Investment Rating - The report maintains a positive outlook on Grab, highlighting its strong execution, market leadership, and product differentiation driving transaction growth [2]. Core Insights - Grab is expected to achieve a compound annual growth rate (CAGR) of high double digits in total transaction value over the next three years, supported by its grocery delivery cross-selling initiatives and expansion into lower-tier cities [2][3]. - The financial services segment is projected to double its loan portfolio by the end of the year, contributing to profitability [5]. - The report emphasizes the potential for advertising revenue growth, with penetration expected to rise from 1.7% in FY2026 to over 2% [3]. Delivery Business Growth - Grab's delivery segment is anticipated to achieve a high double-digit CAGR over the next three years, leveraging its grocery delivery cross-selling strategy and weekly scheduled delivery services [3]. - The exit of competitors like Deliveroo presents opportunities for Grab to acquire enterprise clients and exclusive merchants, aiding in scale expansion [3]. - The target is to increase delivery profit margins from 2% to 3% by 2028 [3]. Ride-Hailing Growth - The ride-hailing segment is projected to grow at a mid-double-digit CAGR over the next three years, with profit margins stabilizing around 9% [4]. - Grab plans to deepen its presence in second and third-tier cities in Indonesia, which currently contribute 20% of its total transaction value [4]. - The focus on affordable ride options in Thailand and Vietnam, particularly in suburban areas, is expected to support growth [4]. Financial Services Profitability - Grab is witnessing a shift in borrowers from drivers/riders to application users within its ecosystem, indicating diversification [5]. - The competitive environment in the ride-hailing and delivery sectors remains healthy, with a clear growth roadmap and strong execution expected to triple adjusted EBITDA by 2028 [5]. Catalysts - Key catalysts include exceeding expectations in total transaction value for food delivery and ride-hailing, higher-than-expected commission rates, and potential accretive merger and acquisition transactions [6].

Financial Data and Key Metrics Changes - In Q4 2025, revenues grew 17% and EBITDA grew 29% year-over-year in US dollars. For the full year, revenues increased nearly 10% and EBITDA grew 19% [3][14] - Group revenue reached $4.4 billion in 2025, growing 9.9% in US dollar terms, with an adjusted growth of around 11% in dollars and over 15% in local currency terms [6][14] - EBITDA for the year reached $2.01 billion, representing 18.8% growth, with an EBITDA margin expanding to 45.7% [14][15] Business Line Data and Key Metrics Changes - Digital services revenue grew 84% year-over-year in Q4 and over 62% for the full year, now representing more than 17% of group revenue [4][6] - Digital revenues reached $759 million for the full year, contributing significantly to profitability with an EBITDA margin of 27.3% [4][14] - Telecom and infrastructure revenues grew 3%, supported by average revenue per user growth driven by strong subscriber engagement [6] Market Data and Key Metrics Changes - Growth across markets remains balanced, with strong momentum in Pakistan, Ukraine, and Kazakhstan, while Bangladesh returned to positive growth [9] - Financial services in Pakistan performed strongly, with monthly active users reaching 21.5 million and transaction value reaching $53 billion, equivalent to around 13% of Pakistan's GDP [10] - The company serves over 135 million active digital service users, with total transaction value across the ecosystem reaching $55 billion, growing more than 50% year-over-year [10] Company Strategy and Development Direction - The company executed an asset-light strategy, completing the sale of its Pakistan tower portfolio and launching direct-to-cell connectivity with Starlink [4][5] - The listing of Kyivstar on Nasdaq was highlighted as a significant achievement, with plans for continued share buybacks of at least $100 million annually [5][16] - The company aims to balance its digital and telecom services, with a long-term goal of achieving a 50-50 revenue split between the two segments [116] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth of both core telecommunications and digital services businesses, expecting revenue growth of 9%-12% and EBITDA growth of 7%-10% for 2026 [16] - The company noted that pricing control remains strong, allowing it to implement fair value pricing and gain wallet share from customers [7] - Management emphasized the importance of investing in infrastructure to support digital services, particularly in markets with significant growth potential [122] Other Important Information - The company is actively pursuing digital banking licenses in its markets, particularly in Pakistan, to enhance its financial services offerings [89] - The acquisition of TPL Insurance is expected to enhance the company's embedded insurance offerings, leveraging its existing customer base [84] - The company is developing local language large models for AI applications, positioning itself uniquely in its markets [95] Q&A Session Summary Question: Regarding the Pakistan spectrum auction and 5G network aspirations - Management highlighted the successful acquisition of 190 megahertz of spectrum for $240 million, indicating plans to improve 4G services while also deploying 5G where relevant [20][23] Question: Insights on revenue growth drivers - Management attributed growth to a shift from selling raw data to providing meaningful digital services, enhancing customer relationships and reducing churn [31][32] Question: Plans for 2027 bonds and capital allocation - Management confirmed plans to address the 2027 bonds this year and emphasized a disciplined approach to capital allocation, focusing on accretive investments [110][112] Question: Future of the digital financial ecosystem in Pakistan - Management expressed optimism about upgrading to a full digital banking license, which would unlock new growth opportunities in Pakistan's financial services market [127]

