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专栏 SPAC的生命周期
根据SEC的文件,总部位于新加坡的科技巨头Grab将于本周四(12月2日)通过SPAC在纳斯达克上市。投资者们已经投票批准了Grab Holdings Inc.和Altimeter Growth Corp.的合并,日期为11月30日。其价值400亿美元的上市将成为全球最大的spac上市公司交易。
SPAC是什么?
特殊目的公司(SPAC),也被称为"白卷公司",是一种以
没有商业运营
通过首次公开募股(IPO)进行资本筹集
目的是 收购现有公司
特殊目的收购公司本质上是由投资者设立的空壳公司,其唯一目的是通过首次公开募股筹集资金,最终收购另一家公司。
几十年来,SPAC上市公司一直存在,但近年来它们的受欢迎程度飙升。2020年,共有247家SPAC上市公司投入了80亿美元,仅2021年第一季度,295家新成立的SPAC上市公司就募集了创纪录的960亿美元。相比之下,2010年只有两家SPAC上市。2020年,SPAC上市公司在美国新上市公司中占比超过50%。
SPAC如何工作?
SPAC的生命周期有三个明确定义的阶段:
首先,创建一个SPAC并寻找目标:
SPAC的IPO通常是基于一个投资主题,关注某一领域或地理位置,比如意图收购北美的一家科技公司,或者是赞助人的经验和背景。
通常,spac上市公司是由一组机构投资者、来自股权投资或对冲基金领域的华尔街专业人士创建或赞助的,甚至一些知名CEO也加入了这一趋势,组建了自己的spac上市公司。
spac上市公司的首次公开募股价格通常为每股10美元。首次公开募股后,筹集的资金存入信托账户。在某些情况下,信托账户所赚取的一部分利息可作为spac的营运资金。
当一个spac筹集资金时,购买首次公开募股的人并不知道最终收购目标公司会是什么。在创建spac时,创始人有时至少会心中有一个收购目标,但他们不会披露该目标,以避免在首次公开募股过程中进行大量披露(这也是为什么spac经常被称为“空白支票公司”)。拥有成功记录的机构投资者更容易说服投资于未知领域。
当目标公司公布时:
一旦确定目标公司并宣布合并,SPAC的公共股东可以选择投票反对交易,并选择赎回他们的股份。
如果SPAC需要额外资金来完成合并,SPAC可以发行债务或发行额外股份,比如进行私人股权公开投资(PIPE)交易。
De-SPACing: SPAC通常有18-24个月的时间来确定并完成与目标公司的合并,有时被称为去SPAC化。
如果spac在该时限内未完成合并,该spac将清算,并将ipo收益返还给公众股东。
信息披露:“一旦成立,spac通常需要征得股东批准合并,并准备并提交代理人声明(或者如果打算在合并中注册新证券,则提交Form S-4的联合注册和代理人声明)
该文档将包含各种事项,寻求股东批准,包括提议合并和管理事务的描述。
还将包括目标公司的大量财务信息,如历史财务报表、管理层讨论与分析(MD&A)和显示合并效果的调整财务报表。
合并完成后:
最近,SPAC上市公司altimeter growth的股东投票赞成Grab(一家搭车和外卖巨头)与该上市空壳公司之间的合并,为Grab于周四(12月2日)在美国上市铺平了道路。
一般情况下,一旦股东批准了SPAC的合并并且所有监管事项已经清除,合并将会完成,目标公司就会成为一家公共实体。收购完成后,SPAC通常会在主要股票交易所之一上市。
spac上市公司的目标公司将需要在几个月内准备自己成为一家上市公司,这相比于传统IPO的准备时间要短得多。对于spac上市公司的锁定期通常为180天至一年。
信息披露:要在收盘后的四个工作日内向美国证券交易委员会(SEC)提交一个等同于目标公司提交的10-K文件所要求信息的8-K表格(通常被称为Super 8-K)。
SPAC是什么?
