The analyst maintains a bullish outlook on Grab (GRAB), setting a conservative base-case intrinsic value of $7.50 to $8.25 per share, with a bull-case target of $9.75 to $11.00. Despite a 20% price decline since initiation, the thesis is supported by Q1 revenue growth of 24% YoY, a $1.44B loan book, and an ongoing $400M share repurchase program. While noting macro headwinds and competition for UBER, the analyst highlights GRAB's strengthening fundamentals and path toward $1.07B–$1.25B in adjusted EBITDA by 2027.