I just published a deep dive into $Grab’s Q1 2026 results – a quarter defined by a record $120 million profit and a sudden regulatory shock in Indonesia.

The market's initial reaction last week was a sharp 8% drop, and the stock is still trading close to recent lows (and down 78% from its ATH), but the underlying machine has never been more profitable.

Moreover, I explore the implications of the 8% commission cap on "ojol", a development that cannot simply be brushed off in my view, as it might change the thesis going forward.