Rebounding back

$Grab Holdings(GRAB)$  just released its first quarterly profit this week and announced its inaugural share repurchase program, but the ride-hailing, food-delivery and digital-banking firm's weak business outlook has casted doubts on sustainability of the profit and future growth, and has weighed on its stock. Together with $Sea Ltd(SE)$  , the duo were once the pride of our nation and touted as the greatest tech companies in Singapore. Grab's business in food delivery and Sea's business in online gaming and e-commerce had thrived at the onset of the COVID pandemic, but their platforms have struggled to stay competitive and remain relevant post pandemic as their markets adapt to the new normal.

Rising competition from competing ride-hailing and delivery platforms has weighed on Grab whose share price has not seen daylight above its IPO price since its public listing. Likewise, growing competition from the likes of $Alibaba(BABA)$  , $Pinduoduo Inc.(PDD)$  and $Amazon.com(AMZN)$  in Southeast Asia, and especially the e-commerce arm of TikTok in Sea's largest market Indonesia, have given Sea a run for its money. While Grab and Sea's digital banking arms are still in their infancy, they have shown promising potential to gain a foothold in the banking industry for additional streams of revenue.

Nevertheless, I believe that the pandemic has changed forever the way that people would shop, as habits developed on the back of accelerated digital transformations over the couple of years of restrictive measures during the COVID are unlikely to wear off easily. Hence, I believe that the serviceable available market will grow over time, allowing coexistence of multiple players. Grab, Sea, Alibaba, Pinduoduo and Amazon are certainly here to stay and with their strong fundamentals, I believe that they will be able to rebound and grow from strength to strength.

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