users every week ? and give them rewards to show our appreciation! About the Rewards: Tigers who are the most active in posting, commenting, and liking will be given 1,000 Tiger coins ????respectively! Tigers who receive the most comments plus likes will be given 1,000(top3) to 500(top4-10) Tiger coins ????eac","images":[{"img":"https://static.tigerbbs.com/d70f0827bf71998860f454d78f33ff51","width":"1125","height":"3243"}],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/889468617","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":2,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":729,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":817668108,"gmtCreate":1630942242204,"gmtModify":1676530425804,"author":{"id":"3583137009388827","authorId":"3583137009388827","name":"Sheeeeep","avatar":"https://static.tigerbbs.com/27923972e21afd7321c7974dd54a3fa0","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3583137009388827","authorIdStr":"3583137009388827"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/817668108","repostId":"1192663802","repostType":2,"repost":{"id":"1192663802","kind":"news","pubTimestamp":1630898224,"share":"https://ttm.financial/m/news/1192663802?lang=en_US&edition=fundamental","pubTime":"2021-09-06 11:17","market":"sg","language":"en","title":"An IFRS-Updated Complete And Comprehensive Fundamental Analysis Of Grab And AGC","url":"https://stock-news.laohu8.com/highlight/detail?id=1192663802","media":"seekingalpha","summary":"Summary\n\nAs Grab-AGC merger draws near, new insights derived from auditors and SEC's increased scrut","content":"<p><b>Summary</b></p>\n<ul>\n <li>As Grab-AGC merger draws near, new insights derived from auditors and SEC's increased scrutiny of SPACs drastically changed our bullish thesis established 5 months ago.</li>\n <li>Grab's top line and bottom line improved in 2021Q1 as a result of increased GMV per user. However, decline in monthly users suggests that growth momentum at risk due to competitions.</li>\n <li>Although competitions are rising, Grab stated at the regions' market penetration stands at only 11%, offering Grab and competitions plenty of headroom to grow.</li>\n <li>Material changes of our thesis sterns from Grab's valuations based on the revised figures in accordance to IFRS. This offers investors little investment value proposition compared to UBER and DIDI.</li>\n <li>13F filings suggest Grab's valuations did not deter institutional investors. Perhaps AGC's $10 NAV offers investors enough of a safety net to maintain positions.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ed14131a10fe9b0fe4ffdc2d166eedfc\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>bankkgraphy/iStock via Getty Images</span></p>\n<p><b>Introduction</b></p>\n<p>It's about time to update our investment thesis since we last established it 5 months ago. Many new insights have surfaced, some good, some bad. If you're new to this company, it is highly recommended to read our thesis published&nbsp;here&nbsp;and&nbsp;here. In this article, we're going to examine the following topics:</p>\n<ol>\n <li>Latest merger updates and officially numbers</li>\n <li>Latest business segments performance in 2021Q2</li>\n <li>Prospects vs. Rising Competition</li>\n <li>Value</li>\n</ol>\n<p><b>1. Merger Updates and Official Numbers</b></p>\n<p>Grab's merger with Altimeter Growth Corp (AGC) is expected to be completed by the end of&nbsp;2021. We're finally given an update after months of waiting. According to&nbsp;Nikkei Asia, it is implied that Grab's merger was expected to be completed by 2021Q2 but was delayed due to auditing U.S. Securities and Exchange Commission's (SEC) tightened scrutiny of SPACs. If you're doubtful about Grab's interest to go public, remember that the 2 main pieces of evidence are the contracted agreement with Uber (NYSE:UBER) to go&nbsp;public before 2023&nbsp;and to meet the&nbsp;ambitions of 2 million daily bookings.</p>\n<p>During this process, we finally have Grab's official numbers. Grab&nbsp;clarified&nbsp;several&nbsp;issues&nbsp;with the auditors and the SEC. Perhaps investors would be most concerned about its revised FY20 revenue to $0.469bn from $1.2bn (61% reduction). The revision saw several operating expenses being labeled as contra revenue items instead.</p>\n<p>The bad news is, this 61% in reduction has a huge impact on our thesis. Since Grab is not profitable, we had to observe the growth of its sales. Before the official numbers are released, we pulled information from sources and estimated that Grab's sales in FY2020 would be around&nbsp;$1.87bn to $3.91bn. It's a far cry from our estimation. We'll discuss more of this in the valuation section.</p>\n<p>The good news is, this delay turned out to be a blessing in disguise. AGC's $10 net asset value (NAV) saved investors (including us) from a worse drawdown (below $10) since the market crash in Feb. However, the days of this safety net are numbered as Grab's merger is around the corner.</p>\n<p>Other factors should also be considered, such as AGC shareholders' approval of the merger.</p>\n<p><b>2. Latest business segments performances in 2021Q2</b></p>\n<p>Grab is Southeast Asia's (SEA) super-app that dabbles in many business segments, including ride-hailing, food delivery, shipping, digital banking, insurance, and investments. Even though Grab dabbles in diverse business segments, Grab has established itself as a convincing market leader in several segments. Figure 1 illustrates that.</p>\n<p>Detailed 2021Q1 quarterly performance can be found directly from Grab's websitehere. Here's a summary of Grab's performance in each segment.</p>\n<ul>\n <li>Ride-hailing: Although activity level (measured in Gross Merchandise Value or GMV) is only at 68% of 2020Q1 due to ongoing travel restrictions in SEA, revenue and EBITDA increased 18% and 42% to $145mill and $115mil, respectively.</li>\n <li>Deliveries: This segment is probably Grab's best performing business segment during the pandemic. This has helped compensate for losses from Grab's ride-hailing business. Food delivery activities (GMV) increased 49% from 2020Q1 to $1.7bil. Adjusted Net Sales increase 96% YoY, and revenue (Adjusted Net Sales minus incentives) turn positive. GMV of GrabMart, Grab's new product in this segment, increased 36x from YoY. However, GrabMart's actual contribution to Food Deliveries' growth is unknown. Shipping is also unknown.</li>\n <li>Financial Service: This segment also showed strong growth. Grab's overall financial service total payment volume increased 18% YoY while Adjusted Net Sales increased 31% YoY. Revenue (Adjusted Net Sales minus incentives) also turn positive. Grab stated that loan disbursals and insurance offerings showed strong growth, but no concrete breakdown was given.</li>\n</ul>\n<p><i>* Adjusted Net Sales = Revenue + consumer incentives and excess driver/merchant incentives</i></p>\n<p><i>Figure 1</i></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/046ee7fac3a94b69b9ed3893d0cf0e4c\" tg-width=\"700\" tg-height=\"219\" width=\"100%\" height=\"auto\"><span>Source: Nasdaq / Tellimer</span></p>\n<p>Figure 2</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/88a9ad260d58e4b001facc68093fa8ea\" tg-width=\"816\" tg-height=\"382\" width=\"100%\" height=\"auto\"><span>Source: Grab</span></p>\n<p><b>3. Prospects and Rising Competition</b></p>\n<p>With such strong growth demonstrated by Grab, investors must ponder the question, \"How sustainable is this growth\"?</p>\n<p>The answer is rather simple: \"How big is the total addressable market?\"</p>\n<p>Since Grab's food delivery segment has become Grab's primary source of revenue and has helped narrow Grab's total losses from $771mil to $652mil (Figure 2), Grab's food delivery segment is a reliable proxy to Grab's overall performance.</p>\n<p>Demi Yu, regional head of deliveries at Grab, gave very encouraging guidance toward's Grab's growth in the food delivery segment. Shesaidthat SEA's food delivery market penetration is only at 11% compared to around 20% in China and the US. This implies that around 89% of the food delivery market remains untapped. This is a 10x potential growth for Grab assuming Grab is able to maintain market share. This is the tricky part.</p>\n<p>Although Grab's overall performance in $ is impressive, one red flag was the decrease in monthly transacting users (MTU). Although the GMV per user increased 30% YoY, Grab's MTU dropped 20% YoY.</p>\n<p>There are 2 takeaways: (1) Grab is losing users to competition, (2) Grab is establishing a network effect where retained users are using the platform more. Since takeaway (2) is good, let's focus more on rising competition's downside risk.</p>\n<p>A new strong contender has entered the arena, AirAsia. No one will blame you take AirAsia as an airline business. However, AirAsia is now repositioning itself as a&nbsp;data-driven technology company. AirAsia chief executive officer Tan Sri Tony Fernandes&nbsp;said&nbsp;that:</p>\n<blockquote>\n People are too focused on our airline business, but AirAsia is now a multi-business company and a very valuable data-driven technology company with a strong brand\n</blockquote>\n<p>This is very true, as&nbsp;evident&nbsp;from AirAsia's latest string of acquisitions. The company recently acquired a Malaysian online food delivery platform DeliverEat and Gojek’s operation in Thailand for $50mil to strengthen the company's logistics chain and e-commerce presence. Not to mention, These business segments will form a very synergistic relationship with AirAsia's airline and hotel business operations.</p>\n<p>Therefore, the key takeaway for Grab's \"prospect vs. competition\" debate is that competition is not a major concern at this stage as market penetration is still low, and there is still a lot of headroom to grow for players in this space.</p>\n<p><b>4. Valuation</b></p>\n<p>Here is where our thesis changed the most. The material changes in our thesis are derived from Grab's accounting changes. The accounting changes come from Net Adjusted Sales vs. Revenue where</p>\n<p><i>Adjusted Net Sales = Revenue + consumer incentives and excess driver/merchant incentives</i></p>\n<p>The easier way to understand adjusted net sales is Tesla's (TSLA) revenue from the carbon tax credit. It is still contributing to Tesla's revenue, but it is not from Tesla's operation and is not guaranteed to recur.</p>\n<p>Our past valuations were unknowingly based on Net Adjusted Sales, making it more comparable to the likes of Uber. However, this changes if incentives are not considered. By removing incentives from Grab's adjusted net sales, Grab's valuation will deter investors, especially when Uber or DiDi (DIDI) currently present investors with much better valuation after a recent decline in share price.