New Street Research - GRAB HLDGS LTD (GRAB) ... Bible 2Q24 – Ride-sharing Delivery: Growth, margin expansion, and strengthening leadership for Uber

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New Street Research

Pierre FerraguÊ

Bible 2Q24 – Ride-sharing & Delivery: Growth, margin expansion, and strengthening leadership for Uber

Today, we are publishing the Ride sharing & Delivery section of our 24th Tech Infrastructure Quarterly Bible. The Tech Bible is a must-read for any tech investor, as it summarizes the quarterly earnings reports from the over 140 companies we track, providing an update on our key perspectives and convictions. Later this week we will publish the final section, on Enterprise IT.

Ride-sharing demand remained strong, with Uber’s bookings accelerating in 2Q24, making it the fastest-growing ride-sharing platform globally. Demand for food delivery continues to exceed expectations, following last year's slowdown, primarily driven by user and frequency growth. Profitability is improving across both segments, as we have long called for. Uber and Grab are our preferred names in the sector.

12/09/2024 1 EN

Underlyings

GRAB HLDGS LTD

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KYG4124C1096 United States

GRABTAXI HOLDINGS PTE LTD

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Uber Technologies Inc.

Uber Technologies provides ride hailing services. The company develops application for road transportation, navigation, ride sharing, and payment processing solutions. The company serves customers in the United States and Canada, Latin America, Europe, Middle East, and Asia Pacific markets, excluding its discontinued China operations.

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US90353T1007 New York Stock Exchange United States

UBER TECHNOLOGIES INC

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New Street Research

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Analysts

Pierre FerraguÊ

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Bible 2Q24 – Ride-sharing & Delivery: Growth, margin expansion, and strengthening leadership for Uber

The Tech Infrastructure Quarterly Bible 2Q24

Uber extending its partnership with Waymo. Further evidence our ADAScadabra thesis is playing out.

Dish seeks build extension (that we think they'll get)

Meta Platforms (META, Buy, $595 target) Next week’s Connect event should offer some ROI on Gen AI clues

Altice France (Most Preferred) Our take on the latest reported offers

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