The latest data point for GRAB shows a P/B Ratio of 2.309 in Q1'26. This represents a slight sequential decline from the 2.419 recorded in Q4'25, continuing a downward adjustment from the peak levels seen earlier in the fiscal year. From Q2'23 to Q1'26, the P/B Ratio exhibited a volatile but generally upward trajectory before correcting in late FY2025. The ratio reached a significant high of 3.654 in Q3'25, reflecting a period of heightened market valuation relative to book value, but has since retreated toward the 2.3 level. Overall, the trend indicates that while the valuation multiple expanded significantly during the middle of the observed period, it has recently stabilized near its historical baseline established in Q2'23.