10 Best Fast-Growing Penny Stocks to Buy Now

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1. Grab Holdings Ltd. (NASDAQ:GRAB)

3-Year Revenue CAGR: 48.63%

Year-over-Year Revenue CAGR: 30.77%

Share Price as of September 5: $3.33

Number of Hedge Fund Holders: 34

Grab Holdings Ltd. (NASDAQ:GRAB) is a software company in Singapore that operates a superapp which provides food delivery, ride-hailing, and online payment services, extending to 700 cities in 8 Southeast Asian countries.

It also provides digital insurance and lending services to fulfill the financial requirements of merchants and consumers. In 2023, Fast Company, an American Business Magazine listed it as one of the most innovative companies in the Asia-Pacific region. It is held by 34 hedge funds. The largest stakeholder is Tiger Global Management LLC, with a value of $329,879,447.

In the second quarter of 2024, the company recorded $664.00 million in revenue, bringing about a year-over-year increase of 17.11%. During this period, the on-demand transactions grew strongly at 22% year-on-year.

Saver deliveries reached 28% of transactions from around 10% a year ago, with Saver users exhibiting average order frequency levels 1.9x higher than non-Saver users. It also attracted new users to Grab Holdings Ltd. (NASDAQ:GRAB) with 15% of new deliveries monthly transacting users joining the platform through Saver delivery.

It launched Superbank, a digital bank in Indonesia. All 3 of the company’s digital banks are now fully operational. Deposits in GXS Bank in Singapore and GX Bank in Malaysia grew by over 50% quarter-on-quarter to $730 million with total loan disbursals across GrabFi. Digibanks hit an annualized run rate of $2 billion in Q2.

Grab (NASDAQ:GRAB) has a near-monopoly position in Southeast Asia and its users are growing with every quarter. The stock is a promising play with healthy double-digit revenue growth and is poised to take further market share as its app becomes more popular in Southeast Asia. The company ended the second quarter with $2.4 billion in cash, which provides it a lot of resources to fund its growth.

While we acknowledge the growth potential of Grab Holdings Ltd. (NASDAQ:GRAB), our conviction lies in the belief that AI stocks hold great promise for delivering high returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: $30 Trillion Opportunity: 15 Best Humanoid Robot Stocks to Buy According to Morgan Stanley and Jim Cramer Says NVIDIA ‘Has Become A Wasteland’.

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