特殊目的公司(SPAC),也被称为"白卷公司",是一种以
没有商业运营
通过首次公开募股(IPO)进行资本筹集
目的是 收购现有公司
特殊目的收购公司本质上是由投资者设立的空壳公司,其唯一目的是通过首次公开募股筹集资金,最终收购另一家公司。
几十年来,SPAC上市公司一直存在,但近年来它们的受欢迎程度飙升。2020年,共有247家SPAC上市公司投入了80亿美元,仅2021年第一季度,295家新成立的SPAC上市公司就募集了创纪录的960亿美元。相比之下,2010年只有两家SPAC上市。2020年,SPAC上市公司在美国新上市公司中占比超过50%。
SPAC如何工作?
SPAC的生命周期有三个明确定义的阶段:
首先,创建一个SPAC并寻找目标:
SPAC的IPO通常是基于一个投资主题,关注某一领域或地理位置,比如意图收购北美的一家科技公司,或者是赞助人的经验和背景。
通常,spac上市公司是由一组机构投资者、来自股权投资或对冲基金领域的华尔街专业人士创建或赞助的,甚至一些知名CEO也加入了这一趋势,组建了自己的spac上市公司。
spac上市公司的首次公开募股价格通常为每股10美元。首次公开募股后,筹集的资金存入信托账户。在某些情况下,信托账户所赚取的一部分利息可作为spac的营运资金。
当一个spac筹集资金时,购买首次公开募股的人并不知道最终收购目标公司会是什么。在创建spac时,创始人有时至少会心中有一个收购目标,但他们不会披露该目标,以避免在首次公开募股过程中进行大量披露(这也是为什么spac经常被称为“空白支票公司”)。拥有成功记录的机构投资者更容易说服投资于未知领域。
当目标公司公布时:
一旦确定目标公司并宣布合并,SPAC的公共股东可以选择投票反对交易,并选择赎回他们的股份。
如果SPAC需要额外资金来完成合并,SPAC可以发行债务或发行额外股份,比如进行私人股权公开投资(PIPE)交易。
De-SPACing: SPAC通常有18-24个月的时间来确定并完成与目标公司的合并,有时被称为去SPAC化。
如果spac在该时限内未完成合并,该spac将清算,并将ipo收益返还给公众股东。
信息披露:“一旦成立,spac通常需要征得股东批准合并,并准备并提交代理人声明(或者如果打算在合并中注册新证券,则提交Form S-4的联合注册和代理人声明)
该文档将包含各种事项,寻求股东批准,包括提议合并和管理事务的描述。
还将包括目标公司的大量财务信息,如历史财务报表、管理层讨论与分析(MD&A)和显示合并效果的调整财务报表。
合并完成后:
最近,SPAC上市公司altimeter growth的股东投票赞成Grab(一家搭车和外卖巨头)与该上市空壳公司之间的合并,为Grab于周四(12月2日)在美国上市铺平了道路。
一般情况下,一旦股东批准了SPAC的合并并且所有监管事项已经清除,合并将会完成,目标公司就会成为一家公共实体。收购完成后,SPAC通常会在主要股票交易所之一上市。
spac上市公司的目标公司将需要在几个月内准备自己成为一家上市公司,这相比于传统IPO的准备时间要短得多。对于spac上市公司的锁定期通常为180天至一年。
信息披露:要在收盘后的四个工作日内向美国证券交易委员会(SEC)提交一个等同于目标公司提交的10-K文件所要求信息的8-K表格(通常被称为Super 8-K)。
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特殊目的收购公司 $Altimeter Growth Corp (AGC.US)$在股东批准将东南亚共享乘车公司 Grab 上市的交易后,盘后交易上涨了3%。
据一份声明,股东赎回率几乎为0%,为0.02%。预计交易将于明天完成,Grab 预计将在纳斯达克以逐笔明细为“GRAB”的标的下周四开始交易。
Grab 是东南亚最有价值的创业公司,预计以 400亿美元的估值与 Altimeter 进行合并。
这项交易预计将成为迄今为止美国最大规模的东南亚公司股权发行之一。Grab的首次公开发行将为投资者提供进入包括印尼、泰国和越南在内的超过65500万人口的区域消费市场。
本月早些时候,Brad Gerstner的SPAC Altimeter Growth宣布,SEC已经生效了Grab Holdings的F-4表格注册声明,并将股东投票日期定在今天。
据一份声明,股东赎回率几乎为0%,为0.02%。预计交易将于明天完成,Grab 预计将在纳斯达克以逐笔明细为“GRAB”的标的下周四开始交易。
Grab 是东南亚最有价值的创业公司,预计以 400亿美元的估值与 Altimeter 进行合并。
这项交易预计将成为迄今为止美国最大规模的东南亚公司股权发行之一。Grab的首次公开发行将为投资者提供进入包括印尼、泰国和越南在内的超过65500万人口的区域消费市场。
本月早些时候,Brad Gerstner的SPAC Altimeter Growth宣布,SEC已经生效了Grab Holdings的F-4表格注册声明,并将股东投票日期定在今天。
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Southeast Asia's digital tech unicorn Grab will start trading on the Nasdaq under ticker symbol "GRAB" on December 2nd after Altimeter Growth Corp’s shareholders approved the merger with it.
