Fintech ServicesThere is a long way to go for GRAB to achieve positive adjusted EBITDA in its fintech services, which could be a risk.
SeasonalityGiven CNY and Ramadan both fall in the same quarter, negative seasonality is expected to be more profound than in previous years.
Shareholder DilutionGrab’s adj EBITDA gets a bigger boost from stock-based compensation, potentially leading to dilution of existing shareholders.