Let’s talk about $GRAB GrabAds.

$216M run-rate business growing 60% YoY.

I believe this could be the greatest contributor to Grab’s bottom-line within the next 2 years. 🧵👇 1/ GrabAds Today

GrabAds currently has 191,000 monthly active advertisers on its platform, up 49% YoY.

Average spend grew 30% YoY, driving Ad revenue to make up 1.7% of Deliveries GMV as of Q1 2025.

Grab’s ad product breadth is extremely wide, ranging from in-app sponsored listings, search, feed video, display, vouchers to offline formats (car wraps, in-car screens etc)…

Grab keeps Ads revenue inside the Deliveries P&L for now, but management has called it out as the primary driver of Deliveries margin expansion.

$GRAB COO Alex Hungate just spoke at the Asia Economic Summit.

He spoke extensively about $GRAB.

Here are the 5 most important takeaways for investors: 🧵 1) Grab engineers stopped shipping for 9 weeks, costing the business $100M

Grab instructed its engineers to pause “business-as-usual” operations for a 9 week period last year, dubbing the period a “Generative AI sprint”

Engineers stopped shipping features and instead focused solely on experimenting with AI.

“It’s kind of a crazy thing to do for a company of our scale”

“The cost of that is probably just our engineering time for nine weeks - about US$100 million.”

$TSM is arguably among the top 5 most important businesses in the world.

It is the key to modern computing and the backbone of the AI wave.

Here’s why I believe it is a business worthy of my investment dollars 👇🧵 1) When people think chips, they think Nvidia, Intel or AMD, perhaps even Apple.

But quietly, TSMC is the SINGLE most important company in global computing.

From iPhones to Data Centers to AI Clusters, the digital era runs on silicon crafted by TSMC.

$CPNG is my first purchase of 2025.

It is entering the profitability inflection phase, margins are expanding and is set for a strong decade ahead.

Here is my $CPNG investment thesis: 🧵 1/ Coupang is building what many call the “Amazon of South Korea”

That analogy undersells what Coupang has achieved.

What started as a deals site is now a:

👉 E-Commerce Leader
👉 Logistics Powerhouse
👉 FinTech Platform
👉 Streaming Service
👉 Food Delivery Operator

BREAKING: Institutional 1Q'25 Changes to $GRAB Ownership

There have been some very notable additions to $GRAB's shareholder base. 🧵👇 1) The top 4 institutional holders of $GRAB made no changes. These include:

- $UBER
- Softbank
- Toyota
- MUFG Bank

3 months ago, Google, Temasek and Bain released their annual Southeast Asia e-Conomy Report.

Here are 20 key takeaways from the 128-page report.

This is a must-read for $GRAB and $SE investors. 🧵 1/ The 6 Leading Sectors in the Digital Economy:

1. E-Commerce
2. Food Delivery
3. Transport
4. Online Travel
5. Online Media
6. Financial Services

$SE and $GRAB are major players in the SEA digital economy, with each of them being involved in 4/6 key sectors.

$SE and $GRAB will DOMINATE the SEA banking space for ONE simple fact.

👉 They will bank the underbanked, who are structurally un-bankable.

And there are 420 MILLION of them.

Let me explain 👇🧵 1/ Traditional Banks in SEA are unable to bank 60% of Southeast Asians adequately.

Why?

Lack of Information.

Who has tons of it? You guessed it.

$SE $GRAB

$SE v $GRAB

Past, Present, Future 👇🧵 1. Introductory Paragraph

In Southeast Asia, two tech giants are competing to harness the region’s digital potential, but they are doing so with very different playbooks.

Sea Limited and Grab Holdings have both emerged as leaders. Yet their strategies, origins, and business models diverge sharply.

While Sea Limited has built a multi‑vertical ecosystem spanning digital entertainment, e‑commerce, and digital financial services, Grab has evolved into an all‑in‑one super‑app focused on mobility, deliveries, and financial services.

In this post, I go through the history of both companies, the current competitive landscape and where I think the future lies.

$GRAB reports earnings next week! 🥳

These are the 5 KEY metrics investors must look out for: 🧵 1. Group Monthly Transacting Users

This is the north star metric for $GRAB. The beauty of the Grab business model is their ecosystem flywheel.

Each incremental ride-hailing or food delivery user is a future customer of GFin, vice-versa.

$GRAB’s MTUs have increased consistently over the past 7 quarters.

It is essential that this continues to trend the way it has, and I believe it will, with the tailwinds within the SEA economy.

The primary reason for my strong optimism about $SE and $GRAB in the medium to long term lies in the demographics of the regions they serve, particularly Southeast Asia.

The tailwinds of the SEA economy into 2030 and beyond are huge. 🧵 1/

$SE and $GRAB operate predominantly in Southeast Asia, a region that remains under-appreciated and often misunderstood by many US based investors.

