SummaryGrab's cost-cutting and optimization policies not only improved profitability but also revealed a certain degree of moat, inelastic demand, the incentive spending efficiencies.Although Grab can reach breakeven and profitability via cost-cutting, Grab still has to grow to justify its currently $14.5bn market cap.Grab is a buy below $4.30 as it could be in a classic accumulation phase.Galeanu MihaiIntroductionSo far we've covered Grab $Grab Holdings(GRAB)$ 7 times since 2021. Throughout our 7 theses, there was a common theme: "Grab's Leadership Equated To Its Willingness To Spend". Our verdict was that Grab had to keep spending cash on consumer and partner (drivers) incentives to grow adoption. Should other similar service providers