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

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China/Asia TMT

Shawn Yang

Equity Bottom-Up

<ul>
<li>Coupang reported C4Q22 total revenue missed our est. and cons. by (5%) and (2%). Net income missed our est. by (9%) and beat cons. by 18%. </li>
<li>We see upsides in margin due to change in product mix, higher contribution in ads, and optimization in logistics.</li>
<li>We trimmed our 2023 total revenue growth est. by (4%) and raise net income est. by 9% for operating efficiency improvement. Maintain BUY.</li>
</ul>


Coupang reported C4Q22 total revenue missed our est. and cons. by (5%) and (2%). Net income missed our est. by (9%) and beat cons. by 18%. 
We see upsides in margin due to change in product mix, higher contribution in ads, and optimization in logistics.
We trimmed our 2023 total revenue growth est. by (4%) and raise net income est. by 9% for operating efficiency improvement. Maintain BUY.


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