This unfamiliarity has likely contributed to the significant undervaluation of these companies in recent years, especially following the post-COVID market correction.

$UBER v $GRAB

Past, Present and Future.

🧵 1/

In the battle for ride-hailing supremacy, Uber and Grab have emerged as global and regional leaders, respectively, redefining urban mobility.

While Uber has revolutionised the transportation landscape on a global scale, Grab has established itself as a Southeast Asian powerhouse, tailoring its offerings to the region's unique challenges and opportunities.

In this post, I will go through the history of both companies, its current situation, and where I think the future lies.

Last month, Google, Temasek and Bain released their annual Southeast Asia e-Conomy Report.

Here are 20 key takeaways from the 128-page report.

This is a must-read for $GRAB and $SE investors. 🧵 1/ The 6 Leading Sectors in the Digital Economy:

1. E-Commerce
2. Food Delivery
3. Transport
4. Online Travel
5. Online Media
6. Financial Services

$SE and $GRAB are major players in the SEA digital economy, with each of them being involved in 4/6 key sectors.

Ride-hailing and deliveries are sub-par businesses.

Competitors come at you relentlessly.

You spend millions to fight for market share only to see a new competitor pop up, quarter after quarter.

So why do I own $GRAB? 🧵 GFin: The Ultimate Goal

1. GFin is Grab’s newest business line.

Started in 2022, GFin was launched to consolidate its financial services.

It currently operates 4 main services: Digital Payments, Digital Banking, Insurance, and Lending.

$SE and $GRAB are two of Southeast Asia’s largest and most influential technology companies, yet both find themselves down at least 60% from ATHs.

Here is the reason why the market is wrong about them and why they are two of my largest holdings going into the biggest growth trajectory the region has ever seen. 🔽 1/

Despite operating in different primary sectors—Grab as a superapp and Sea Limited through its gaming and e-commerce focus—both companies are positioning themselves at the center of Southeast Asia’s digital economy.

Loved @BahamaBen9 ’s talk on Twitter Spaces about $RDFN hosted by @MaxTheComrade and moderated by @PelotonHolder

Recording courtesy of @WOLF_Financial :


For the visual learners,

Here’s a thread… BahamaBen: Redfin $RDFN
@BahamaBen9

- B2B and B2C have been around for decades

- But over the last decade, a new trend has emerged…

- E2E, companies focused on delivering End to End powered by a fusion of software and people (Real-World Software Companies)

$SKLZ CEO Andrew Paradise recently went on Ark’s FYI Podcast to discuss Competitive Mobile Gaming.

Here are my takeaways… 1/

AP first thought of the idea of $SKLZ in 2004 when Valve open-sourced the first game engine.

Idea wasn’t as interesting/lucrative back then because there was a lack of infrastructure to build out tech to integrate into game engines. (Lack of games on the half-life engine)

FinTwit Financial Fitness Chapter 3: Gaming

Hosted by: @MaxTheComrade
Moderated by: @PelotonHolder

Replay available here courtesy of @WOLF_Financial



3 Part Thread! ⬇️ Part 1

https://twitter.com/GabGrowth/status/1394558153899970561

Anthony Ohayon: $SE (Garena)
@AnthonyOhayon

- Garena: Digital Entertainment & Gaming division

- QAUs increased 72% YOY to 610m users

- 12% are Quarterly Paying Users

- Free Fire was most downloaded mobile game globally in 2020

- Maintained this for 2nd consecutive year - Highest grossing mobile game in SEA and LATAM (6 consecutive quarters)

- Most viewed mobile-only game on Youtube (2019 and 2020) (72b views)

- 3rd most viewed of all video games in 2020

- Free Fire e-sports tournaments totalled 170m views

Brett Schafer: $NTDOY
@CCM_Brett

- Market Cap: $73.7b

- Excluding $16b in Cash + Stake in Pokemon (Niantic)

- Enterprise Value: $46b

- EV/Op. Profit: 7.8x

- The Operating Profit multiple is so low because investors don’t believe in the staying power of the Switch console - Wii console in 2010s was gimmicky, relatively interesting but had lack of staying power

- This could be the reason for investors lacking belief in Switch

- Difference between Switch and Wii

1. Switch has an account linked to Nintendo, easy to roll people over to new gen

Luis Sanchez: Industry Overview
@LuisVSanchez777

- Huge Demographic Tailwind

- If you played video games 25 years ago, you were considered a nerd, if you don’t play video games today, you’re considered a boomer

- 70% of Americans under age of 18 play video games - Median Gamer is in the 20s

- Less than 10% of video game players are above age of 55

- There is going to be an explosion in the demographic population of gamers in the years to come

- Renaissance of gaming outside the US due to smartphone penetration, edge computing.