1. Grab Holdings has strengthened its competitive advantage by transitioning from inelastic demand for its services to demonstrating a strong moat. 2. The strong moat is supported by high synergy between product offerings, allowing GRAB to grow consistently while reducing marketing and incentive expenditures. 3. Despite improved fundamentals, GRAB's valuation remains high compared to UBER, suggesting patience and a potential buy at the $3.75 support level.