Grab's acquisitions and growth plans boost outlook; upgraded to Buy despite near-term fintech challenges.

Grab Holdings' acquisition of foodpanda Taiwan and fintech platform Stash supports its expansion strategy and is expected to enhance profitability. Management projects strong growth through FY2028, signaling multi-year profitable prospects beyond current early-stage levels. Despite potential short-term fintech underperformance and somewhat high near-term valuations, the forward EV/EBITDA is expected to moderate by FY2028, offering a more attractive entry point. The stock is upgraded to Buy, anticipating a technical bottom by early April 2026 after recent price corrections.