According to a SEC document, the transaction—which will be the world's largest SPAC deal—will give Grab a valuation of $40 billion.
Grab will receive about $4.5 billion in cash, which includes $4 billion in a private investment in public equity arrangement.
Investors in the PIPE include funds and accounts managed or advised by BlackRock, Counterpoint Global (Morgan Stanley Investment Management) and T. Rowe Price Associates, Inc., as well as Fidelity International, Fidelity Management and Research LLC, Janus Henderson Investors, Mubadala, Nuveen, Permodalan Nasional Berhad and Temasek.
Grab: Southeast Asia's ride-hailing and delivery giant
Business Overview
SoftBank-backed Grab, founded in 2012, is a Southeast Asia's leading superapp based on GMV in 2020 in each of food deliveries, mobility and the e-wallets segment of financial services, according to Euromonitor.
The company enables millions of people each day to access its driver- and merchant-partners to order food or groceries, send packages, hail a ride or taxi, pay for online purchases or access services such as lending, insurance, wealth management and telemedicine, all through a single “everyday everything” app.
Grab operates across these service sectors in over 400 cities in eight countries in the Southeast Asia region – Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
The company is the dominant player in the region of about 650 million people, though competition is intensifying from rivals such as Gojek, which merged with e-commerce company PT Tokopedia to bulk up.
It is also competing against Delivery Hero SE’s Foodpanda and Deliveroo Plc as well as new entrants such as AirAsia Group Bhd. in the region.
The company started out as a taxi-app, but it has been extending its services over time and expanding into grocery deliveries and financial services, as the pandemic accelerated the adoption of e-commerce and other digital platforms.
Earlier this month, GrabMart signed partnerships with supermarket and grocery chains across Indonesia, Malaysia, the Philippines, Thailand and Vietnam.
At the same time, it tied up with e-commerce firm Lazada to provide same-day delivery services to consumers in Singapore via GrabExpress.
Financial Performance
Grab generated revenue of $78 million and $396 million in the six months ended June 30, 2020 and June 30, 2021, respectively, representing a year-over-year growth rate of 406%.
Its revenue was $(845) million and $469 million in 2019 and 2020, respectively, representing a year-over-year growth rate of 155%.
According to Grab's final Form F-4, its revenue growth in 2020 and the six months ended June 30, 2021 was driven by an increase in GMV. Its GMV was $5.9 billion and $7.5 billion in the six months ended June 30, 2020 and 2021, representing a YoY growth rate of 28%.
The revenue growth in 2020 was also driven by a decrease in partner and consumer incentives from $2.4 billion in 2019 to $1.2 billion in 2020.
Its net loss was $(1.5) billion and $(1.5)billion in the six months ended June 30, 2020 and 2021, respectively. Net loss in 2019 and 2020 was $(4.0) billion and $(2.7) billion, respectively, representing a year-over-year growth of 31%.
