China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

[Coupang Inc. (CPNG US) Target Price Change]: Fulfilment of 3P Orders Is Next Revenue Driver

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[Coupang (CPNG US, SELL, TP US$14.4) TP Change]: Margin Beat Due to Higher 3P Spend on Ads and FLC

[Coupang Inc. (CPNG US) Earnings Review]: Upsides Ahead in Category and Margin Expansion

Coupang(CPNG US) Rating Change: Margin Still Has Upside, Upgrade to BUY

The Blockchain Delusion. A (Mostly) Bearish Investment Thesis.

China/Asia TMT

Shawn Yang

Equity Bottom-Up

<ul>
<li>We expect CPNG to report C1Q23 top-line and non-GAAP net income 2.0% and 4.8% vs. consensus, respectively. </li>
<li>AliExpress became S. Korea’s most downloaded app after increasing spending, but product overlap with Coupang is limited, while other S. Korean competitors recorded declining MAU, in our understanding.</li>
<li>South Korean economic indicators, including CPI and retail data, point towards a recovery. We maintain our BUY rating and US$19 TP.</li>
</ul>


We expect CPNG to report C1Q23 top-line and non-GAAP net income 2.0% and 4.8% vs. consensus, respectively. 
AliExpress became S. Korea’s most downloaded app after increasing spending, but product overlap with Coupang is limited, while other S. Korean competitors recorded declining MAU, in our understanding.
South Korean economic indicators, including CPI and retail data, point towards a recovery. We maintain our BUY rating and US$19 TP.


[Coupang Inc. (CPNG US) Earnings Preview]: Market Share Solid Given Limited Competitive Threat