Initiate BUY with SOTP TP of USD4.32, offering 30% potential upside. As a regional superapp with category leadership in ride-hailing, online food delivery and e-wallets, we see Grab as a beneficiary of economic digitisation and rising affluence in Southeast Asia. We forecast GMV CAGR of 27% over 2021-25E, and project Grab to deliver adj. EBITDA/PATMI break-even by 2024/25E, respectively. As regional economies reopen, stronger than expected mobility segment recovery may be a catalyst.