AGC SPAC: Sponsored by institution with notable VC investments
Altimeter Growth Corp.(AGC.US) is a newly formed blank check company, an affiliate of Altimeter Capital Management which is a technology-focused investment firm.
Altimeter Capital has a proven track record of successfully investing in leading technology companies in both the private and public markets. According to its Form F-4,some of its prior investments include Expedia, Zillow, Facebook, Uber, AirBnB, ByteDance, AppDynamics, MongoDB, Okta, Twilio, Unity, and Snowflake.
Through the business combination, Grab could leverage Altimeter Capital’s investment team's capabilities, relationships, network, and deal pipeline to support it in the identification and diligence of potential targets.
Related:
Final F-4 Registration Statement of Grab
The lifecycle of a SPAC
$Altimeter Growth Corp (AGC.US)$ $Grab Holdings (GRAB.US)$
According to a SEC document, the transaction—which will be the world's largest SPAC deal—will give Grab a valuation of $40 billion.
Grab will receive about $4.5 billion in cash, which includes $4 billion in a private investment in public equity arrangement.
Investors in the PIPE include funds and accounts managed or advised by BlackRock, Counterpoint Global (Morgan Stanley Investment Management) and T. Rowe Price Associates, Inc., as well as Fidelity International, Fidelity Management and Research LLC, Janus Henderson Investors, Mubadala, Nuveen, Permodalan Nasional Berhad and Temasek.
Grab: Southeast Asia's ride-hailing and delivery giant
Business Overview
SoftBank-backed Grab, founded in 2012, is a Southeast Asia's leading superapp based on GMV in 2020 in each of food deliveries, mobility and the e-wallets segment of financial services, according to Euromonitor.
The company enables millions of people each day to access its driver- and merchant-partners to order food or groceries, send packages, hail a ride or taxi, pay for online purchases or access services such as lending, insurance, wealth management and telemedicine, all through a single “everyday everything” app.
Grab operates across these service sectors in over 400 cities in eight countries in the Southeast Asia region – Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
The company is the dominant player in the region of about 650 million people, though competition is intensifying from rivals such as Gojek, which merged with e-commerce company PT Tokopedia to bulk up.
It is also competing against Delivery Hero SE’s Foodpanda and Deliveroo Plc as well as new entrants such as AirAsia Group Bhd. in the region.
The company started out as a taxi-app, but it has been extending its services over time and expanding into grocery deliveries and financial services, as the pandemic accelerated the adoption of e-commerce and other digital platforms.
Earlier this month, GrabMart signed partnerships with supermarket and grocery chains across Indonesia, Malaysia, the Philippines, Thailand and Vietnam.
At the same time, it tied up with e-commerce firm Lazada to provide same-day delivery services to consumers in Singapore via GrabExpress.
Financial Performance
Grab generated revenue of $78 million and $396 million in the six months ended June 30, 2020 and June 30, 2021, respectively, representing a year-over-year growth rate of 406%.
Its revenue was $(845) million and $469 million in 2019 and 2020, respectively, representing a year-over-year growth rate of 155%.
According to Grab's final Form F-4, its revenue growth in 2020 and the six months ended June 30, 2021 was driven by an increase in GMV. Its GMV was $5.9 billion and $7.5 billion in the six months ended June 30, 2020 and 2021, representing a YoY growth rate of 28%.
The revenue growth in 2020 was also driven by a decrease in partner and consumer incentives from $2.4 billion in 2019 to $1.2 billion in 2020.
Its net loss was $(1.5) billion and $(1.5)billion in the six months ended June 30, 2020 and 2021, respectively. Net loss in 2019 and 2020 was $(4.0) billion and $(2.7) billion, respectively, representing a year-over-year growth of 31%.
AGC SPAC: Sponsored by institution with notable VC investments
Altimeter Growth Corp.(AGC.US) is a newly formed blank check company, an affiliate of Altimeter Capital Management which is a technology-focused investment firm.
Altimeter Capital has a proven track record of successfully investing in leading technology companies in both the private and public markets. According to its Form F-4,some of its prior investments include Expedia, Zillow, Facebook, Uber, AirBnB, ByteDance, AppDynamics, MongoDB, Okta, Twilio, Unity, and Snowflake.
