New York, May 20, 2026, 13:10 EDT
Grab Holdings shares traded lower Wednesday, with the stock quoted at $3.465, down 1.0% at 12:41 p.m. EDT. The move came after Grab said it will consolidate Indonesia’s Superbank in its accounts, giving the Nasdaq-listed company majority economic control over its digital banking operation in its largest market. Shares have dropped more than 30% since Jan. 1.
Grab said it will start consolidating PT Super Bank Indonesia Tbk after Singtel Alpha Investments shifts its Superbank stake over to GXS Bank, the digital bank joint venture of Grab and Singtel. That will push Grab’s direct and indirect ownership past 50%. Superbank’s numbers will then be included in Grab’s Financial Services segment.
That’s what’s different for the stock now. Financial services used to be more of a payments and loans story, but with Superbank in play, investors are looking at a bigger regulated banking business. Growth could be quick, but credit quality and compliance will be bigger issues.
Grab posted a 24% jump in revenue to $955 million in the latest quarter, and on-demand GMV rose 24% to $6.1 billion. Profit for the period reached $120 million. CEO Anthony Tan called it a “strong start to 2026.” CFO Peter Oey said there was “growing operating leverage.” Adjusted EBITDA, which leaves out some costs, was up 46% to $154 million. Q4 Capital
Superbank brings size. The digital lender has over 6 million customers, more than 1 million daily transactions and assets of 24 trillion rupiah as of April, mostly serving them through apps instead of branches. Alex Hungate, Grab’s president and chief operating officer, said the consolidation was aimed at “deepening that model” in Indonesia. The Business Times
Grab shares lost ground as the Nasdaq Composite gained 1.39% by 11:51 a.m. ET Wednesday, according to Reuters. Main U.S. indexes pushed higher with chip stocks bouncing ahead of Nvidia’s earnings. Grab missed out on that rally.
Analysts are still backing the stock, but targets are lower. Morgan Stanley dropped its price target to $5.90 from $6.40 but kept an Overweight call, saying first quarter results suggested “growth, margins and capital returns” could all stack up. BofA left its Buy rating, shaved the target to $5.20 from $6.20, and said the quarter was “largely in-line.” Mizuho’s Wei Fang lowered his target to $6 from $7, sticking with Outperform. TipRanks
Competition is not going away. GoTo, which runs Gojek against Grab in Indonesia’s ride-hailing and food delivery markets, posted its first quarterly net profit since merging Gojek and Tokopedia in April. That puts more pressure on Grab to prove its ecosystem can drive stronger banking returns from users, drivers and merchants, rather than just more transaction volume.
But taking control of a bank can mean taking on banking headaches, too. Grab’s filing listed things like integration, regulation, competition, capital needs, inflation and currency swings as risks that could push results away from what’s expected. Elsewhere, in Taiwan, where Grab wants to boost its business through the Foodpanda deal, the company said it’s brought in independent local experts to check data and compliance, showing again that growing across the region isn’t just about the product.
Guidance is the next thing to watch. Grab said the full results from Superbank will be consolidated starting in May, and it plans to update group guidance at its Q2 call in August. For now, investors get a clearer picture, but the debate around Grab hasn’t gotten simpler.
