NEW YORK, June 30, 2026, 13:01 EDT
- Grab Holdings Limited NASDAQ:GRAB gained 3.1% at $3.855 midday in the U.S., tacking on roughly $455 million in market cap since the last close.
- Indonesia’s commission cut for motorcycle ride-hailing starts July 1. The country made up 21.2% of Grab’s revenue for 2025, a drop from 23.0% in 2024.
- Morgan Stanley NYSE:MS analyst Divya Gangahar lifted the price target on Grab to $6.25, up from $5.90, and reiterated a Buy, TipRanks said.
Grab Holdings Limited NASDAQ:GRAB climbed in New York on Tuesday. Investors took stock of the Indonesia driver-fee change and seemed to land on a real cost for Grab, though not as big as early reads of the rule implied.
The stock was last at $3.855, up 11.5 cents, or 3.1% from the prior close, as of 12:46 p.m. EDT. Volume was 26.9 million shares. Shares moved ahead of Invesco QQQ Trust NASDAQ:QQQ, SPDR S&P 500 ETF Trust (NYSEARCA:SPY) and SPDR Dow Jones Industrial Average ETF Trust (NYSEARCA:DIA) over the same stretch.
| Instrument | Latest price | Move from previous close | Intraday volume |
|---|---|---|---|
| Grab NASDAQ:GRAB | $3.855 | up 3.1% | 26.9 mln |
| Invesco QQQ Trust NASDAQ:QQQ | $735.78 | rose 1.6% | 17.5 mln |
| SPDR S&P 500 ETF Trust (NYSEARCA:SPY) | $746.56 | up 0.75% | 19.1 mln |
| SPDR Dow Jones Industrial Average ETF Trust (NYSEARCA:DIA) | $522.88 | added 0.23% | 1.8 mln |
Grab’s jump wasn’t only about tech beta. With shares at this price, the gain tacked on around $455 million in market cap for Grab. That’s about 64% of what Grab expects for full-year 2025 revenue out of Indonesia, which is the country in focus for the July 1 rule.
Indonesia’s top two ride-hailing firms, GoTo Gojek Tokopedia PT Tbk IDX:GOTO and Grab Indonesia, will lower their commission on motorcycle ride-hailing to 8% starting July 1, The Star reported. Drivers will keep 92% of fares. Grab Indonesia CEO Neneng Goenadi said the 8% commission also applies to GrabBike. GoTo vice president director Catherine Sutjahyo said, “we support efforts to continue improving the welfare of our driver-partners.” The Star
Grab’s stock moved higher heading into the deadline, and the country mix seems to be a reason. Indonesia revenue jumped to $715 million for 2025, up from $643 million in 2024, according to Grab’s annual filing. But Indonesia made up a smaller slice of the total, dropping to 21.2% of group revenue from 23.0%. Malaysia and Singapore revenue came in stronger, together accounting for over half the top line.
| Market | 2025 revenue | Share of 2025 group revenue | Growth vs 2024 |
|---|---|---|---|
| Malaysia | $1.039 bln | 30.8% | up 27.3% |
| Singapore | $727 mln | 21.6% | rise 25.8% |
| Indonesia | $715 mln | 21.2% | increase 11.2% |
| Philippines | $316 mln | 9.4% | up 19.2% |
| Thailand | $288 mln | 8.5% | gain 14.3% |
| Vietnam | $255 mln | 7.6% | up 11.8% |
The fee cut is still sizable. Mobility is Grab’s most profitable segment by far. For the first quarter, Mobility posted $198 million in segment adjusted EBITDA from $337 million in revenue. Deliveries brought in $88 million EBITDA on $510 million in revenue. Cutting the take rate in motorcycle ride-hailing hits the profit engine.
| Q1 2026 segment | Revenue | Revenue growth | Segment adjusted EBITDA |
|---|---|---|---|
| Deliveries | $510 mln | up 23% | $88 mln |
| Mobility | $337 mln | up 19% | $198 mln |
| Financial Services | $107 mln | up 43% | loss of $17 mln |
Grab posted a 24% jump in first-quarter revenue to $955 million, with profit coming in at $120 million. Adjusted EBITDA rose 46% to $154 million. CFO Peter Oey said the year so far keeps Grab “on track” for its 2026 revenue target of $4.04 billion to $4.10 billion and adjusted EBITDA of $700 million to $720 million. Q4 Capital
Another buffer for Grab is Indonesia banking. In May, Grab said it will consolidate PT Super Bank Indonesia Tbk IDX:SUPA after a share transfer pushes its direct and indirect holdings above 50%. That moves Superbank’s results into Grab’s Financial Services segment. Superbank was valued at $1.6 billion at the time of the announcement.
Platforms could respond with higher prices, less promo activity, or smaller incentives for users. Jimmy Daniel Berlianto, senior policy analyst and researcher at the Center for Indonesian Policy Studies, said a commission cap alone “could even result in increased costs for consumers” and might not be enough to boost driver pay. theprakarsa.org
Shares got another lift on a fresh Morgan Stanley target hike. TipRanks reported analyst Gangahar linked the new call to better operating momentum, Superbank consolidation and a shot at dual-listing gains. The new target is $6.25, which is about 62% higher than where Grab was trading at midday Tuesday.
Grab’s next test comes Wednesday in Indonesia, with the 8% commission going live. The company will need to balance driver supply, fares and margins for its Mobility unit all at once.