Through the business combination, Grab could leverage Altimeter Capital’s investment team's capabilities, relationships, network, and deal pipeline to support it in the identification and diligence of potential targets.
Related:
Final F-4 Registration Statement of Grab
The lifecycle of a SPAC
$Altimeter Growth Corp (AGC.US)$ $Grab Holdings (GRAB.US)$
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我的个人观点是,股票价格的变动将更多受到非核算基本指标的影响,而不是估值/基本指标。新兴的海外市场及其潜在的热度对投资者非常具有吸引力,特别是作为对中国股票的不稳定性的相对安全的选择。由于几乎没有纯粹的投资方式可用于该市场,AGC/Grab无论仅凭其品牌认可度还是其他原因,都是一个溢价的必购之选。在合并之后,我认为该公司将有一个为期9-12个月的蜜月展示期,然后估值指标将发挥作用,推动股票价格走势。
$Altimeter Growth Corp (AGC.US)$/ $Grab Holdings (GRAB.US)$ 我的个人观点是,股票价格的变动将更多受到非核算基本指标的影响,而不是估值/基本指标。新兴的海外市场及其潜在的热度对投资者非常具有吸引力,特别是作为对中国股票的不稳定性的相对安全的选择。由于几乎没有纯粹的投资方式可用于该市场,AGC/Grab无论仅凭其品牌认可度还是其他原因,都是一个溢价的必购之选。在合并之后,我认为该公司将有一个为期9-12个月的蜜月展示期,然后估值指标将发挥作用,推动股票价格走势。
$Altimeter Growth Corp (AGC.US)$/ $Grab Holdings (GRAB.US)$ 我的个人观点是,股票价格的变动将更多受到非核算基本指标的影响,而不是估值/基本指标。新兴的海外市场及其潜在的热度对投资者非常具有吸引力,特别是作为对中国股票的不稳定性的相对安全的选择。由于几乎没有纯粹的投资方式可用于该市场,AGC/Grab无论仅凭其品牌认可度还是其他原因,都是一个溢价的必购之选。在合并之后,我认为该公司将有一个为期9-12个月的蜜月展示期,然后估值指标将发挥作用,推动股票价格走势。
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$Grab Holdings (GRAB.US)$ $Astra Space (ASTR.US)$ $Rocket Lab (RKLB.US)$ 今天市场波动较大,但不要担心。看看像ASTR,AUR,RKLb这样的图表。所有3个都是spac上市公司,它们都遵循相同的模式。实际上,所有好的spac上市公司都遵循相同的模式。
在DA上大幅上涨-由于合并前的时间较长而空头压力下跌-在$10左右徘徊一段时间-隐含波动率非常低,你可以在提议的合并日期后购买期权-合并的传言和新闻-价格上涨-空头回补交易量,同时通过看涨期权套现。
在这种情况下,就像其他情况一样,合并日期股价跌破$10,但下周将开始像一个“真正的股票”一样交易。合并总是很奇怪。
和其他板块一样,我们可能会看到5%的机构买入或者至少会有很多感兴趣的各方。这将导致股价出现大幅波动。如果您是长期投资者,请放松并享受。
如果您购买了12月份的合约,不好了。虽然股价不太可能跌到8美元以下,但可能还值得保留。我个人会等待市况稳定,IV冷静下来,然后再回补。
2-3年稳定投资。
在DA上大幅上涨-由于合并前的时间较长而空头压力下跌-在$10左右徘徊一段时间-隐含波动率非常低,你可以在提议的合并日期后购买期权-合并的传言和新闻-价格上涨-空头回补交易量,同时通过看涨期权套现。
在这种情况下,就像其他情况一样,合并日期股价跌破$10,但下周将开始像一个“真正的股票”一样交易。合并总是很奇怪。
和其他板块一样,我们可能会看到5%的机构买入或者至少会有很多感兴趣的各方。这将导致股价出现大幅波动。如果您是长期投资者,请放松并享受。
如果您购买了12月份的合约,不好了。虽然股价不太可能跌到8美元以下,但可能还值得保留。我个人会等待市况稳定,IV冷静下来,然后再回补。
2-3年稳定投资。
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$Grab Holdings (GRAB.US)$ $Altimeter Growth Corp (AGC.US)$ Grab's Q3 adjusted net sales stand at $429mn, 22% decline QoQ. Grab's Q3 revenue also declined 13% QoQ. This implies incentives to consumers declined 27% QoQ. It is a comfort to see that revenue is less sensitive to consumer incentives. A more worrying sign would be increasing adjusted net sales (or incentives) and declining revenue. Since incentives to consumers declined more than revenue, there isn't evidence suggesting an anomaly or discrepancy. Rather, the decline is more likely to stern from the business environment, which is what Grab has reminded investors about in Q2.
