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[Global Finance] Galaxy International: Grab's third-quarter results exceeded expectations and raised target price to US $7.20

新华财经新加坡11月5日电（记者刘春涛）银河国际（CGSInternational）4日发布报告称，总部位于新加坡的Grab控股（GrabHoldings）2025年第三季度业绩表现强劲，营收和调整后EBITDA（税息折旧及摊销前利润）均超出市场预期。银河国际维持对Grab的“增持”（Add）评级，并将其目标价从7.00美元上调至7.20美元。

[Global Finance] Galaxy International: Grab's third-quarter results exceeded expectations and raised target price to US $7.20

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Galaxy International maintained its \"Overweight\" (Add) rating on Grab and raised its price target to $7.20 from $7.00.</p><p>The report shows that Grab's revenue in the third quarter reached US $873 million, an increase of 7% month-on-month and 22% year-on-year; Adjusted EBITDA was $136 million, up 25% sequentially and 51% year-over-year, beating combined Galaxy International and Bloomberg estimates.</p><p>Galaxy International analyst Jacquelyn Yow pointed out in the report that Grab's strong growth is mainly due to the steady year-on-year and month-on-month growth in the gross merchandise volume (GMV) of its two core businesses of Deliveries and Mobility. 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Management reiterated its confidence that the unit will break even in the second half of 2026.</p><p>Looking ahead, Galaxy International raised its earnings per share (EPS) forecast for Grab to reflect higher GMV growth in its food delivery and mobility businesses<span>Changhe</span>Better profit margins. The report expects that by fiscal year 2027, Grab will achieve positive adjusted EBITDA for all business segments for the first time.</p><p>(Source of article: Xinhua Finance)</p><p></div></body></html></p>","source":"stock_eastmoney","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>[Global Finance] Galaxy International: Grab's third-quarter results exceeded expectations and raised target price to US $7.20</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n[Global Finance] Galaxy International: Grab's third-quarter results exceeded expectations and raised target price to US $7.20\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新华财经</strong><span class=\"h-time small\">2025-11-05 19:04</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body><div><img border=\"0\" height=\"276\" src=\"https://webquoteklinepic.eastmoney.com/GetPic.aspx?nid=105.GRAB&imageType=k&token=28dfeb41d35cc81d84b4664d7c23c49f&at=1\" width=\"578\"/></p><p>Xinhua Finance Singapore, November 5th (Reporter Liu Chuntao)<a href=\"https://laohu8.com/S/000806\">Galaxy</a>CGS International released a report on the 4th stating that Singapore-based Grab Holdings (<a href=\"https://laohu8.com/S/GRAB\">Grab Holdings</a>) Third quarter 2025 results were strong, with both revenue and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) beating market expectations. Galaxy International maintained its \"Overweight\" (Add) rating on Grab and raised its price target to $7.20 from $7.00.</p><p>The report shows that Grab's revenue in the third quarter reached US $873 million, an increase of 7% month-on-month and 22% year-on-year; Adjusted EBITDA was $136 million, up 25% sequentially and 51% year-over-year, beating combined Galaxy International and Bloomberg estimates.</p><p>Galaxy International analyst Jacquelyn Yow pointed out in the report that Grab's strong growth is mainly due to the steady year-on-year and month-on-month growth in the gross merchandise volume (GMV) of its two core businesses of Deliveries and Mobility. There are multiple drivers behind this, including: 1) higher user usage frequency; 2) Product innovation, such as GrabMart (grocery delivery), Saver (economy) travel and delivery options, etc.; 3) Higher advertising penetration among merchant partners; 4) Strong loan origination in the financial services sector.</p><p>Despite brief volatility in Indonesia in early September, Grab's adjusted EBITDA margin improved sequentially and year-over-year in the third quarter, with GMV up 8% sequentially and 24% year-over-year, the report said. This highlights the success of its product innovation in improving user stickiness and average consumption.</p><p>In the financial services segment, Grab's loan originations in the third quarter increased 23% sequentially and 56% year-over-year. Management reiterated its confidence that the unit will break even in the second half of 2026.</p><p>Looking ahead, Galaxy International raised its earnings per share (EPS) forecast for Grab to reflect higher GMV growth in its food delivery and mobility businesses<span>Changhe</span>Better profit margins. The report expects that by fiscal year 2027, Grab will achieve positive adjusted EBITDA for all business segments for the first time.</p><p>(Source of article: Xinhua Finance)</p><p></div></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://finance.eastmoney.com/a/202511053556037651.html\">新华财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GRAB":"Grab Holdings"},"source_url":"http://finance.eastmoney.com/a/202511053556037651.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2581887725","content_text":"新华财经新加坡11月5日电（记者刘春涛）银河国际（CGS International）4日发布报告称，总部位于新加坡的Grab控股（Grab Holdings）2025年第三季度业绩表现强劲，营收和调整后EBITDA（税息折旧及摊销前利润）均超出市场预期。银河国际维持对Grab的“增持”（Add）评级，并将其目标价从7.00美元上调至7.20美元。　　报告显示，Grab第三季度营收达8.73亿美元，环比增长7%，同比增长22%；调整后EBITDA为1.36亿美元，环比增长25%，同比增长51%，超出了银河国际和彭博社的综合预期。　　银河国际分析师Jacquelyn Yow在报告中指出，Grab的强劲增长主要得益于其外卖（Deliveries）和移动出行（Mobility）两大核心业务的商品交易总额（GMV）实现同比和环比的稳健增长。这背后有多重驱动因素，包括：1）更高的用户使用频率；2）产品创新，如GrabMart（杂货配送）、Saver（经济型）出行和配送选项等；3）商户合作伙伴中更高的广告渗透率；4）金融服务部门强劲的贷款发放。　　报告称，尽管印尼9月初出现短暂波动，Grab的调整后EBITDA利润率在第三季度仍实现了环比和同比改善，GMV环比增长8%，同比增长24%。这凸显了其产品创新在提升用户粘性和平均消费方面的成功。　　在金融服务领域，Grab第三季度的贷款发放额环比增长23%，同比增长56%。管理层重申了该部门在2026年下半年实现盈亏平衡的信心。　　展望未来，银河国际上调了Grab的每股收益（EPS）预期，以反映其外卖和移动出行业务更高的GMV增长和更佳的利润率。报告预计，到2027财年，Grab将首次实现所有业务分部的调整后EBITDA均为正值。（文章来源：新华财经）","news_type":1,"symbols_score_info":{"GRAB":1.5}},"isVote":1,"tweetType":1,"viewCount":2,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":14,"optionInvolvedFlag":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}