Core Insights - SGA's Emerging Markets Growth Strategy experienced a divergence in performance during Q4 2025, with the portfolio returning 0.8% (Gross) and 0.6% (Net), underperforming the MSCI EM Net TR Index and MSCI EM Growth Net TR Index returns of 4.7% and 3.3% respectively [1] - For the full year 2025, the portfolio achieved returns of 23.8% (Gross) and 22.8% (Net), lagging behind the indexes which returned 33.6% and 34.3% respectively [1] - The portfolio anticipates annual revenue growth of 13% and earnings growth of 16% over the next three years [1] Company-Specific Insights - Grab Holdings Limited (NASDAQ:GRAB) was identified as a notable detractor in the Q4 2025 performance, with a one-month return of -3.64% and a 14.72% decline over the past twelve months, while its market capitalization stands at $17.288 billion [2] - Despite solid Q3 results and an increase in full-year revenue guidance, Grab faced challenges in its fintech segment, which saw increased operating losses due to higher provisions [3] - Management projects the fintech segment to reach breakeven by the second half of 2026, although there is uncertainty regarding this timeline [3] - A potential merger with competitor GoTo could enhance Grab's user base and fintech opportunities, while its delivery and ridesharing businesses are expected to benefit from predictable growth and margin expansion [3] - Grab is projected to achieve high-teens revenue growth over the next three years as it improves efficiency and expands monetization opportunities [3]

Core Viewpoint - Grab Holdings Limited (NASDAQ:GRAB) has been upgraded by HSBC from Hold to Buy, with a price target of $6.20, due to attractive valuation following a recent selloff and lower Wall Street expectations [1][2]. Group 1: Company Performance - Over the past five days, GRAB shares have increased nearly 4.99%, outperforming the market with a rise of 2.85% on a recent trading day, compared to the S&P 500 index's 0.41% and the Nasdaq's 0.91% gains [3]. - Of the 30 analysts covering GRAB, 28 rate it a Buy, with a median price target of $6.95, indicating an upside potential of more than 46.50% [3]. - Wall Street expects Grab to post an EPS of $0.01 for Q4 2025, which is lower than the $0.02 from the previous year, with an average revenue estimate of approximately $940.60 million, reflecting year-over-year growth of over 23% [3]. Group 2: Business Segments - Grab Holdings Limited operates as a superapp in Southeast Asia, with four main segments: Deliveries, Mobility, Financial Services, and Others [4]. Group 3: Analyst Insights - Analyst Piyush Choudhary believes that Grab's growth drivers remain intact, and the company is expected to continue rolling out innovative and affordable products as it strengthens its leadership position [2].

Group 1 - Grab Holdings Limited (NASDAQ:GRAB) is currently viewed as a stock under $50 with significant upside potential, with Barclays setting a price target of $7, indicating a nearly 58% upside from the consensus median price target of $6.95 [1] - BofA Securities upgraded Grab Holdings Limited to Buy from Neutral, maintaining a price target of $6.30, despite the stock's 17.85% decline over the last six months, citing muted competition and improved margins in core mobility and delivery businesses [2] - The company has a strong net cash position exceeding $5 billion, which is believed to mitigate downside risk, with potential upside from better-than-expected performance in GrabMart or quick commerce operations [3] Group 2 - Grab Holdings Limited is recognized as Southeast Asia's leading superapp, excelling in food deliveries, mobility, and financial services, positioning itself as an all-in-one platform for daily needs and earning opportunities [4]

Core Viewpoint - WeRide, a leader in autonomous driving technology, is launching its autonomous vehicle service Ai.R in Singapore in partnership with Grab, marking a significant step in urban transportation in Southeast Asia [1][8]. Company Overview - WeRide is recognized as a global leader in the autonomous driving industry and is the first publicly traded Robotaxi company, having tested or operated its vehicles in over 30 cities across 11 countries [21]. - Grab is a leading super app in Southeast Asia, providing a wide range of services including mobility, deliveries, and digital financial services across eight countries [22]. Service Launch Details - The Ai.R service will operate in Punggol, Singapore, utilizing WeRide's GXR and Robobus vehicles, with a fleet of 11 vehicles initially deployed [2][6]. - Ai.R is the only service selected by the Land Transport Authority (LTA) to operate on two designated routes in Punggol [2][6]. Vehicle Specifications and Safety - The five-seater WeRide GXR and eight-seater Robobus have successfully passed Singapore's Milestone 1 (M1) assessment, confirming their ability to operate safely on public roads [4][6]. - Ai.R vehicles are equipped with advanced cameras and LiDAR technology, allowing them to detect objects up to 200 meters away and navigate safely even in adverse weather conditions [12]. Training and Safety Measures - Grab has initiated training for over 10 driver-partners to become autonomous vehicle Safety Operators, ensuring safety during the initial phase of the service [7][15]. - A trained Grab Safety Operator will be present on every Ai.R ride during the initial phase to monitor operations and ensure passenger safety [7][18]. Future Plans and Community Impact - By early 2026, Ai.R is expected to start taking its first batch of passengers, enhancing access to key amenities in the Punggol area [11]. - The service aims to improve connectivity within underserved neighborhoods, providing a smarter travel experience for residents [9][8].