In Q2, Grab warned investors about potential severe COVID19-related mobility restrictions in Southeast Asia. During the period, Grab's full-year 2021 projection has considered the potential of partial and total lockdowns in various countries where the company operates as a consequence of COVID19's continued expansion. Grab's fear came true as COVID cases in SEA countries reached a new all-time high in Q3 due to the Delta variant. The Philippines reimposed lockdowns on Sept. 9, a day after announcing the lifting of stay-at-home orders for more than 13mn people. In August, Vietnam has also imposed a strict stay-at-home order in Ho Chi Minh City's southern suburbs and dispatched the army to assist quarantined citizens.
Therefore, it is no surprise that Grab attributed the decline in overall revenue to the lockdown, especially in Vietnam. This claim is accurate. By referring to Table 1, we can see that the decrease in revenue is mainly derived from its mobility segment. If we expand our analysis time period, we can observe that Grab's underperformance (drop in revenue) in 2021 is caused mainly by its mobility segment. Grab's Q2 mobility segment revenue, and total revenue dropped $27mn and $35mn QoQ, respectively. Grab's Q3 mobility segment revenue and total dropped $30mn and $23mn QoQ, respectively. The decline in the mobility segment coincides with increases in COVID19 cases across SEA (Figure 4). Therefore, Grab's claim that its decline in revenue is contributed by the lockdowns and travel restrictions across SEA.
Despite the drop in revenue, activities (GMV) on the company's platform actually increased 5% during the period. This may not seem like a big deal, but this statistic actually invalidated one of our previous hypotheses (maturing market). In Q2, Grab's GMV only increased 6.5% in spite of a 27% increase in incentives. This suggested that Grab's market is reaching maturity. However, Grab's GMV increased 4.1% (QoQ) in spite of a 27% (QoQ) decline in Q3. This means that Grab's GMV growth isn't fueled by incentives as much as initially thought.
Following Grab's narrative, monthly transacting users (MTU) also declined due to lockdowns. This is also expected. However, what was unexpected is GMV per MTU actually increased. This further proves that Grab indeed has a network effect where activities (GMV) of existing users increase. This is crucial to Grab's overall growth for several reasons:
It is unlikely for Grab to expand beyond SEA. This is because Grab, Uber, and DiDi (NYSE:DIDI) share equity with one another. Therefore, it is unlikely for them to compete with one another.
Due to the limited geographical expansion, it is clear that Grab has to upsell and cross-sell new products to the existing userbase to increase the revenue stream.
For these very reasons, Grab's increase in GMV and GMV per MTU is a positive takeaway. With UBER as comps, Grab has to grow at 35% CAGR on top of a fully recovered pre-pandemic mobility segment over the next five years. This feat is very challenging. Firstly, the majority of Grab's revenue is derived from its mobility segment. Based on the relationship between COVID19 cases and Grab's mobility segment (Figure 4 and Table 1), we expect Grab's Q4 mobility segment to be in between Q1's and Q2's, somewhere around $135mn. This figure only represents around 6.75% of the pre-pandemic level (approximately $2bn). Hence, there is still a very long way to go. Secondly, we don't expect food delivery to grow materially from here as we expect the need for food delivery to decrease when the economy reopens. Hence, food delivery is not expected to contribute to Grab's overall growth. Thirdly, financial service and enterprise & new initiatives' overall contribution to revenue is only marginal. Hence, it is difficult to justify Grab at its current $52bn valuation.