Investment Rating - The report indicates that Grab's risk-reward profile has become more attractive following a significant stock price correction, with a recommendation to consider the investment [4]. Core Insights - The report aligns with the views of CITIC Lyon Research, suggesting that Grab's recent stock price decline has been excessive, and the fundamentals remain strong despite a 15% year-to-date price drop due to macroeconomic concerns and regulatory measures in Indonesia [4][5]. - Grab's total gross merchandise value (GMV) is expected to continue its growth momentum from record levels in 2025, with both ride-hailing and food delivery businesses projected to achieve mid to high double-digit growth [4]. - Concerns regarding the Indonesian government's potential cap on motorcycle commission rates at 10% may be overstated, as Grab's motorcycle business only accounts for approximately 18% of its total GMV [5]. Summary by Sections Company Overview - Grab operates across eight countries with approximately 80,000 square meters of leased office space, offering a wide range of services from ride-hailing to food delivery, financial services, and enterprise solutions [8]. - Nearly 50% of Grab's total GMV comes from food delivery, while ride-hailing and financial services contribute 26% and 25%, respectively [8]. Financial Metrics - As of February 2, 2026, Grab's stock price is $4.41, with a market capitalization of $19.88 billion [9]. - The average daily trading volume over the past three months is $258.99 million, with a market consensus target price of $6.40 [9]. Catalysts - Potential catalysts for Grab's growth include exceeding expectations in total transaction value for food delivery and ride-hailing, higher-than-expected monetization rates, and acquisitions that could enhance profitability [6].

Core Viewpoint - Southbound funds increased their holdings in GF Securities (01776.HK) by 333,000 shares on January 7, while experiencing net reductions in holdings for 3 out of the last 5 trading days, totaling a net reduction of 1.5367 million shares [1] Group 1: Southbound Fund Activity - Over the last 20 trading days, southbound funds have reduced their holdings on 9 days, with a cumulative net reduction of 1.6068 million shares [1] - Currently, southbound funds hold 1.007 billion shares of GF Securities, accounting for 59.14% of the company's total issued ordinary shares [1] Group 2: Company Overview - GF Securities Co., Ltd. is primarily engaged in securities business in China, operating through five segments [1] - The Investment Banking segment focuses on equity financing, debt financing, financial advisory, and corporate solutions [1] - The Wealth Management segment provides retail securities brokerage, futures brokerage, financial product distribution, margin financing, repurchase trading financing services, and leasing [1] - The Trading and Institutional Client Services segment mainly offers securities research, asset custody services, sales and investment trading (including proprietary and other client trading services), and alternative investments [1] - The Investment Management segment is involved in asset management, public fund management, and private fund management [1] - The Other segment primarily supports the operations of the company headquarters [1]

Financial Performance - Revenue increased by 8% year-over-year, reaching $2,216 million[11] - Net customer service revenue grew by 4% year-over-year to $1,822 million[11] - EBITDA increased by 6% year-over-year to $771 million[11] - Profit attributable to shareholders increased significantly by 150% year-over-year to $6 million[11] Customer Base and Services - Total mobile customer number increased by 44% year-over-year to 6.134 million[8] - 5G base penetration reached 57%, a 6%-point increase year-over-year[8] - Roaming revenue experienced robust growth of 30% year-over-year[8] - 5G Home Broadband saw a substantial increase of 34% year-over-year[8] Business Segments - Corporate Solutions revenue increased by 30% year-over-year[8] - Prepaid business grew by 8% year-over-year[8] Financial Management - EBITDA less CAPEX increased by 6% year-over-year to $597 million[11]

Core Insights - FactSet Research Systems reported mixed results for Q3, with sales of $585.52 million exceeding analyst expectations of $580.50 million, reflecting a 5.9% year-over-year increase [1] - Adjusted earnings per share were $4.27, slightly below the consensus estimate of $4.29 [1] Financial Performance - The company reiterated its adjusted diluted EPS outlook for the fiscal year at $16.80 to $17.40, compared to the consensus of $17.07 [2] - Revenue guidance was maintained at $2.305 billion to $2.325 billion, aligning closely with the consensus of $2.310 billion [2] - FactSet maintained an adjusted operating margin of 36% to 37% [2] Market Reaction - Following the earnings announcement, FactSet Research shares fell 0.3% to $435.65 [3] - Analysts adjusted their price targets for FactSet Research after the earnings report [3] Analyst Ratings - Morgan Stanley analyst Toni Kaplan maintained an Underweight rating and raised the price target from $390 to $393 [5] - Wells Fargo analyst Jason Haas also maintained an Underweight rating, increasing the price target from $402 to $405 [5] - RBC Capital analyst Ashish Sabadra reiterated a Sector Perform rating with a price target of $503 [5]