Iggy's Journal: Growing Faster, Bleeding Less, Still Not Paying You
Iggy's Journal: Growing Faster, Bleeding Less, Still Not Paying You
19 September 2026, Evening
Video Release
Grab shares are sitting near a 52 week low. I pulled the actual Q2 2026 numbers before writing anything, and the share price wasn't what jumped out at me.
The Numbers
Financial Services revenue grew 59 percent to US$134 million, while the segment's EBITDA loss narrowed to US$15 million. That's growth with less bleeding, not profitability, and those are two very different things to be excited about. The Atome deal can't even consolidate into results until Q3 2027 at the earliest, so whatever story you're telling yourself about that acquisition today is getting ahead of the actual accounting.
My Personal Take
If you're holding Grab inside CPF or SRS, I want to be direct about what this actually is. Grab's own FY2025 Form 20-F says it does not expect to pay dividends for the foreseeable future. Iggy's Forensic Zone on this one is Red Zone, not an income vehicle, no dividend policy. The US$900 million buyback authorization over 12 months is real money and a real signal, but so is the equity award overhang sitting on the other side of the ledger, and which one actually wins that tug of war is still an open question. Full breakdown of how I'm weighing the buyback against the overhang is in today's video.
📺 Free YouTube: https://youtu.be/jCGDVCtGm0I
⭐ Members Edition YouTube: https://youtu.be/H_CDXAtue5I
📩 Substack: https://investingiguana.com/p/grab-shares-are-near-a-52-week-low
Get full-length videos and full Substack analysis on both platforms, plus the full Red Zone watchlist and forensic cheatsheets, with the YouTube/Substack Combo, S$12/month.
Not financial advice. Iggy's Forensic Compliance Standards apply.
Cheers, Iggy 🦖
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
