Singapore, June 26, 2026, 04:11 (SGT)
- Grab Holdings (NASDAQ:GRAB) ended the session at $3.46, slipping 0.86%. Trading volume was 78% of its 65-day average, according to .
- GoTo Gojek Tokopedia (IDX:GOTO) and Grab Indonesia are dropping motorcycle ride-hailing commissions in Indonesia to 8% starting July 1.
- MarketScreener’s table, with input from 27 analysts, keeps a Buy consensus and lists an average target of $5.939.
Grab Holdings Limited (NASDAQ:GRAB) traded near its 52-week low after Indonesia set a new cap on commissions for motorcycle ride-hailing. The rule puts more pressure on the Southeast Asian app’s margins, keeping shares below street targets.
The Nasdaq stock ended Thursday at $3.46, down 47.7% from its 52-week high of $6.62 and only 28 cents higher than its 52-week low of $3.18. Trading volume hit 42.29 million shares, below the 65-day average of 54.22 million.
Grab and GoTo are slashing their take of per-trip commissions from two-wheeled drivers in Indonesia, bringing the commission down to 8% from 20% starting July 1. That’s a 12-point cut, or 60% less than the previous fee.
This is significant given Indonesia isn’t a minor market. Reuters said in January that Indonesia is the biggest market in Southeast Asia for ride-hailing platforms, and it’s the only country in the region with commission limits on two-wheel ride-hailers.
Grab reported first-quarter On-Demand GMV of $6.1 billion and revenue of $955 million. Adjusted EBITDA came in at $154 million. Total incentives reached $650 million, making up 10.5% of On-Demand GMV. The company said higher partner incentives were partly due to fuel costs. Investors are watching unit economics.
Grab didn’t provide a breakdown by country or for GrabBike alone in its release. Mobility brought in $337 million in revenue from $2.223 billion GMV, putting the take rate at 15.2%. Deliveries posted $510 million in revenue on $3.908 billion GMV, or 13.1%. The new 8% cap is lower, but it only hits the Indonesian two-wheel business.
Grab CEO Anthony Tan called it a “strong start to 2026”. CFO Peter Oey said the company is “on track” to hit full-year revenue between $4.04 billion and $4.10 billion, with adjusted EBITDA of $700 million to $720 million. Q4 Capital
GoTo moved before earnings could catch up to a shifting policy risk. Vice-president director Catherine Hindra Sutjahyo said the company backs moves to raise driver welfare. Grab Indonesia CEO Neneng Goenadi said Grab will also set GrabBike’s commission at 8%.
Political pressure is rising along with financial strain. Siwage Dharma Negara, a senior fellow at the ISEAS-Yusof Ishak Institute, told Reuters earlier this year that motorcycle taxi drivers are now an “increasingly visible political force” in Indonesia. Reuters
Grab’s stock has moved more than analysts’ targets. TipRanks said Morgan Stanley (NYSE:MS) analyst Divya Gangahar kept a Buy on Grab, with a $5.90 price target in a June 18 note. MarketScreener’s lowest target is $4.10, which is still above where the stock closed on Thursday.
Short interest hit 249.99 million shares, about 9.72% of the public float as of May 29, according to MarketWatch. The first big test hits next week as the 8% cap comes in, giving traders a chance to see if Grab’s stock moves ahead of the next operating update.
