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"GRAB (deep dive): Super-app dominates SEA w/ mobility, delivery, financial services. Q1'25: $773M rev (+18% YoY), $10M profit, 45M monthly users. $6.2B cash, raised $1.5B for potential GoTo acquisition. Risks: poor margins, competition, regulatory. Bull case: ad/fintech growth, FCF positive. EV $14.3B, 4.9x TTM EV/Sales, 60%+ CAGR past 3yrs."
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