</p>\n<p>Grab's current annualized revenue for FY21 is $864mil (= $216mil x 4). Given AGC's share price of $10.64, Grab is currently valued at a 49 Price-to-Sales(NASDAQ:PS)ratio. For comparison sake, Uber and DiDi's PS ratios are 6.22 and 1.77. Moreover, DiDi managed to reach profitability in 2021Q1 for the first time despite China's crackdown on Chinese tech companies.</p>\n<p>DiDi's share price decline has also&nbsp;negatively impacted&nbsp;Uber as Uber is DiDi's second-largest shareholder (12% ownership) behind Softbank(OTCPK:SFTBY). Similarly, Grab's decline in share price will also negatively impact Uber, as Uber owns about&nbsp;27.5%&nbsp;of Grab.</p>\n<p>Investors might sneer at Grab due to its high valuations. However, some analysts are rather bullish towards Grab.Telimer&nbsp;gave AGC a target of $16.50, which puts Grab at $66bil or a PS Ratio of 76.4. Moreover,institutions&nbsp;are accumulating in 2021Q2 when SPACs (including AGC) were hit hard by inflation fears.</p>\n<p>However, at this time (before the merger), since AGC offers a floor of $10 while AGC is currently trading near the floor of $10, this provides investors a safety to capitalize on Grab's growth with minimal downside.</p>\n<p><b>5. Conclusions</b></p>\n<p>We had established our bullish thesis 5 months ago due to its impressive reported growth in sales. However, Grab's recent audited numbers reported a rather less impressive top line when incentives are not considered. Grab's valuation based on the revised figures in accordance with IFRS offers investors little investment value proposition.</p>\n<p>Rising competition is putting Grab's continuous strong growth momentum at risk. This is evident from Grab's decrease in monthly transacting users. Although market penetration is only at 11% and with plenty of headroom to grow, one might wonder whether this potential has already been priced in based on Grab's current valuations in accordance with IFRS.</p>\n<p>As the old saying goes, \"never overpay for growth.\" Nevertheless, despite Grab's high valuation, 13F filings suggest institutional investors are undeterred from investing in Grab via AGC.</p>\n<p>We'll be maintaining our positions on Grab, simply due to its safety net offered by AGC's $10 floor.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>An IFRS-Updated Complete And Comprehensive Fundamental Analysis Of Grab And AGC</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAn IFRS-Updated Complete And Comprehensive Fundamental Analysis Of Grab And AGC\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-06 11:17 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4453663-an-ifrs-updated-complete-and-comprehensive-fundamental-analysis-of-grab-and-agc><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nAs Grab-AGC merger draws near, new insights derived from auditors and SEC's increased scrutiny of SPACs drastically changed our bullish thesis established 5 months ago.\nGrab's top line and ...</p>\n\n<a href=\"https://seekingalpha.com/article/4453663-an-ifrs-updated-complete-and-comprehensive-fundamental-analysis-of-grab-and-agc\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://seekingalpha.com/article/4453663-an-ifrs-updated-complete-and-comprehensive-fundamental-analysis-of-grab-and-agc","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1192663802","content_text":"Summary\n\nAs Grab-AGC merger draws near, new insights derived from auditors and SEC's increased scrutiny of SPACs drastically changed our bullish thesis established 5 months ago.\nGrab's top line and bottom line improved in 2021Q1 as a result of increased GMV per user. However, decline in monthly users suggests that growth momentum at risk due to competitions.\nAlthough competitions are rising, Grab stated at the regions' market penetration stands at only 11%, offering Grab and competitions plenty of headroom to grow.\nMaterial changes of our thesis sterns from Grab's valuations based on the revised figures in accordance to IFRS. This offers investors little investment value proposition compared to UBER and DIDI.\n13F filings suggest Grab's valuations did not deter institutional investors. Perhaps AGC's $10 NAV offers investors enough of a safety net to maintain positions.\n\nbankkgraphy/iStock via Getty Images\nIntroduction\nIt's about time to update our investment thesis since we last established it 5 months ago. Many new insights have surfaced, some good, some bad. If you're new to this company, it is highly recommended to read our thesis published here and here. In this article, we're going to examine the following topics:\n\nLatest merger updates and officially numbers\nLatest business segments performance in 2021Q2\nProspects vs. Rising Competition\nValue\n\n1. Merger Updates and Official Numbers\nGrab's merger with Altimeter Growth Corp (AGC) is expected to be completed by the end of 2021. We're finally given an update after months of waiting. According to Nikkei Asia, it is implied that Grab's merger was expected to be completed by 2021Q2 but was delayed due to auditing U.S. Securities and Exchange Commission's (SEC) tightened scrutiny of SPACs. If you're doubtful about Grab's interest to go public, remember that the 2 main pieces of evidence are the contracted agreement with Uber (NYSE:UBER) to go public before 2023 and to meet the ambitions of 2 million daily bookings.\nDuring this process, we finally have Grab's official numbers. Grab clarified several issues with the auditors and the SEC. Perhaps investors would be most concerned about its revised FY20 revenue to $0.469bn from $1.2bn (61% reduction). The revision saw several operating expenses being labeled as contra revenue items instead.\nThe bad news is, this 61% in reduction has a huge impact on our thesis. Since Grab is not profitable, we had to observe the growth of its sales. Before the official numbers are released, we pulled information from sources and estimated that Grab's sales in FY2020 would be around $1.87bn to $3.91bn. It's a far cry from our estimation. We'll discuss more of this in the valuation section.\nThe good news is, this delay turned out to be a blessing in disguise. AGC's $10 net asset value (NAV) saved investors (including us) from a worse drawdown (below $10) since the market crash in Feb. However, the days of this safety net are numbered as Grab's merger is around the corner.\nOther factors should also be considered, such as AGC shareholders' approval of the merger.\n2. Latest business segments performances in 2021Q2\nGrab is Southeast Asia's (SEA) super-app that dabbles in many business segments, including ride-hailing, food delivery, shipping, digital banking, insurance, and investments. Even though Grab dabbles in diverse business segments, Grab has established itself as a convincing market leader in several segments. Figure 1 illustrates that.\nDetailed 2021Q1 quarterly performance can be found directly from Grab's websitehere. Here's a summary of Grab's performance in each segment.\n\nRide-hailing: Although activity level (measured in Gross Merchandise Value or GMV) is only at 68% of 2020Q1 due to ongoing travel restrictions in SEA, revenue and EBITDA increased 18% and 42% to $145mill and $115mil, respectively.\nDeliveries: This segment is probably Grab's best performing business segment during the pandemic. This has helped compensate for losses from Grab's ride-hailing business. Food delivery activities (GMV) increased 49% from 2020Q1 to $1.7bil. Adjusted Net Sales increase 96% YoY, and revenue (Adjusted Net Sales minus incentives) turn positive. GMV of GrabMart, Grab's new product in this segment, increased 36x from YoY. However, GrabMart's actual contribution to Food Deliveries' growth is unknown. Shipping is also unknown.\nFinancial Service: This segment also showed strong growth. Grab's overall financial service total payment volume increased 18% YoY while Adjusted Net Sales increased 31% YoY. Revenue (Adjusted Net Sales minus incentives) also turn positive. Grab stated that loan disbursals and insurance offerings showed strong growth, but no concrete breakdown was given.\n\n* Adjusted Net Sales = Revenue + consumer incentives and excess driver/merchant incentives\nFigure 1\nSource: Nasdaq / Tellimer\nFigure 2\nSource: Grab\n3. Prospects and Rising Competition\nWith such strong growth demonstrated by Grab, investors must ponder the question, \"How sustainable is this growth\"?\nThe answer is rather simple: \"How big is the total addressable market?\"\nSince Grab's food delivery segment has become Grab's primary source of revenue and has helped narrow Grab's total losses from $771mil to $652mil (Figure 2), Grab's food delivery segment is a reliable proxy to Grab's overall performance.\nDemi Yu, regional head of deliveries at Grab, gave very encouraging guidance toward's Grab's growth in the food delivery segment. Shesaidthat SEA's food delivery market penetration is only at 11% compared to around 20% in China and the US. This implies that around 89% of the food delivery market remains untapped. This is a 10x potential growth for Grab assuming Grab is able to maintain market share. This is the tricky part.\nAlthough Grab's overall performance in $ is impressive, one red flag was the decrease in monthly transacting users (MTU). Although the GMV per user increased 30% YoY, Grab's MTU dropped 20% YoY.\nThere are 2 takeaways: (1) Grab is losing users to competition, (2) Grab is establishing a network effect where retained users are using the platform more. Since takeaway (2) is good, let's focus more on rising competition's downside risk.\nA new strong contender has entered the arena, AirAsia. No one will blame you take AirAsia as an airline business. However, AirAsia is now repositioning itself as a data-driven technology company. AirAsia chief executive officer Tan Sri Tony Fernandes said that:\n\n People are too focused on our airline business, but AirAsia is now a multi-business company and a very valuable data-driven technology company with a strong brand\n\nThis is very true, as evident from AirAsia's latest string of acquisitions. The company recently acquired a Malaysian online food delivery platform DeliverEat and Gojek’s operation in Thailand for $50mil to strengthen the company's logistics chain and e-commerce presence. Not to mention, These business segments will form a very synergistic relationship with AirAsia's airline and hotel business operations.