$GRAB stock is up 15% today and I see so many people calling it the next big multi bagger. Really? I live in Southeast Asia and I personally use the GRAB app everyday for transport and for ordering food. But I will not invest in the stock because I think it does not have a strong economic moat... it has limited pricing power and low customer switching cost. For example, when I book a car and the price increases during certain periods, I immediately switch to ZIG or GoJek. If I order food and the price goes up, I switch to food Panda. So even though Grab is my default app, it is something I can live without as there are alternatives. The ability to scale the business beyond SEA is also limited. It may be a good short term momentum trade but a multi bagger longer term investment is so
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