Moreover, investors will lose the $10 NAV safety net once the Grab-AGC merger is completed. This adds to investors' downside risks. In addition, the overall macroeconomy conditions add to the difficulty in investing in high-growth companies. High inflation erodes the value of future earnings, while any form of tapering or rate hikes will devalue Grab's intrinsic value.
In Q2, Grab warned investors about potential severe COVID19-related mobility restrictions in Southeast Asia. During the period, Grab's full-year 2021 projection has considered the potential of partial and total lockdowns in various countries where the company operates as a consequence of COVID19's continued expansion. Grab's fear came true as COVID cases in SEA countries reached a new all-time high in Q3 due to the Delta variant. The Philippines reimposed lockdowns on Sept. 9, a day after announcing the lifting of stay-at-home orders for more than 13mn people. In August, Vietnam has also imposed a strict stay-at-home order in Ho Chi Minh City's southern suburbs and dispatched the army to assist quarantined citizens.
Therefore, it is no surprise that Grab attributed the decline in overall revenue to the lockdown, especially in Vietnam. This claim is accurate. By referring to Table 1, we can see that the decrease in revenue is mainly derived from its mobility segment. If we expand our analysis time period, we can observe that Grab's underperformance (drop in revenue) in 2021 is caused mainly by its mobility segment. Grab's Q2 mobility segment revenue, and total revenue dropped $27mn and $35mn QoQ, respectively. Grab's Q3 mobility segment revenue and total dropped $30mn and $23mn QoQ, respectively. The decline in the mobility segment coincides with increases in COVID19 cases across SEA (Figure 4). Therefore, Grab's claim that its decline in revenue is contributed by the lockdowns and travel restrictions across SEA.
Despite the drop in revenue, activities (GMV) on the company's platform actually increased 5% during the period. This may not seem like a big deal, but this statistic actually invalidated one of our previous hypotheses (maturing market). In Q2, Grab's GMV only increased 6.5% in spite of a 27% increase in incentives. This suggested that Grab's market is reaching maturity. However, Grab's GMV increased 4.1% (QoQ) in spite of a 27% (QoQ) decline in Q3. This means that Grab's GMV growth isn't fueled by incentives as much as initially thought.
Following Grab's narrative, monthly transacting users (MTU) also declined due to lockdowns. This is also expected. However, what was unexpected is GMV per MTU actually increased. This further proves that Grab indeed has a network effect where activities (GMV) of existing users increase. This is crucial to Grab's overall growth for several reasons:
It is unlikely for Grab to expand beyond SEA. This is because Grab, Uber, and DiDi (NYSE:DIDI) share equity with one another. Therefore, it is unlikely for them to compete with one another.
Due to the limited geographical expansion, it is clear that Grab has to upsell and cross-sell new products to the existing userbase to increase the revenue stream.
For these very reasons, Grab's increase in GMV and GMV per MTU is a positive takeaway. With UBER as comps, Grab has to grow at 35% CAGR on top of a fully recovered pre-pandemic mobility segment over the next five years. This feat is very challenging. Firstly, the majority of Grab's revenue is derived from its mobility segment. Based on the relationship between COVID19 cases and Grab's mobility segment (Figure 4 and Table 1), we expect Grab's Q4 mobility segment to be in between Q1's and Q2's, somewhere around $135mn. This figure only represents around 6.75% of the pre-pandemic level (approximately $2bn). Hence, there is still a very long way to go. Secondly, we don't expect food delivery to grow materially from here as we expect the need for food delivery to decrease when the economy reopens. Hence, food delivery is not expected to contribute to Grab's overall growth. Thirdly, financial service and enterprise & new initiatives' overall contribution to revenue is only marginal. Hence, it is difficult to justify Grab at its current $52bn valuation.