\nTherefore, the key takeaway for Grab's \"prospect vs. competition\" debate is that competition is not a major concern at this stage as market penetration is still low, and there is still a lot of headroom to grow for players in this space.\n4. Valuation\nHere is where our thesis changed the most. The material changes in our thesis are derived from Grab's accounting changes. The accounting changes come from Net Adjusted Sales vs. Revenue where\nAdjusted Net Sales = Revenue + consumer incentives and excess driver/merchant incentives\nThe easier way to understand adjusted net sales is Tesla's (TSLA) revenue from the carbon tax credit. It is still contributing to Tesla's revenue, but it is not from Tesla's operation and is not guaranteed to recur.\nOur past valuations were unknowingly based on Net Adjusted Sales, making it more comparable to the likes of Uber. However, this changes if incentives are not considered. By removing incentives from Grab's adjusted net sales, Grab's valuation will deter investors, especially when Uber or DiDi (DIDI) currently present investors with much better valuation after a recent decline in share price.\nGrab's current annualized revenue for FY21 is $864mil (= $216mil x 4). Given AGC's share price of $10.64, Grab is currently valued at a 49 Price-to-Sales(NASDAQ:PS)ratio. For comparison sake, Uber and DiDi's PS ratios are 6.22 and 1.77. Moreover, DiDi managed to reach profitability in 2021Q1 for the first time despite China's crackdown on Chinese tech companies.\nDiDi's share price decline has also negatively impacted Uber as Uber is DiDi's second-largest shareholder (12% ownership) behind Softbank(OTCPK:SFTBY). Similarly, Grab's decline in share price will also negatively impact Uber, as Uber owns about 27.5% of Grab.\nInvestors might sneer at Grab due to its high valuations. However, some analysts are rather bullish towards Grab.Telimer gave AGC a target of $16.50, which puts Grab at $66bil or a PS Ratio of 76.4. Moreover,institutions are accumulating in 2021Q2 when SPACs (including AGC) were hit hard by inflation fears.\nHowever, at this time (before the merger), since AGC offers a floor of $10 while AGC is currently trading near the floor of $10, this provides investors a safety to capitalize on Grab's growth with minimal downside.\n5. Conclusions\nWe had established our bullish thesis 5 months ago due to its impressive reported growth in sales. However, Grab's recent audited numbers reported a rather less impressive top line when incentives are not considered. Grab's valuation based on the revised figures in accordance with IFRS offers investors little investment value proposition.\nRising competition is putting Grab's continuous strong growth momentum at risk. This is evident from Grab's decrease in monthly transacting users. Although market penetration is only at 11% and with plenty of headroom to grow, one might wonder whether this potential has already been priced in based on Grab's current valuations in accordance with IFRS.\nAs the old saying goes, \"never overpay for growth.\" Nevertheless, despite Grab's high valuation, 13F filings suggest institutional investors are undeterred from investing in Grab via AGC.\nWe'll be maintaining our positions on Grab, simply due to its safety net offered by AGC's $10 floor.","news_type":1,"symbols_score_info":{"AGC":0.9}},"isVote":1,"tweetType":1,"viewCount":852,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":817661719,"gmtCreate":1630942225531,"gmtModify":1676530425802,"author":{"id":"3583137009388827","authorId":"3583137009388827","name":"Sheeeeep","avatar":"https://static.tigerbbs.com/27923972e21afd7321c7974dd54a3fa0","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3583137009388827","authorIdStr":"3583137009388827"},"themes":[],"htmlText":"[Smile]&nbsp;","listText":"[Smile]&nbsp;","text":"[Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/817661719","repostId":"1192663802","repostType":2,"repost":{"id":"1192663802","kind":"news","pubTimestamp":1630898224,"share":"https://ttm.financial/m/news/1192663802?lang=en_US&edition=fundamental","pubTime":"2021-09-06 11:17","market":"sg","language":"en","title":"An IFRS-Updated Complete And Comprehensive Fundamental Analysis Of Grab And AGC","url":"https://stock-news.laohu8.com/highlight/detail?id=1192663802","media":"seekingalpha","summary":"Summary\n\nAs Grab-AGC merger draws near, new insights derived from auditors and SEC's increased scrut","content":"<p><b>Summary</b></p>\n<ul>\n <li>As Grab-AGC merger draws near, new insights derived from auditors and SEC's increased scrutiny of SPACs drastically changed our bullish thesis established 5 months ago.</li>\n <li>Grab's top line and bottom line improved in 2021Q1 as a result of increased GMV per user. However, decline in monthly users suggests that growth momentum at risk due to competitions.</li>\n <li>Although competitions are rising, Grab stated at the regions' market penetration stands at only 11%, offering Grab and competitions plenty of headroom to grow.</li>\n <li>Material changes of our thesis sterns from Grab's valuations based on the revised figures in accordance to IFRS. This offers investors little investment value proposition compared to UBER and DIDI.</li>\n <li>13F filings suggest Grab's valuations did not deter institutional investors. Perhaps AGC's $10 NAV offers investors enough of a safety net to maintain positions.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ed14131a10fe9b0fe4ffdc2d166eedfc\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>bankkgraphy/iStock via Getty Images</span></p>\n<p><b>Introduction</b></p>\n<p>It's about time to update our investment thesis since we last established it 5 months ago. Many new insights have surfaced, some good, some bad. If you're new to this company, it is highly recommended to read our thesis published&nbsp;here&nbsp;and&nbsp;here. In this article, we're going to examine the following topics:</p>\n<ol>\n <li>Latest merger updates and officially numbers</li>\n <li>Latest business segments performance in 2021Q2</li>\n <li>Prospects vs. Rising Competition</li>\n <li>Value</li>\n</ol>\n<p><b>1. Merger Updates and Official Numbers</b></p>\n<p>Grab's merger with Altimeter Growth Corp (AGC) is expected to be completed by the end of&nbsp;2021. We're finally given an update after months of waiting. According to&nbsp;Nikkei Asia, it is implied that Grab's merger was expected to be completed by 2021Q2 but was delayed due to auditing U.S. Securities and Exchange Commission's (SEC) tightened scrutiny of SPACs. If you're doubtful about Grab's interest to go public, remember that the 2 main pieces of evidence are the contracted agreement with Uber (NYSE:UBER) to go&nbsp;public before 2023&nbsp;and to meet the&nbsp;ambitions of 2 million daily bookings.</p>\n<p>During this process, we finally have Grab's official numbers. Grab&nbsp;clarified&nbsp;several&nbsp;issues&nbsp;with the auditors and the SEC. Perhaps investors would be most concerned about its revised FY20 revenue to $0.469bn from $1.2bn (61% reduction). The revision saw several operating expenses being labeled as contra revenue items instead.</p>\n<p>The bad news is, this 61% in reduction has a huge impact on our thesis. Since Grab is not profitable, we had to observe the growth of its sales. Before the official numbers are released, we pulled information from sources and estimated that Grab's sales in FY2020 would be around&nbsp;$1.87bn to $3.91bn. It's a far cry from our estimation. We'll discuss more of this in the valuation section.</p>\n<p>The good news is, this delay turned out to be a blessing in disguise. AGC's $10 net asset value (NAV) saved investors (including us) from a worse drawdown (below $10) since the market crash in Feb. However, the days of this safety net are numbered as Grab's merger is around the corner.</p>\n<p>Other factors should also be considered, such as AGC shareholders' approval of the merger.</p>\n<p><b>2. Latest business segments performances in 2021Q2</b></p>\n<p>Grab is Southeast Asia's (SEA) super-app that dabbles in many business segments, including ride-hailing, food delivery, shipping, digital banking, insurance, and investments. Even though Grab dabbles in diverse business segments, Grab has established itself as a convincing market leader in several segments. Figure 1 illustrates that.</p>\n<p>Detailed 2021Q1 quarterly performance can be found directly from Grab's websitehere. Here's a summary of Grab's performance in each segment.</p>\n<ul>\n <li>Ride-hailing: Although activity level (measured in Gross Merchandise Value or GMV) is only at 68% of 2020Q1 due to ongoing travel restrictions in SEA, revenue and EBITDA increased 18% and 42% to $145mill and $115mil, respectively.</li>\n <li>Deliveries: This segment is probably Grab's best performing business segment during the pandemic. This has helped compensate for losses from Grab's ride-hailing business. Food delivery activities (GMV) increased 49% from 2020Q1 to $1.7bil. Adjusted Net Sales increase 96% YoY, and revenue (Adjusted Net Sales minus incentives) turn positive. GMV of GrabMart, Grab's new product in this segment, increased 36x from YoY. However, GrabMart's actual contribution to Food Deliveries' growth is unknown. Shipping is also unknown.</li>\n <li>Financial Service: This segment also showed strong growth. Grab's overall financial service total payment volume increased 18% YoY while Adjusted Net Sales increased 31% YoY. Revenue (Adjusted Net Sales minus incentives) also turn positive. Grab stated that loan disbursals and insurance offerings showed strong growth, but no concrete breakdown was given.</li>\n</ul>\n<p><i>* Adjusted Net Sales = Revenue + consumer incentives and excess driver/merchant incentives</i></p>\n<p><i>Figure 1</i></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/046ee7fac3a94b69b9ed3893d0cf0e4c\" tg-width=\"700\" tg-height=\"219\" width=\"100%\" height=\"auto\"><span>Source: Nasdaq / Tellimer</span></p>\n<p>Figure 2</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/88a9ad260d58e4b001facc68093fa8ea\" tg-width=\"816\" tg-height=\"382\" width=\"100%\" height=\"auto\"><span>Source: Grab</span></p>\n<p><b>3. Prospects and Rising Competition</b></p>\n<p>With such strong growth demonstrated by Grab, investors must ponder the question, \"How sustainable is this growth\"?</p>\n<p>The answer is rather simple: \"How big is the total addressable market?\"</p>\n<p>Since Grab's food delivery segment has become Grab's primary source of revenue and has helped narrow Grab's total losses from $771mil to $652mil (Figure 2), Grab's food delivery segment is a reliable proxy to Grab's overall performance.