Grab (GRAB) is currently trading at $5.60, up 4.25% today and 1.35% after-hours, and is attempting a run towards $6 after recently pulling back from $5.90 to $4.70 despite strong earnings. The author holds call debit spreads targeting GRAB to reach $7.50 by January 2027 for a $90K profit, or $10 for a $540K profit, suggesting a fair value closer to $8. The company's 25-30% growth and 30% cash position may be attractive in a lower rate environment.