Moreover, investors will lose the $10 NAV safety net once the Grab-AGC merger is completed. This adds to investors' downside risks. In addition, the overall macroeconomy conditions add to the difficulty in investing in high-growth companies. High inflation erodes the value of future earnings, while any form of tapering or rate hikes will devalue Grab's intrinsic value.
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$Grab Holdings (GRAB.US)$ 其季度亏损,特别是在动荡的疫情时期,当业务的各个分支与国家限制同步上下波动时,并不令人担忧。
在IPO首日暴跌20%时,也没有令人担忧。就像Grab联合创始人安东尼·陈在铃响后巧妙地说过: “股票会涨会跌” —— 就像他看着自己的个人财富在几个小时内进入和离开亿万富翁领域一样。
但这并不是IPO的目的。目的是为了再筹集另外45亿美元,以继续推动Grab在未来几年的增长,希望在2023年后获得更多的财务稳定。
$Sea (SE.US)$ ,例如,在2017年首次公开募股后的一年内以仅15美元的价格交易。今年,它们的股价达到350美元以上,尽管其Shopee平台继续亏损。
即使下跌至260美元后,分析师 保留接近400美元的预测 —— 是四年前公司价值的26倍。
公司最初是一款打车应用,逐渐发展成为Uber的竞争对手,后来转向外卖业务,却在疫情封锁期间爆发并使移动业务相形见绌。
GrabMart和杂货配送的诞生,包括GrabFinance提供的数字金融服务,使Grab成为一个超级应用,人们将用于远远不止从A点到B点的移动。
就像怎么样 $亚马逊 (AMZN.US)$ 开始只卖书,然后成为世界最大的电子商务零售商,云服务提供商,最近还成为从事全方位娱乐业务的公司,制作着价值数十亿美元的节目(就像最新版本的《托尔金传奇》),像Grab这样的公司被视为获得数百万愿意购买者机会的公司,而不是它们目前的业务。
投资于拓展新市场和新服务的每一美元支出(即使是借款的)都承诺着未来回报,远远超过目前的开支。
在IPO首日暴跌20%时,也没有令人担忧。就像Grab联合创始人安东尼·陈在铃响后巧妙地说过: “股票会涨会跌” —— 就像他看着自己的个人财富在几个小时内进入和离开亿万富翁领域一样。
但这并不是IPO的目的。目的是为了再筹集另外45亿美元,以继续推动Grab在未来几年的增长,希望在2023年后获得更多的财务稳定。
$Sea (SE.US)$ ,例如,在2017年首次公开募股后的一年内以仅15美元的价格交易。今年,它们的股价达到350美元以上,尽管其Shopee平台继续亏损。
即使下跌至260美元后,分析师 保留接近400美元的预测 —— 是四年前公司价值的26倍。
公司最初是一款打车应用,逐渐发展成为Uber的竞争对手,后来转向外卖业务,却在疫情封锁期间爆发并使移动业务相形见绌。
GrabMart和杂货配送的诞生,包括GrabFinance提供的数字金融服务,使Grab成为一个超级应用,人们将用于远远不止从A点到B点的移动。
就像怎么样 $亚马逊 (AMZN.US)$ 开始只卖书,然后成为世界最大的电子商务零售商,云服务提供商,最近还成为从事全方位娱乐业务的公司,制作着价值数十亿美元的节目(就像最新版本的《托尔金传奇》),像Grab这样的公司被视为获得数百万愿意购买者机会的公司,而不是它们目前的业务。
投资于拓展新市场和新服务的每一美元支出(即使是借款的)都承诺着未来回报,远远超过目前的开支。
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$Grab Holdings (GRAB.US)$ 当谈到外卖概念时,我想知道与中国的比较是否完全有效。 SEA的食物往往是家庭烹饪的,通常带有酱汁,这可能是中国客户的“干燥”食物的自然竞争对手,从快餐连锁店到他们自己的烹饪。
往后看,燃油成本的增加难道不是Grab的一个主要阻碍吗?
往后看,燃油成本的增加难道不是Grab的一个主要阻碍吗?
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Dartist : w
一买就跌一卖就涨 : 很好