SHARES of Grab have dodged a b

2023-12-01

SHARES of Grab have dodged a bullet on the back of confirmation by the management of Chinese food delivery giant Meituan that it is not interested in acquiring foodpanda.

DBS Group Research on Thursday (Nov 30) said that the confirmation from Meituan removes a key overhang from Grab’s stock price, given that the entry of a big player such as Meituan could pose challenges to the Singapore-based super-app operator.

“Grab’s stock price has corrected about 10 per cent in the last two weeks on rumours of Meituan potentially acquiring the foodpanda business, and we expect a relief rally subsequently,” said DBS. It maintained a “buy” call and target price of US$4.26 for Grab.

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