</p>\n<p>Demi Yu, regional head of deliveries at Grab, gave very encouraging guidance toward's Grab's growth in the food delivery segment. Shesaidthat SEA's food delivery market penetration is only at 11% compared to around 20% in China and the US. This implies that around 89% of the food delivery market remains untapped. This is a 10x potential growth for Grab assuming Grab is able to maintain market share. This is the tricky part.</p>\n<p>Although Grab's overall performance in $ is impressive, one red flag was the decrease in monthly transacting users (MTU). Although the GMV per user increased 30% YoY, Grab's MTU dropped 20% YoY.</p>\n<p>There are 2 takeaways: (1) Grab is losing users to competition, (2) Grab is establishing a network effect where retained users are using the platform more. Since takeaway (2) is good, let's focus more on rising competition's downside risk.</p>\n<p>A new strong contender has entered the arena, AirAsia. No one will blame you take AirAsia as an airline business. However, AirAsia is now repositioning itself as a&nbsp;data-driven technology company. AirAsia chief executive officer Tan Sri Tony Fernandes&nbsp;said&nbsp;that:</p>\n<blockquote>\n People are too focused on our airline business, but AirAsia is now a multi-business company and a very valuable data-driven technology company with a strong brand\n</blockquote>\n<p>This is very true, as&nbsp;evident&nbsp;from AirAsia's latest string of acquisitions. The company recently acquired a Malaysian online food delivery platform DeliverEat and Gojek’s operation in Thailand for $50mil to strengthen the company's logistics chain and e-commerce presence. Not to mention, These business segments will form a very synergistic relationship with AirAsia's airline and hotel business operations.</p>\n<p>Therefore, the key takeaway for Grab's \"prospect vs. competition\" debate is that competition is not a major concern at this stage as market penetration is still low, and there is still a lot of headroom to grow for players in this space.</p>\n<p><b>4. Valuation</b></p>\n<p>Here is where our thesis changed the most. The material changes in our thesis are derived from Grab's accounting changes. The accounting changes come from Net Adjusted Sales vs. Revenue where</p>\n<p><i>Adjusted Net Sales = Revenue + consumer incentives and excess driver/merchant incentives</i></p>\n<p>The easier way to understand adjusted net sales is Tesla's (TSLA) revenue from the carbon tax credit. It is still contributing to Tesla's revenue, but it is not from Tesla's operation and is not guaranteed to recur.</p>\n<p>Our past valuations were unknowingly based on Net Adjusted Sales, making it more comparable to the likes of Uber. However, this changes if incentives are not considered. By removing incentives from Grab's adjusted net sales, Grab's valuation will deter investors, especially when Uber or DiDi (DIDI) currently present investors with much better valuation after a recent decline in share price.</p>\n<p>Grab's current annualized revenue for FY21 is $864mil (= $216mil x 4). Given AGC's share price of $10.64, Grab is currently valued at a 49 Price-to-Sales(NASDAQ:PS)ratio. For comparison sake, Uber and DiDi's PS ratios are 6.22 and 1.77. Moreover, DiDi managed to reach profitability in 2021Q1 for the first time despite China's crackdown on Chinese tech companies.</p>\n<p>DiDi's share price decline has also&nbsp;negatively impacted&nbsp;Uber as Uber is DiDi's second-largest shareholder (12% ownership) behind Softbank(OTCPK:SFTBY). Similarly, Grab's decline in share price will also negatively impact Uber, as Uber owns about&nbsp;27.5%&nbsp;of Grab.</p>\n<p>Investors might sneer at Grab due to its high valuations. However, some analysts are rather bullish towards Grab.Telimer&nbsp;gave AGC a target of $16.50, which puts Grab at $66bil or a PS Ratio of 76.4. Moreover,institutions&nbsp;are accumulating in 2021Q2 when SPACs (including AGC) were hit hard by inflation fears.</p>\n<p>However, at this time (before the merger), since AGC offers a floor of $10 while AGC is currently trading near the floor of $10, this provides investors a safety to capitalize on Grab's growth with minimal downside.</p>\n<p><b>5. Conclusions</b></p>\n<p>We had established our bullish thesis 5 months ago due to its impressive reported growth in sales. However, Grab's recent audited numbers reported a rather less impressive top line when incentives are not considered. Grab's valuation based on the revised figures in accordance with IFRS offers investors little investment value proposition.</p>\n<p>Rising competition is putting Grab's continuous strong growth momentum at risk. This is evident from Grab's decrease in monthly transacting users. Although market penetration is only at 11% and with plenty of headroom to grow, one might wonder whether this potential has already been priced in based on Grab's current valuations in accordance with IFRS.</p>\n<p>As the old saying goes, \"never overpay for growth.\" Nevertheless, despite Grab's high valuation, 13F filings suggest institutional investors are undeterred from investing in Grab via AGC.</p>\n<p>We'll be maintaining our positions on Grab, simply due to its safety net offered by AGC's $10 floor.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>An IFRS-Updated Complete And Comprehensive Fundamental Analysis Of Grab And AGC</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAn IFRS-Updated Complete And Comprehensive Fundamental Analysis Of Grab And AGC\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-06 11:17 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4453663-an-ifrs-updated-complete-and-comprehensive-fundamental-analysis-of-grab-and-agc><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nAs Grab-AGC merger draws near, new insights derived from auditors and SEC's increased scrutiny of SPACs drastically changed our bullish thesis established 5 months ago.\nGrab's top line and ...</p>\n\n<a href=\"https://seekingalpha.com/article/4453663-an-ifrs-updated-complete-and-comprehensive-fundamental-analysis-of-grab-and-agc\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://seekingalpha.com/article/4453663-an-ifrs-updated-complete-and-comprehensive-fundamental-analysis-of-grab-and-agc","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1192663802","content_text":"Summary\n\nAs Grab-AGC merger draws near, new insights derived from auditors and SEC's increased scrutiny of SPACs drastically changed our bullish thesis established 5 months ago.\nGrab's top line and bottom line improved in 2021Q1 as a result of increased GMV per user. However, decline in monthly users suggests that growth momentum at risk due to competitions.\nAlthough competitions are rising, Grab stated at the regions' market penetration stands at only 11%, offering Grab and competitions plenty of headroom to grow.\nMaterial changes of our thesis sterns from Grab's valuations based on the revised figures in accordance to IFRS. This offers investors little investment value proposition compared to UBER and DIDI.\n13F filings suggest Grab's valuations did not deter institutional investors. Perhaps AGC's $10 NAV offers investors enough of a safety net to maintain positions.\n\nbankkgraphy/iStock via Getty Images\nIntroduction\nIt's about time to update our investment thesis since we last established it 5 months ago. Many new insights have surfaced, some good, some bad. If you're new to this company, it is highly recommended to read our thesis published here and here. In this article, we're going to examine the following topics:\n\nLatest merger updates and officially numbers\nLatest business segments performance in 2021Q2\nProspects vs. Rising Competition\nValue\n\n1. Merger Updates and Official Numbers\nGrab's merger with Altimeter Growth Corp (AGC) is expected to be completed by the end of 2021. We're finally given an update after months of waiting. According to Nikkei Asia, it is implied that Grab's merger was expected to be completed by 2021Q2 but was delayed due to auditing U.S. Securities and Exchange Commission's (SEC) tightened scrutiny of SPACs. If you're doubtful about Grab's interest to go public, remember that the 2 main pieces of evidence are the contracted agreement with Uber (NYSE:UBER) to go public before 2023 and to meet the ambitions of 2 million daily bookings.\nDuring this process, we finally have Grab's official numbers. Grab clarified several issues with the auditors and the SEC. Perhaps investors would be most concerned about its revised FY20 revenue to $0.469bn from $1.2bn (61% reduction). The revision saw several operating expenses being labeled as contra revenue items instead.\nThe bad news is, this 61% in reduction has a huge impact on our thesis. Since Grab is not profitable, we had to observe the growth of its sales. Before the official numbers are released, we pulled information from sources and estimated that Grab's sales in FY2020 would be around $1.87bn to $3.91bn. It's a far cry from our estimation. We'll discuss more of this in the valuation section.\nThe good news is, this delay turned out to be a blessing in disguise. AGC's $10 net asset value (NAV) saved investors (including us) from a worse drawdown (below $10) since the market crash in Feb. However, the days of this safety net are numbered as Grab's merger is around the corner.\nOther factors should also be considered, such as AGC shareholders' approval of the merger.\n2. Latest business segments performances in 2021Q2\nGrab is Southeast Asia's (SEA) super-app that dabbles in many business segments, including ride-hailing, food delivery, shipping, digital banking, insurance, and investments. Even though Grab dabbles in diverse business segments, Grab has established itself as a convincing market leader in several segments. Figure 1 illustrates that.\nDetailed 2021Q1 quarterly performance can be found directly from Grab's websitehere. Here's a summary of Grab's performance in each segment.\n\nRide-hailing: Although activity level (measured in Gross Merchandise Value or GMV) is only at 68% of 2020Q1 due to ongoing travel restrictions in SEA, revenue and EBITDA increased 18% and 42% to $145mill and $115mil, respectively.\nDeliveries: This segment is probably Grab's best performing business segment during the pandemic. This has helped compensate for losses from Grab's ride-hailing business. Food delivery activities (GMV) increased 49% from 2020Q1 to $1.7bil. Adjusted Net Sales increase 96% YoY, and revenue (Adjusted Net Sales minus incentives) turn positive. GMV of GrabMart, Grab's new product in this segment, increased 36x from YoY. However, GrabMart's actual contribution to Food Deliveries' growth is unknown. Shipping is also unknown.