DIDI - An IFRS-Updated Complete And Comprehensive Fundamental Analysis Of Grab And AGC

September, 05 2021 12:33 PM DiDi Global Inc. American Depositary Shares (each four representing one Class A)

As Grab-AGC merger draws near, new insights derived from auditors and SEC's increased scrutiny of SPACs drastically changed our bullish thesis established 5 months ago.
Grab's top line and bottom line improved in 2021Q1 as a result of increased GMV per user. However, decline in monthly users suggests that growth momentum at risk due to competitions.
Although competitions are rising, Grab stated at the regions' market penetration stands at only 11%, offering Grab and competitions plenty of headroom to grow.
Material changes of our thesis sterns from Grab's valuations based on the revised figures in accordance to IFRS. This offers investors little investment value proposition compared to UBER and DIDI.
13F filings suggest Grab's valuations did not deter institutional investors. Perhaps AGC's $10 NAV offers investors enough of a safety net to maintain positions.

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Company Name:	DiDi Global Inc. American Depositary Shares (each four representing one Class A)
Stock Symbol:	DIDI
Market:	NYSE