Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

Lotte Global Logistics / Equity Capital Markets

<ul>
<li>Lotte Global Logistics is getting ready to complete its IPO in KOSPI in May 2025. IPO price range is from 11,500 won and 13,500 won.</li>
<li>At the high end of the IPO price range, the expected public offering amount is 202 billion won.</li>
<li>According to the bankers' valuation, the expected market cap after the IPO is 479 billion won to 562 billion won. </li>
</ul>


Lotte Global Logistics is getting ready to complete its IPO in KOSPI in May 2025. IPO price range is from 11,500 won and 13,500 won.
At the high end of the IPO price range, the expected public offering amount is 202 billion won.
According to the bankers' valuation, the expected market cap after the IPO is 479 billion won to 562 billion won. 


Equity Bottom-Up

<ul>
<li>In this insight, we discuss how Temu and AliExpress have been taking away meaningful market share away from Coupang (CPNG US) in Korea in the past year. </li>
<li>Temu's MAU skyrocketed in the past year in Korea. Temu's MAU surged from zero in January 2023 to 3.28 million as of December 2023.</li>
<li>One could argue that Coupang's valuations are overvalued relative to its Chinese competitors such as PDD Holdings (PDD US).</li>
</ul>


In this insight, we discuss how Temu and AliExpress have been taking away meaningful market share away from Coupang (CPNG US) in Korea in the past year. 
Temu's MAU skyrocketed in the past year in Korea. Temu's MAU surged from zero in January 2023 to 3.28 million as of December 2023.
One could argue that Coupang's valuations are overvalued relative to its Chinese competitors such as PDD Holdings (PDD US).


Temu and AliExpress Taking Away Meaningful Market Share from Coupang in Korea

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

<ul>
<li>Previously, we criticized CJ Logistics as unfocused, pursuing deals in low-margin segments around the world as if to fill a logistics <em>'Bingo!'</em> card rather than in-line with a rational strategy</li>
<li>In recent years, investors have punished the company's shares, which have fallen by more than half since reaching a high of over 184,000 won per share in March 2021. </li>
<li>However, with management de-emphasizing its Global segment and focusing instead on the more promising Parcel / E-commerce line of business, there is cause for optimism, in our view</li>
</ul>


Previously, we criticized CJ Logistics as unfocused, pursuing deals in low-margin segments around the world as if to fill a logistics 'Bingo!' card rather than in-line with a rational strategy
In recent years, investors have punished the company's shares, which have fallen by more than half since reaching a high of over 184,000 won per share in March 2021. 
However, with management de-emphasizing its Global segment and focusing instead on the more promising Parcel / E-commerce line of business, there is cause for optimism, in our view


Catching Up With CJ Logistics (000120 KS): With Shares Beaten Down, Management Forced to Refocus

<ul>
<li>In this insight, we discuss an update of pair trade between Emart (long) and Coupang (short). </li>
<li>Back on 1 August 2022, we recommended a pair trade between E Mart Inc (139480 KS) (long) and Coupang (CPNG US) (short).</li>
<li>This pair trade has worked well in the past five months and we continue to like this pair trade (long Emart and short Coupang).</li>
</ul>


In this insight, we discuss an update of pair trade between Emart (long) and Coupang (short). 
Back on 1 August 2022, we recommended a pair trade between E Mart Inc (139480 KS) (long) and Coupang (CPNG US) (short).
This pair trade has worked well in the past five months and we continue to like this pair trade (long Emart and short Coupang).


An Update to Our Pair Trade Between Emart & Coupang

<ul>
<li>In December 2022, Naver plans to launch its long awaited 24 hours delivery service (Naver Arrival Guarantee Solution), competing directly against Coupang's "rocket delivery" services in Korea.</li>
<li>Coupang's valuations are not attractive at current levels and the heightened competition in the 24 hour delivery service market from Naver/CJ Logistics is likely to negatively impact Coupang. </li>
<li>By providing 24 hours quick delivery service, Naver is expected to take away market share from Coupang from the fast delivery services in Korea.</li>
</ul>


In December 2022, Naver plans to launch its long awaited 24 hours delivery service (Naver Arrival Guarantee Solution), competing directly against Coupang's "rocket delivery" services in Korea.
Coupang's valuations are not attractive at current levels and the heightened competition in the 24 hour delivery service market from Naver/CJ Logistics is likely to negatively impact Coupang. 
By providing 24 hours quick delivery service, Naver is expected to take away market share from Coupang from the fast delivery services in Korea.


Coupang: Market Share Loss Likely Due to Launch of Naver's 24 Hours Next Day Delivery Service

South Korea

CJ Logistics Corporation provides logistics services. The Company provides land transportation, maritime transportation, harbor unloading, cargo storage, international logistics processing, and other services. CJ Logistics also provides internet home shopping services. CJ Logistics serves customers worldwide.

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CJ Logistics (000120 KS)

Lotte Global Logistics IPO Preview

Lotte Global Logistics is getting ready to complete its IPO in KOSPI in May 2025. According to the bankers' valuation, the expected market cap...

Douglas Kim

Catching Up With CJ Logistics (000120 KS): With Shares Beaten Down, Management Forced to Refocus

In this insight we check on CJ Logistics' recent financial performance. Management has de-emphasized the Global segment and put more resources into...

Tracking Traffic

An Update to Our Pair Trade Between Emart & Coupang

We discuss an update of pair trade between Emart (long) and Coupang (short). Emart is a value stock with its shares trading at 0.2x P/B (2023)....

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

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Dividend (Yield)

Lotte Global Logistics IPO Preview

Lotte Global Logistics is getting ready to complete its IPO in KOSPI in May 2025. According to the bankers' valuation, the expected market cap...

Douglas Kim

Temu and AliExpress Taking Away Meaningful Market Share from Coupang in Korea

In this insight, we discuss how Temu and AliExpress have been taking away meaningful market share away from Coupang (CPNG US) in Korea in the past...

Douglas Kim

Catching Up With CJ Logistics (000120 KS): With Shares Beaten Down, Management Forced to Refocus

In this insight we check on CJ Logistics' recent financial performance. Management has de-emphasized the Global segment and put more resources into...

Tracking Traffic

An Update to Our Pair Trade Between Emart & Coupang

We discuss an update of pair trade between Emart (long) and Coupang (short). Emart is a value stock with its shares trading at 0.2x P/B (2023)....

Douglas Kim

Coupang: Market Share Loss Likely Due to Launch of Naver's 24 Hours Next Day Delivery Service

Coupang's valuations are not attractive at current levels and the heightened competition in the 24 hour delivery service market from Naver/CJ...

Douglas Kim