\nFinancial Service: This segment also showed strong growth. Grab's overall financial service total payment volume increased 18% YoY while Adjusted Net Sales increased 31% YoY. Revenue (Adjusted Net Sales minus incentives) also turn positive. Grab stated that loan disbursals and insurance offerings showed strong growth, but no concrete breakdown was given.\n\n* Adjusted Net Sales = Revenue + consumer incentives and excess driver/merchant incentives\nFigure 1\nSource: Nasdaq / Tellimer\nFigure 2\nSource: Grab\n3. Prospects and Rising Competition\nWith such strong growth demonstrated by Grab, investors must ponder the question, \"How sustainable is this growth\"?\nThe answer is rather simple: \"How big is the total addressable market?\"\nSince Grab's food delivery segment has become Grab's primary source of revenue and has helped narrow Grab's total losses from $771mil to $652mil (Figure 2), Grab's food delivery segment is a reliable proxy to Grab's overall performance.\nDemi Yu, regional head of deliveries at Grab, gave very encouraging guidance toward's Grab's growth in the food delivery segment. Shesaidthat SEA's food delivery market penetration is only at 11% compared to around 20% in China and the US. This implies that around 89% of the food delivery market remains untapped. This is a 10x potential growth for Grab assuming Grab is able to maintain market share. This is the tricky part.\nAlthough Grab's overall performance in $ is impressive, one red flag was the decrease in monthly transacting users (MTU). Although the GMV per user increased 30% YoY, Grab's MTU dropped 20% YoY.\nThere are 2 takeaways: (1) Grab is losing users to competition, (2) Grab is establishing a network effect where retained users are using the platform more. Since takeaway (2) is good, let's focus more on rising competition's downside risk.\nA new strong contender has entered the arena, AirAsia. No one will blame you take AirAsia as an airline business. However, AirAsia is now repositioning itself as a data-driven technology company. AirAsia chief executive officer Tan Sri Tony Fernandes said that:\n\n People are too focused on our airline business, but AirAsia is now a multi-business company and a very valuable data-driven technology company with a strong brand\n\nThis is very true, as evident from AirAsia's latest string of acquisitions. The company recently acquired a Malaysian online food delivery platform DeliverEat and Gojek’s operation in Thailand for $50mil to strengthen the company's logistics chain and e-commerce presence. Not to mention, These business segments will form a very synergistic relationship with AirAsia's airline and hotel business operations.\nTherefore, the key takeaway for Grab's \"prospect vs. competition\" debate is that competition is not a major concern at this stage as market penetration is still low, and there is still a lot of headroom to grow for players in this space.\n4. Valuation\nHere is where our thesis changed the most. The material changes in our thesis are derived from Grab's accounting changes. The accounting changes come from Net Adjusted Sales vs. Revenue where\nAdjusted Net Sales = Revenue + consumer incentives and excess driver/merchant incentives\nThe easier way to understand adjusted net sales is Tesla's (TSLA) revenue from the carbon tax credit. It is still contributing to Tesla's revenue, but it is not from Tesla's operation and is not guaranteed to recur.\nOur past valuations were unknowingly based on Net Adjusted Sales, making it more comparable to the likes of Uber. However, this changes if incentives are not considered. By removing incentives from Grab's adjusted net sales, Grab's valuation will deter investors, especially when Uber or DiDi (DIDI) currently present investors with much better valuation after a recent decline in share price.\nGrab's current annualized revenue for FY21 is $864mil (= $216mil x 4). Given AGC's share price of $10.64, Grab is currently valued at a 49 Price-to-Sales(NASDAQ:PS)ratio. For comparison sake, Uber and DiDi's PS ratios are 6.22 and 1.77. Moreover, DiDi managed to reach profitability in 2021Q1 for the first time despite China's crackdown on Chinese tech companies.\nDiDi's share price decline has also negatively impacted Uber as Uber is DiDi's second-largest shareholder (12% ownership) behind Softbank(OTCPK:SFTBY). Similarly, Grab's decline in share price will also negatively impact Uber, as Uber owns about 27.5% of Grab.\nInvestors might sneer at Grab due to its high valuations. However, some analysts are rather bullish towards Grab.Telimer gave AGC a target of $16.50, which puts Grab at $66bil or a PS Ratio of 76.4. Moreover,institutions are accumulating in 2021Q2 when SPACs (including AGC) were hit hard by inflation fears.\nHowever, at this time (before the merger), since AGC offers a floor of $10 while AGC is currently trading near the floor of $10, this provides investors a safety to capitalize on Grab's growth with minimal downside.\n5. Conclusions\nWe had established our bullish thesis 5 months ago due to its impressive reported growth in sales. However, Grab's recent audited numbers reported a rather less impressive top line when incentives are not considered. Grab's valuation based on the revised figures in accordance with IFRS offers investors little investment value proposition.\nRising competition is putting Grab's continuous strong growth momentum at risk. This is evident from Grab's decrease in monthly transacting users. Although market penetration is only at 11% and with plenty of headroom to grow, one might wonder whether this potential has already been priced in based on Grab's current valuations in accordance with IFRS.\nAs the old saying goes, \"never overpay for growth.\" Nevertheless, despite Grab's high valuation, 13F filings suggest institutional investors are undeterred from investing in Grab via AGC.\nWe'll be maintaining our positions on Grab, simply due to its safety net offered by AGC's $10 floor.","news_type":1,"symbols_score_info":{"AGC":0.9}},"isVote":1,"tweetType":1,"viewCount":903,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":811485784,"gmtCreate":1630336838548,"gmtModify":1676530274800,"author":{"id":"3583137009388827","authorId":"3583137009388827","name":"Sheeeeep","avatar":"https://static.tigerbbs.com/27923972e21afd7321c7974dd54a3fa0","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3583137009388827","authorIdStr":"3583137009388827"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AGC\">$Altimeter Growth Corp.(AGC)$</a>Hope grab ipo bring me good luck and $$","listText":"<a href=\"https://laohu8.com/S/AGC\">$Altimeter Growth Corp.(AGC)$</a>Hope grab ipo bring me good luck and $$","text":"$Altimeter Growth Corp.(AGC)$Hope grab ipo bring me good luck and $$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/811485784","isVote":1,"tweetType":1,"viewCount":722,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":839448450,"gmtCreate":1629177112870,"gmtModify":1676529954907,"author":{"id":"3583137009388827","authorId":"3583137009388827","name":"Sheeeeep","avatar":"https://static.tigerbbs.com/27923972e21afd7321c7974dd54a3fa0","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3583137009388827","authorIdStr":"3583137009388827"},"themes":[],"htmlText":"[Smile]&nbsp;","listText":"[Smile]&nbsp;","text":"[Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/839448450","repostId":"2159222279","repostType":4,"isVote":1,"tweetType":1,"viewCount":573,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":898212788,"gmtCreate":1628500175244,"gmtModify":1703507136699,"author":{"id":"3583137009388827","authorId":"3583137009388827","name":"Sheeeeep","avatar":"https://static.tigerbbs.com/27923972e21afd7321c7974dd54a3fa0","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3583137009388827","authorIdStr":"3583137009388827"},"themes":[],"htmlText":"[Anger]&nbsp;[Anger]&nbsp;","listText":"[Anger]&nbsp;[Anger]&nbsp;","text":"[Anger] [Anger]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/898212788","repostId":"1136322726","repostType":4,"isVote":1,"tweetType":1,"viewCount":702,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":9092342313,"gmtCreate":1644543177151,"gmtModify":1676533939213,"author":{"id":"3583137009388827","authorId":"3583137009388827","name":"Sheeeeep","avatar":"https://static.tigerbbs.com/27923972e21afd7321c7974dd54a3fa0","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3583137009388827","idStr":"3583137009388827"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/RIVN\">$Rivian Automotive, Inc.(RIVN)$</a>[Facepalm]&nbsp;[Facepalm]&nbsp;[Facepalm]&nbsp;[Facepalm]&nbsp;[Facepalm]&nbsp;","listText":"<a href=\"https://ttm.financial/S/RIVN\">$Rivian Automotive, 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Corp.(AGC)$[Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/886890816","repostId":"2167953360","repostType":2,"repost":{"id":"2167953360","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1631570404,"share":"https://ttm.financial/m/news/2167953360?lang=en_US&edition=fundamental","pubTime":"2021-09-14 06:00","market":"us","language":"en","title":"BRIEF-Grab Holdings Reports Q2 Results","url":"https://stock-news.laohu8.com/highlight/detail?id=2167953360","media":"Reuters","summary":"Sept 13 (Reuters) - GRAB HOLDINGS:    * GRAB HOLDINGS SAYS Q2 ADJUSTED NET SALES REACHED $550 MILLIO","content":"<html><body><p>Sept 13 (Reuters) - GRAB HOLDINGS: </p><p>   * GRAB HOLDINGS SAYS Q2 ADJUSTED NET SALES REACHED $550 MILLION, UP 92%; Q2 REVENUE GREW TO $180 MILLION, UP 132%</p><p>   * GRAB HOLDINGS SAYS Q2 SPEND PER USER INCREASED BY 27%</p><p>   * GRAB HOLDINGS SAYS Q2 GROSS MERCHANDISE VALUE WAS $3.9 BILLION, UP 62%</p><p>   * GRAB HOLDINGS SAYS Q2 NET LOSS WAS $815 MILLION VERSUS $718 MILLION</p><p>   * GRAB HOLDINGS SAYS EXPECTS DEMAND FOR MOBILITY SERVICES TO IMPROVE IN COMING QTRS AS VACCINATION RATES INCREASE ACROSS THE REGION</p><p>   * GRAB HOLDINGS SAYS AS OF JUNE 30, 2021, HAD CASH LIQUIDITY OF $5.3 BILLION, AN INCREASE OF $1.6 BILLION FROM $3.7 BILLION AS OF DEC 31, 2020</p><p>   * GRAB HOLDINGS SAYS REMAINS CAUTIOUS OF RENEWED UNCERTAINTY OF MOVEMENT RESTRICTIONS IN SOUTHEAST ASIA RELATED TO COVID-19</p><p>   * GRAB HOLDINGS SAYS CURRENTLY EXPECTS FY 2021 GROUP-LEVEL GROSS MERCHANDISE VALUES OF $15.0 BILLION - $15.5 BILLION</p><p>   * GRAB HOLDINGS - SEES FY 2021 GROUP-LEVEL ADJUSTED NET SALES OF $2.1 BILLION - $2.2 BILLION; SEES FY 2021 GROUP-LEVEL ADJUSTED EBITDA LOSS OF $0.9 BILLION - $0.7 BILLION</p><p>Source text for Eikon:    Further company coverage:   </p><p> ((Reuters.Briefs@thomsonreuters.com;))</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>BRIEF-Grab Holdings Reports Q2 Results</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBRIEF-Grab Holdings Reports Q2 Results\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-09-14 06:00</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><p>Sept 13 (Reuters) - GRAB HOLDINGS: </p><p>   * GRAB HOLDINGS SAYS Q2 ADJUSTED NET SALES REACHED $550 MILLION, UP 92%; Q2 REVENUE GREW TO $180 MILLION, UP 132%</p><p>   * GRAB HOLDINGS SAYS Q2 SPEND PER USER INCREASED BY 27%</p><p>   * GRAB HOLDINGS SAYS Q2 GROSS MERCHANDISE VALUE WAS $3.9 BILLION, UP 62%</p><p>   * GRAB HOLDINGS SAYS Q2 NET LOSS WAS $815 MILLION VERSUS $718 MILLION</p><p>   * GRAB HOLDINGS SAYS EXPECTS DEMAND FOR MOBILITY SERVICES TO IMPROVE IN COMING QTRS AS VACCINATION RATES INCREASE ACROSS THE REGION</p><p>   * GRAB HOLDINGS SAYS AS OF JUNE 30, 2021, HAD CASH LIQUIDITY OF $5.3 BILLION, AN INCREASE OF $1.6 BILLION FROM $3.7 BILLION AS OF DEC 31, 2020</p><p>   * GRAB HOLDINGS SAYS REMAINS CAUTIOUS OF RENEWED UNCERTAINTY OF MOVEMENT RESTRICTIONS IN SOUTHEAST ASIA RELATED TO COVID-19</p><p>   * GRAB HOLDINGS SAYS CURRENTLY EXPECTS FY 2021 GROUP-LEVEL GROSS MERCHANDISE VALUES OF $15.0 BILLION - $15.5 BILLION</p><p>   * GRAB HOLDINGS - SEES FY 2021 GROUP-LEVEL ADJUSTED NET SALES OF $2.1 BILLION - $2.2 BILLION; SEES FY 2021 GROUP-LEVEL ADJUSTED EBITDA LOSS OF $0.9 BILLION - $0.7 BILLION</p><p>Source text for Eikon:    Further company coverage:   </p><p> ((Reuters.Briefs@thomsonreuters.com;))</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"QTWO":"Q2 Holdings Inc"},"source_url":"http://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2167953360","content_text":"Sept 13 (Reuters) - GRAB HOLDINGS:    * GRAB HOLDINGS SAYS Q2 ADJUSTED NET SALES REACHED $550 MILLION, UP 92%; Q2 REVENUE GREW TO $180 MILLION, UP 132%   * GRAB HOLDINGS SAYS Q2 SPEND PER USER INCREASED BY 27%   * GRAB HOLDINGS SAYS Q2 GROSS MERCHANDISE VALUE WAS $3.9 BILLION, UP 62%   * GRAB HOLDINGS SAYS Q2 NET LOSS WAS $815 MILLION VERSUS $718 MILLION   * GRAB HOLDINGS SAYS EXPECTS DEMAND FOR MOBILITY SERVICES TO IMPROVE IN COMING QTRS AS VACCINATION RATES INCREASE ACROSS THE REGION   * GRAB HOLDINGS SAYS AS OF JUNE 30, 2021, HAD CASH LIQUIDITY OF $5.3 BILLION, AN INCREASE OF $1.6 BILLION FROM $3.7 BILLION AS OF DEC 31, 2020   * GRAB HOLDINGS SAYS REMAINS CAUTIOUS OF RENEWED UNCERTAINTY OF MOVEMENT RESTRICTIONS IN SOUTHEAST ASIA RELATED TO COVID-19   * GRAB HOLDINGS SAYS CURRENTLY EXPECTS FY 2021 GROUP-LEVEL GROSS MERCHANDISE VALUES OF $15.0 BILLION - $15.5 BILLION   * GRAB HOLDINGS - SEES FY 2021 GROUP-LEVEL ADJUSTED NET SALES OF $2.1 BILLION - $2.2 BILLION; SEES FY 2021 GROUP-LEVEL ADJUSTED EBITDA LOSS OF $0.9 BILLION - $0.7 BILLIONSource text for Eikon:    Further company coverage:    ((Reuters.Briefs@thomsonreuters.com;))","news_type":1,"symbols_score_info":{"QTWO":1,"AGC":0.9}},"isVote":1,"tweetType":1,"viewCount":624,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":166389919,"gmtCreate":1623991699731,"gmtModify":1703825948508,"author":{"id":"3583137009388827","authorId":"3583137009388827","name":"Sheeeeep","avatar":"https://static.tigerbbs.com/27923972e21afd7321c7974dd54a3fa0","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3583137009388827","idStr":"3583137009388827"},"themes":[],"htmlText":"[Surprised]&nbsp;","listText":"[Surprised]&nbsp;","text":"[Surprised]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/166389919","repostId":"2144742925","repostType":4,"isVote":1,"tweetType":1,"viewCount":431,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":160361564,"gmtCreate":1623772899958,"gmtModify":1703819054331,"author":{"id":"3583137009388827","authorId":"3583137009388827","name":"Sheeeeep","avatar":"https://static.tigerbbs.com/27923972e21afd7321c7974dd54a3fa0","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3583137009388827","idStr":"3583137009388827"},"themes":[],"htmlText":"Good article.&nbsp;Very informative to ppl&nbsp;","listText":"Good article.&nbsp;Very informative to ppl&nbsp;","text":"Good article. Very informative to ppl","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/160361564","repostId":"1128243947","repostType":2,"isVote":1,"tweetType":1,"viewCount":318,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":817661719,"gmtCreate":1630942225531,"gmtModify":1676530425802,"author":{"id":"3583137009388827","authorId":"3583137009388827","name":"Sheeeeep","avatar":"https://static.tigerbbs.com/27923972e21afd7321c7974dd54a3fa0","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3583137009388827","idStr":"3583137009388827"},"themes":[],"htmlText":"[Smile]&nbsp;","listText":"[Smile]&nbsp;","text":"[Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/817661719","repostId":"1192663802","repostType":2,"repost":{"id":"1192663802","kind":"news","pubTimestamp":1630898224,"share":"https://ttm.financial/m/news/1192663802?lang=en_US&edition=fundamental","pubTime":"2021-09-06 11:17","market":"sg","language":"en","title":"An IFRS-Updated Complete And Comprehensive Fundamental Analysis Of Grab And AGC","url":"https://stock-news.laohu8.com/highlight/detail?id=1192663802","media":"seekingalpha","summary":"Summary\n\nAs Grab-AGC merger draws near, new insights derived from auditors and SEC's increased scrut","content":"<p><b>Summary</b></p>\n<ul>\n <li>As Grab-AGC merger draws near, new insights derived from auditors and SEC's increased scrutiny of SPACs drastically changed our bullish thesis established 5 months ago.</li>\n <li>Grab's top line and bottom line improved in 2021Q1 as a result of increased GMV per user. However, decline in monthly users suggests that growth momentum at risk due to competitions.</li>\n <li>Although competitions are rising, Grab stated at the regions' market penetration stands at only 11%, offering Grab and competitions plenty of headroom to grow.</li>\n <li>Material changes of our thesis sterns from Grab's valuations based on the revised figures in accordance to IFRS. This offers investors little investment value proposition compared to UBER and DIDI.</li>\n <li>13F filings suggest Grab's valuations did not deter institutional investors. Perhaps AGC's $10 NAV offers investors enough of a safety net to maintain positions.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ed14131a10fe9b0fe4ffdc2d166eedfc\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>bankkgraphy/iStock via Getty Images</span></p>\n<p><b>Introduction</b></p>\n<p>It's about time to update our investment thesis since we last established it 5 months ago. Many new insights have surfaced, some good, some bad. If you're new to this company, it is highly recommended to read our thesis published&nbsp;here&nbsp;and&nbsp;here. In this article, we're going to examine the following topics:</p>\n<ol>\n <li>Latest merger updates and officially numbers</li>\n <li>Latest business segments performance in 2021Q2</li>\n <li>Prospects vs. Rising Competition</li>\n <li>Value</li>\n</ol>\n<p><b>1. Merger Updates and Official Numbers</b></p>\n<p>Grab's merger with Altimeter Growth Corp (AGC) is expected to be completed by the end of&nbsp;2021. We're finally given an update after months of waiting. According to&nbsp;Nikkei Asia, it is implied that Grab's merger was expected to be completed by 2021Q2 but was delayed due to auditing U.S. Securities and Exchange Commission's (SEC) tightened scrutiny of SPACs. If you're doubtful about Grab's interest to go public, remember that the 2 main pieces of evidence are the contracted agreement with Uber (NYSE:UBER) to go&nbsp;public before 2023&nbsp;and to meet the&nbsp;ambitions of 2 million daily bookings.</p>\n<p>During this process, we finally have Grab's official numbers. Grab&nbsp;clarified&nbsp;several&nbsp;issues&nbsp;with the auditors and the SEC. Perhaps investors would be most concerned about its revised FY20 revenue to $0.469bn from $1.2bn (61% reduction). The revision saw several operating expenses being labeled as contra revenue items instead.</p>\n<p>The bad news is, this 61% in reduction has a huge impact on our thesis. Since Grab is not profitable, we had to observe the growth of its sales. Before the official numbers are released, we pulled information from sources and estimated that Grab's sales in FY2020 would be around&nbsp;$1.87bn to $3.91bn. It's a far cry from our estimation. We'll discuss more of this in the valuation section.</p>\n<p>The good news is, this delay turned out to be a blessing in disguise. AGC's $10 net asset value (NAV) saved investors (including us) from a worse drawdown (below $10) since the market crash in Feb. However, the days of this safety net are numbered as Grab's merger is around the corner.</p>\n<p>Other factors should also be considered, such as AGC shareholders' approval of the merger.</p>\n<p><b>2. Latest business segments performances in 2021Q2</b></p>\n<p>Grab is Southeast Asia's (SEA) super-app that dabbles in many business segments, including ride-hailing, food delivery, shipping, digital banking, insurance, and investments. Even though Grab dabbles in diverse business segments, Grab has established itself as a convincing market leader in several segments. Figure 1 illustrates that.</p>\n<p>Detailed 2021Q1 quarterly performance can be found directly from Grab's websitehere. Here's a summary of Grab's performance in each segment.</p>\n<ul>\n <li>Ride-hailing: Although activity level (measured in Gross Merchandise Value or GMV) is only at 68% of 2020Q1 due to ongoing travel restrictions in SEA, revenue and EBITDA increased 18% and 42% to $145mill and $115mil, respectively.</li>\n <li>Deliveries: This segment is probably Grab's best performing business segment during the pandemic. This has helped compensate for losses from Grab's ride-hailing business. Food delivery activities (GMV) increased 49% from 2020Q1 to $1.7bil. Adjusted Net Sales increase 96% YoY, and revenue (Adjusted Net Sales minus incentives) turn positive. GMV of GrabMart, Grab's new product in this segment, increased 36x from YoY. However, GrabMart's actual contribution to Food Deliveries' growth is unknown. Shipping is also unknown.</li>\n <li>Financial Service: This segment also showed strong growth. Grab's overall financial service total payment volume increased 18% YoY while Adjusted Net Sales increased 31% YoY. Revenue (Adjusted Net Sales minus incentives) also turn positive. Grab stated that loan disbursals and insurance offerings showed strong growth, but no concrete breakdown was given.