Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Despite trading up from its multi-year low implied stub and simple ratio (<a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group (9984 JP)</a>/<a href="https://www.smartkarma.com/entities/arm-holdings-inc" target="_blank" data-smartkarma-citation="entities:21816:1" rel="noopener">ARM Holdings (ARM US)</a>), SoftBank remains "cheap".</li>
<li>Preceding my comments on SoftBank - and <a href="https://www.smartkarma.com/entities/ytl-corp-bhd" target="_blank" data-smartkarma-citation="entities:8553:1" rel="noopener">YTL Corp (YTL MK)</a>- are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>


Despite trading up from its multi-year low implied stub and simple ratio (Softbank Group (9984 JP)/ARM Holdings (ARM US)), SoftBank remains "cheap".
Preceding my comments on SoftBank - and YTL Corp (YTL MK)- are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: A SoftBank Set-Up Hinges Off Its All-In OpenAI Bet

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul>
<li>Coupang’s latest quarter reflected a business with durable operating strengths but also a clear near-term disruption tied to the late-2025 data incident.</li>
<li>Management indicated that Product Commerce revenue growth slowed materially as customer behavior weakened in December, with constant-currency growth falling below the prior quarter and bottoming in January before beginning to improve in February.</li>
<li>Active customers and WOW membership were also affected, with elevated churn and softer account activity during the period.</li>
</ul>


Coupang’s latest quarter reflected a business with durable operating strengths but also a clear near-term disruption tied to the late-2025 data incident.
Management indicated that Product Commerce revenue growth slowed materially as customer behavior weakened in December, with constant-currency growth falling below the prior quarter and bottoming in January before beginning to improve in February.
Active customers and WOW membership were also affected, with elevated churn and softer account activity during the period.


Coupang’s Marketplace Expansion & Fulfillment Power — The Hidden Engine Behind Its Retail Scale!

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>In this insight, we discuss a pair trade between Coupang (CPNG US) (short) and CJ Logistics (000120 KS) (long).</li>
<li>There are six major factors that have negatively impacted Coupang in the past several weeks including a massive data breach, loss of customers, and potential ban on early dawn deliveries. </li>
<li>Coupang's daily active users (DAU) were 16.2 million as of 5 December, down by 1.8 million (10%)  from 18 million as of 1 December. </li>
</ul>


In this insight, we discuss a pair trade between Coupang (CPNG US) (short) and CJ Logistics (000120 KS) (long).
There are six major factors that have negatively impacted Coupang in the past several weeks including a massive data breach, loss of customers, and potential ban on early dawn deliveries. 
Coupang's daily active users (DAU) were 16.2 million as of 5 December, down by 1.8 million (10%)  from 18 million as of 1 December. 


A Pair Trade Between Coupang (Short) And CJ Logistics (Long)

<ul>
<li>Coupang's recent financial results for the third quarter of 2025 reveal a mix of strong growth and strategic investment, showcasing its efforts to strengthen its foothold in both existing and new markets.</li>
<li>The company reported an 18% year-over-year growth in consolidated revenues, reaching $9.3 billion for the quarter, with revenue growth expanding to 20% when adjusted for constant currency.</li>
<li>This growth was further complemented by an improvement in gross profit margins, which expanded by over 50 basis points to 29.4%, and adjusted EBITDA margins, which rose by 10 basis points to 4.5%.</li>
</ul>


Coupang's recent financial results for the third quarter of 2025 reveal a mix of strong growth and strategic investment, showcasing its efforts to strengthen its foothold in both existing and new markets.
The company reported an 18% year-over-year growth in consolidated revenues, reaching $9.3 billion for the quarter, with revenue growth expanding to 20% when adjusted for constant currency.
This growth was further complemented by an improvement in gross profit margins, which expanded by over 50 basis points to 29.4%, and adjusted EBITDA margins, which rose by 10 basis points to 4.5%.


Coupang Power Play: What Taiwan, Eats, & New Services Reveal About Its Global Ambitions!

<ul>
<li>Coupang faces a fast-emerging risk: a potential ban on early dawn deliveries (midnight–5 AM), driven by the powerful 1.1 million-member Korean Confederation of Trade Unions (KCTU). </li>
<li>The Coupang Union and most drivers strongly oppose the ban, warning of layoffs and slower deliveries. Consumers also prefer the current system. </li>
<li>If enacted, the ban could severely hurt Coupang and Korea’s economy. Probability of passage has risen sharply. I would be cautious on Coupang until this risk factor is fully resolved. </li>
</ul>


Coupang faces a fast-emerging risk: a potential ban on early dawn deliveries (midnight–5 AM), driven by the powerful 1.1 million-member Korean Confederation of Trade Unions (KCTU). 
The Coupang Union and most drivers strongly oppose the ban, warning of layoffs and slower deliveries. Consumers also prefer the current system. 
If enacted, the ban could severely hurt Coupang and Korea’s economy. Probability of passage has risen sharply. I would be cautious on Coupang until this risk factor is fully resolved. 


Coupang: Facing Increasing Risk of a Potential Ban on Early Dawn Deliveries - Number One Risk Factor

South Korea

Coupang, Inc. operates as an e-commerce company. The Company offers dynamic end-to-end e-commerce and logistic solutions. Coupang serves customers worldwide.

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Coupang (CPNG US)

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Coupang’s latest quarter reflected a business with durable operating strengths but also a clear near-term disruption tied to the late-2025 data...

Baptista Research

A Pair Trade Between Coupang (Short) And CJ Logistics (Long)

We discuss a pair trade between Coupang (short) and CJ Logistics (long). Coupang's daily active users were 16.2 million as of 5 December, down by...

Douglas Kim

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Coupang's recent financial results for the third quarter of 2025 reveal a mix of strong growth and strategic investment, showcasing its efforts to...

Baptista Research

Coupang: Facing Increasing Risk of a Potential Ban on Early Dawn Deliveries - Number One Risk Factor

Coupang faces a fast-emerging risk: a potential ban on early dawn deliveries (midnight–5 AM), driven by the powerful 1.1 million-member Korean...

Douglas Kim

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