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    Ranjan Sharma • JPMorgan Chase & Co.

    Ranjan Sharma's questions to Grab Holdings Ltd (GRAB) leadership

    Ranjan Sharma's questions to Grab Holdings Ltd (GRAB) leadership • Q2 2025

    Question

    Ranjan Sharma asked for clarity on the Deliveries segment, noting that EBITDA excluding advertising revenue appeared soft and questioned when it might inflect. He also asked for details on the composition of the rapidly growing loan portfolio in the Fintech segment.

    Answer

    COO Alex Hungate and CFO Peter Oey responded that advertising is an integral part of the Deliveries business, with its value increasing as the delivery network scales. They reiterated that the focus is on balancing strong top-line growth with margin improvement, noting a majority of countries are already at the 4-5% margin target. On Fintech, Hungate expressed confidence in exceeding a $1B loan book by year-end, driven by personal loans, BNPL, and new supply chain financing capabilities, while reiterating the 2026 breakeven target for the segment.

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    Ranjan Sharma's questions to Grab Holdings Ltd (GRAB) leadership • Q3 2024

    Question

    Ranjan Sharma inquired about the potential size of the profitable MTU market in Southeast Asia. He also asked if the company's strong net cash position and free cash flow generation might lead to an increase in its share buyback program.

    Answer

    Chief Operating Officer Alex Hungate addressed the MTU question, noting that with MTUs at only 5% of the Southeast Asian population, there is considerable long-term upside. Chief Financial Officer Peter Oey handled the capital allocation question, stating that the priority remains organic investment. He confirmed they will continue executing the current $500 million buyback program, of which over $300 million remains, before revisiting the program's size.

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    Ranjan Sharma's questions to Sea Ltd (SE) leadership

    Ranjan Sharma's questions to Sea Ltd (SE) leadership • Q3 2024

    Question

    Ranjan Sharma inquired about the remaining profitable growth potential for e-commerce in Southeast Asia, the possibility of expansion beyond Asia now that Brazil is profitable, and the capital allocation strategy for the company's large cash balance.

    Answer

    Forrest Li, Chairman and CEO, expressed confidence in further e-commerce penetration in Southeast Asia. He confirmed Brazil remains the core focus outside of Asia with no other near-term expansion plans. Regarding capital, he stated that maximizing shareholder value is a top priority and the company is open-minded about all options, including buybacks.

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