</li>\n</ul>\n<p><i>* Adjusted Net Sales = Revenue + consumer incentives and excess driver/merchant incentives</i></p>\n<p><i>Figure 1</i></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/046ee7fac3a94b69b9ed3893d0cf0e4c\" tg-width=\"700\" tg-height=\"219\" width=\"100%\" height=\"auto\"><span>Source: Nasdaq / Tellimer</span></p>\n<p>Figure 2</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/88a9ad260d58e4b001facc68093fa8ea\" tg-width=\"816\" tg-height=\"382\" width=\"100%\" height=\"auto\"><span>Source: Grab</span></p>\n<p><b>3. Prospects and Rising Competition</b></p>\n<p>With such strong growth demonstrated by Grab, investors must ponder the question, \"How sustainable is this growth\"?</p>\n<p>The answer is rather simple: \"How big is the total addressable market?\"</p>\n<p>Since Grab's food delivery segment has become Grab's primary source of revenue and has helped narrow Grab's total losses from $771mil to $652mil (Figure 2), Grab's food delivery segment is a reliable proxy to Grab's overall performance.</p>\n<p>Demi Yu, regional head of deliveries at Grab, gave very encouraging guidance toward's Grab's growth in the food delivery segment. Shesaidthat SEA's food delivery market penetration is only at 11% compared to around 20% in China and the US. This implies that around 89% of the food delivery market remains untapped. This is a 10x potential growth for Grab assuming Grab is able to maintain market share. This is the tricky part.</p>\n<p>Although Grab's overall performance in $ is impressive, one red flag was the decrease in monthly transacting users (MTU). Although the GMV per user increased 30% YoY, Grab's MTU dropped 20% YoY.</p>\n<p>There are 2 takeaways: (1) Grab is losing users to competition, (2) Grab is establishing a network effect where retained users are using the platform more. Since takeaway (2) is good, let's focus more on rising competition's downside risk.</p>\n<p>A new strong contender has entered the arena, AirAsia. No one will blame you take AirAsia as an airline business. However, AirAsia is now repositioning itself as a&nbsp;data-driven technology company. AirAsia chief executive officer Tan Sri Tony Fernandes&nbsp;said&nbsp;that:</p>\n<blockquote>\n People are too focused on our airline business, but AirAsia is now a multi-business company and a very valuable data-driven technology company with a strong brand\n</blockquote>\n<p>This is very true, as&nbsp;evident&nbsp;from AirAsia's latest string of acquisitions. The company recently acquired a Malaysian online food delivery platform DeliverEat and Gojek’s operation in Thailand for $50mil to strengthen the company's logistics chain and e-commerce presence. Not to mention, These business segments will form a very synergistic relationship with AirAsia's airline and hotel business operations.</p>\n<p>Therefore, the key takeaway for Grab's \"prospect vs. competition\" debate is that competition is not a major concern at this stage as market penetration is still low, and there is still a lot of headroom to grow for players in this space.</p>\n<p><b>4. Valuation</b></p>\n<p>Here is where our thesis changed the most. The material changes in our thesis are derived from Grab's accounting changes. The accounting changes come from Net Adjusted Sales vs. Revenue where</p>\n<p><i>Adjusted Net Sales = Revenue + consumer incentives and excess driver/merchant incentives</i></p>\n<p>The easier way to understand adjusted net sales is Tesla's (TSLA) revenue from the carbon tax credit. It is still contributing to Tesla's revenue, but it is not from Tesla's operation and is not guaranteed to recur.</p>\n<p>Our past valuations were unknowingly based on Net Adjusted Sales, making it more comparable to the likes of Uber. However, this changes if incentives are not considered. By removing incentives from Grab's adjusted net sales, Grab's valuation will deter investors, especially when Uber or DiDi (DIDI) currently present investors with much better valuation after a recent decline in share price.</p>\n<p>Grab's current annualized revenue for FY21 is $864mil (= $216mil x 4). Given AGC's share price of $10.64, Grab is currently valued at a 49 Price-to-Sales(NASDAQ:PS)ratio. For comparison sake, Uber and DiDi's PS ratios are 6.22 and 1.77. Moreover, DiDi managed to reach profitability in 2021Q1 for the first time despite China's crackdown on Chinese tech companies.</p>\n<p>DiDi's share price decline has also&nbsp;negatively impacted&nbsp;Uber as Uber is DiDi's second-largest shareholder (12% ownership) behind Softbank(OTCPK:SFTBY). Similarly, Grab's decline in share price will also negatively impact Uber, as Uber owns about&nbsp;27.5%&nbsp;of Grab.</p>\n<p>Investors might sneer at Grab due to its high valuations. However, some analysts are rather bullish towards Grab.Telimer&nbsp;gave AGC a target of $16.50, which puts Grab at $66bil or a PS Ratio of 76.4. Moreover,institutions&nbsp;are accumulating in 2021Q2 when SPACs (including AGC) were hit hard by inflation fears.</p>\n<p>However, at this time (before the merger), since AGC offers a floor of $10 while AGC is currently trading near the floor of $10, this provides investors a safety to capitalize on Grab's growth with minimal downside.</p>\n<p><b>5. Conclusions</b></p>\n<p>We had established our bullish thesis 5 months ago due to its impressive reported growth in sales. However, Grab's recent audited numbers reported a rather less impressive top line when incentives are not considered. Grab's valuation based on the revised figures in accordance with IFRS offers investors little investment value proposition.</p>\n<p>Rising competition is putting Grab's continuous strong growth momentum at risk. This is evident from Grab's decrease in monthly transacting users. Although market penetration is only at 11% and with plenty of headroom to grow, one might wonder whether this potential has already been priced in based on Grab's current valuations in accordance with IFRS.</p>\n<p>As the old saying goes, \"never overpay for growth.\" Nevertheless, despite Grab's high valuation, 13F filings suggest institutional investors are undeterred from investing in Grab via AGC.</p>\n<p>We'll be maintaining our positions on Grab, simply due to its safety net offered by AGC's $10 floor.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>An IFRS-Updated Complete And Comprehensive Fundamental Analysis Of Grab And AGC</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAn IFRS-Updated Complete And Comprehensive Fundamental Analysis Of Grab And AGC\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-06 11:17 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4453663-an-ifrs-updated-complete-and-comprehensive-fundamental-analysis-of-grab-and-agc><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nAs Grab-AGC merger draws near, new insights derived from auditors and SEC's increased scrutiny of SPACs drastically changed our bullish thesis established 5 months ago.\nGrab's top line and ...</p>\n\n<a href=\"https://seekingalpha.com/article/4453663-an-ifrs-updated-complete-and-comprehensive-fundamental-analysis-of-grab-and-agc\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://seekingalpha.com/article/4453663-an-ifrs-updated-complete-and-comprehensive-fundamental-analysis-of-grab-and-agc","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1192663802","content_text":"Summary\n\nAs Grab-AGC merger draws near, new insights derived from auditors and SEC's increased scrutiny of SPACs drastically changed our bullish thesis established 5 months ago.\nGrab's top line and bottom line improved in 2021Q1 as a result of increased GMV per user. However, decline in monthly users suggests that growth momentum at risk due to competitions.\nAlthough competitions are rising, Grab stated at the regions' market penetration stands at only 11%, offering Grab and competitions plenty of headroom to grow.\nMaterial changes of our thesis sterns from Grab's valuations based on the revised figures in accordance to IFRS. This offers investors little investment value proposition compared to UBER and DIDI.\n13F filings suggest Grab's valuations did not deter institutional investors. Perhaps AGC's $10 NAV offers investors enough of a safety net to maintain positions.\n\nbankkgraphy/iStock via Getty Images\nIntroduction\nIt's about time to update our investment thesis since we last established it 5 months ago. Many new insights have surfaced, some good, some bad. If you're new to this company, it is highly recommended to read our thesis published here and here. In this article, we're going to examine the following topics:\n\nLatest merger updates and officially numbers\nLatest business segments performance in 2021Q2\nProspects vs. Rising Competition\nValue\n\n1. Merger Updates and Official Numbers\nGrab's merger with Altimeter Growth Corp (AGC) is expected to be completed by the end of 2021. We're finally given an update after months of waiting. According to Nikkei Asia, it is implied that Grab's merger was expected to be completed by 2021Q2 but was delayed due to auditing U.S. Securities and Exchange Commission's (SEC) tightened scrutiny of SPACs. If you're doubtful about Grab's interest to go public, remember that the 2 main pieces of evidence are the contracted agreement with Uber (NYSE:UBER) to go public before 2023 and to meet the ambitions of 2 million daily bookings.\nDuring this process, we finally have Grab's official numbers. Grab clarified several issues with the auditors and the SEC. Perhaps investors would be most concerned about its revised FY20 revenue to $0.469bn from $1.2bn (61% reduction). The revision saw several operating expenses being labeled as contra revenue items instead.\nThe bad news is, this 61% in reduction has a huge impact on our thesis. Since Grab is not profitable, we had to observe the growth of its sales. Before the official numbers are released, we pulled information from sources and estimated that Grab's sales in FY2020 would be around $1.87bn to $3.91bn. It's a far cry from our estimation. We'll discuss more of this in the valuation section.\nThe good news is, this delay turned out to be a blessing in disguise. AGC's $10 net asset value (NAV) saved investors (including us) from a worse drawdown (below $10) since the market crash in Feb. However, the days of this safety net are numbered as Grab's merger is around the corner.\nOther factors should also be considered, such as AGC shareholders' approval of the merger.\n2. Latest business segments performances in 2021Q2\nGrab is Southeast Asia's (SEA) super-app that dabbles in many business segments, including ride-hailing, food delivery, shipping, digital banking, insurance, and investments. Even though Grab dabbles in diverse business segments, Grab has established itself as a convincing market leader in several segments. Figure 1 illustrates that.\nDetailed 2021Q1 quarterly performance can be found directly from Grab's websitehere. Here's a summary of Grab's performance in each segment.\n\nRide-hailing: Although activity level (measured in Gross Merchandise Value or GMV) is only at 68% of 2020Q1 due to ongoing travel restrictions in SEA, revenue and EBITDA increased 18% and 42% to $145mill and $115mil, respectively.\nDeliveries: This segment is probably Grab's best performing business segment during the pandemic. This has helped compensate for losses from Grab's ride-hailing business. Food delivery activities (GMV) increased 49% from 2020Q1 to $1.7bil. Adjusted Net Sales increase 96% YoY, and revenue (Adjusted Net Sales minus incentives) turn positive. GMV of GrabMart, Grab's new product in this segment, increased 36x from YoY. However, GrabMart's actual contribution to Food Deliveries' growth is unknown. Shipping is also unknown.\nFinancial Service: This segment also showed strong growth. Grab's overall financial service total payment volume increased 18% YoY while Adjusted Net Sales increased 31% YoY. Revenue (Adjusted Net Sales minus incentives) also turn positive. Grab stated that loan disbursals and insurance offerings showed strong growth, but no concrete breakdown was given.\n\n* Adjusted Net Sales = Revenue + consumer incentives and excess driver/merchant incentives\nFigure 1\nSource: Nasdaq / Tellimer\nFigure 2\nSource: Grab\n3. Prospects and Rising Competition\nWith such strong growth demonstrated by Grab, investors must ponder the question, \"How sustainable is this growth\"?\nThe answer is rather simple: \"How big is the total addressable market?\"\nSince Grab's food delivery segment has become Grab's primary source of revenue and has helped narrow Grab's total losses from $771mil to $652mil (Figure 2), Grab's food delivery segment is a reliable proxy to Grab's overall performance.\nDemi Yu, regional head of deliveries at Grab, gave very encouraging guidance toward's Grab's growth in the food delivery segment. Shesaidthat SEA's food delivery market penetration is only at 11% compared to around 20% in China and the US. This implies that around 89% of the food delivery market remains untapped. This is a 10x potential growth for Grab assuming Grab is able to maintain market share. This is the tricky part.\nAlthough Grab's overall performance in $ is impressive, one red flag was the decrease in monthly transacting users (MTU). Although the GMV per user increased 30% YoY, Grab's MTU dropped 20% YoY.\nThere are 2 takeaways: (1) Grab is losing users to competition, (2) Grab is establishing a network effect where retained users are using the platform more. Since takeaway (2) is good, let's focus more on rising competition's downside risk.\nA new strong contender has entered the arena, AirAsia. No one will blame you take AirAsia as an airline business. However, AirAsia is now repositioning itself as a data-driven technology company. AirAsia chief executive officer Tan Sri Tony Fernandes said that:\n\n People are too focused on our airline business, but AirAsia is now a multi-business company and a very valuable data-driven technology company with a strong brand\n\nThis is very true, as evident from AirAsia's latest string of acquisitions. The company recently acquired a Malaysian online food delivery platform DeliverEat and Gojek’s operation in Thailand for $50mil to strengthen the company's logistics chain and e-commerce presence. Not to mention, These business segments will form a very synergistic relationship with AirAsia's airline and hotel business operations.\nTherefore, the key takeaway for Grab's \"prospect vs. competition\" debate is that competition is not a major concern at this stage as market penetration is still low, and there is still a lot of headroom to grow for players in this space.\n4. Valuation\nHere is where our thesis changed the most. The material changes in our thesis are derived from Grab's accounting changes. The accounting changes come from Net Adjusted Sales vs. Revenue where\nAdjusted Net Sales = Revenue + consumer incentives and excess driver/merchant incentives\nThe easier way to understand adjusted net sales is Tesla's (TSLA) revenue from the carbon tax credit. It is still contributing to Tesla's revenue, but it is not from Tesla's operation and is not guaranteed to recur.\nOur past valuations were unknowingly based on Net Adjusted Sales, making it more comparable to the likes of Uber. However, this changes if incentives are not considered. By removing incentives from Grab's adjusted net sales, Grab's valuation will deter investors, especially when Uber or DiDi (DIDI) currently present investors with much better valuation after a recent decline in share price.\nGrab's current annualized revenue for FY21 is $864mil (= $216mil x 4). Given AGC's share price of $10.64, Grab is currently valued at a 49 Price-to-Sales(NASDAQ:PS)ratio. For comparison sake, Uber and DiDi's PS ratios are 6.22 and 1.77. Moreover, DiDi managed to reach profitability in 2021Q1 for the first time despite China's crackdown on Chinese tech companies.\nDiDi's share price decline has also negatively impacted Uber as Uber is DiDi's second-largest shareholder (12% ownership) behind Softbank(OTCPK:SFTBY). Similarly, Grab's decline in share price will also negatively impact Uber, as Uber owns about 27.5% of Grab.\nInvestors might sneer at Grab due to its high valuations. However, some analysts are rather bullish towards Grab.Telimer gave AGC a target of $16.50, which puts Grab at $66bil or a PS Ratio of 76.4. Moreover,institutions are accumulating in 2021Q2 when SPACs (including AGC) were hit hard by inflation fears.\nHowever, at this time (before the merger), since AGC offers a floor of $10 while AGC is currently trading near the floor of $10, this provides investors a safety to capitalize on Grab's growth with minimal downside.\n5. Conclusions\nWe had established our bullish thesis 5 months ago due to its impressive reported growth in sales. However, Grab's recent audited numbers reported a rather less impressive top line when incentives are not considered. Grab's valuation based on the revised figures in accordance with IFRS offers investors little investment value proposition.\nRising competition is putting Grab's continuous strong growth momentum at risk. This is evident from Grab's decrease in monthly transacting users. Although market penetration is only at 11% and with plenty of headroom to grow, one might wonder whether this potential has already been priced in based on Grab's current valuations in accordance with IFRS.\nAs the old saying goes, \"never overpay for growth.\" Nevertheless, despite Grab's high valuation, 13F filings suggest institutional investors are undeterred from investing in Grab via AGC.\nWe'll be maintaining our positions on Grab, simply due to its safety net offered by AGC's $10 floor.","news_type":1,"symbols_score_info":{"AGC":0.9}},"isVote":1,"tweetType":1,"viewCount":903,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":839448450,"gmtCreate":1629177112870,"gmtModify":1676529954907,"author":{"id":"3583137009388827","authorId":"3583137009388827","name":"Sheeeeep","avatar":"https://static.tigerbbs.com/27923972e21afd7321c7974dd54a3fa0","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3583137009388827","idStr":"3583137009388827"},"themes":[],"htmlText":"[Smile]&nbsp;","listText":"[Smile]&nbsp;","text":"[Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/839448450","repostId":"2159222279","repostType":4,"isVote":1,"tweetType":1,"viewCount":573,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":803936763,"gmtCreate":1627400107152,"gmtModify":1703489294663,"author":{"id":"3583137009388827","authorId":"3583137009388827","name":"Sheeeeep","avatar":"https://static.tigerbbs.com/27923972e21afd7321c7974dd54a3fa0","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3583137009388827","idStr":"3583137009388827"},"themes":[],"htmlText":"[Miser]&nbsp;","listText":"[Miser]&nbsp;","text":"[Miser]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/803936763","repostId":"1174172916","repostType":4,"isVote":1,"tweetType":1,"viewCount":305,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":151853586,"gmtCreate":1625073088645,"gmtModify":1703735622622,"author":{"id":"3583137009388827","authorId":"3583137009388827","name":"Sheeeeep","avatar":"https://static.tigerbbs.com/27923972e21afd7321c7974dd54a3fa0","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3583137009388827","idStr":"3583137009388827"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/XLP\">$Consumer Staples Select Sector SPDR Fund(XLP)$</a>Go up laaaa！","listText":"<a href=\"https://laohu8.com/S/XLP\">$Consumer Staples Select Sector SPDR Fund(XLP)$</a>Go up laaaa！","text":"$Consumer Staples Select Sector SPDR Fund(XLP)$Go up laaaa！","images":[{"img":"https://static.tigerbbs.com/28c9d09986af07b4f9197c5cc577c0d6","width":"828","height":"1434"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/151853586","isVote":1,"tweetType":1,"viewCount":687,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":129270863,"gmtCreate":1624375508052,"gmtModify":1703834944405,"author":{"id":"3583137009388827","authorId":"3583137009388827","name":"Sheeeeep","avatar":"https://static.tigerbbs.com/27923972e21afd7321c7974dd54a3fa0","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3583137009388827","idStr":"3583137009388827"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/PYPL\">$PayPal(PYPL)$</a>[Miser]&nbsp;[Miser]&nbsp;","listText":"<a href=\"https://laohu8.com/S/PYPL\">$PayPal(PYPL)$</a>[Miser]&nbsp;[Miser]&nbsp;","text":"$PayPal(PYPL)$[Miser] [Miser]","images":[{"img":"https://static.tigerbbs.com/790736921d19cebd9ae3522a2f47b5b6","width":"828","height":"1434"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/129270863","isVote":1,"tweetType":1,"viewCount":996,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":163911491,"gmtCreate":1623856330513,"gmtModify":1703821638831,"author":{"id":"3583137009388827","authorId":"3583137009388827","name":"Sheeeeep","avatar":"https://static.tigerbbs.com/27923972e21afd7321c7974dd54a3fa0","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3583137009388827","idStr":"3583137009388827"},"themes":[],"htmlText":"[Happy]&nbsp;","listText":"[Happy]&nbsp;","text":"[Happy]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/163911491","repostId":"1127823989","repostType":2,"isVote":1,"tweetType":1,"viewCount":379,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}