Equity Analyst, LightStream Research

Oshadhi Kumarasiri

An equity research analyst with over 7 years of experience in multiple sectors. Previously worked for one of the world's largest asset managers with about USD2.5trn in AUM, covering small and micro-cap companies in the consumer sphere across Europe and developed Asia. Also experienced in covering multiple industries including banking, insurance and asset management, retail, tech, telco and REIT.

Equity Analyst

ESG Analysis of a Korean E-Commerce Giant: Did Coupang's ESG Performance Really Improve?

Coupang: Time Ditch EV/Sales and Focus on Profitability-Based Multiples

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

Coupang: Decelerating Revenue, Sporadic Profitability and Still Expensive

Coupang: Maverick Capital's Supersized Exposure Is Too Big of a Risk

Coupang: No Substance to The Steady State EBITDA Guidance

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

<ul>
<li>Leading into 2Q22 results (due 10th August 2022), we are short <a href="https://www.smartkarma.com/entities/coupang-inc" target="_blank" data-smartkarma-citation="entities:28425:1" rel="noopener">Coupang (CPNG US)</a> with expectations of around 5% and 27% downside to consensus 2022 and 2023 revenue estimates.</li>
<li>Consensus has just about reached the halfway stage of a long correction process with current revenue estimates standing significantly above the pre-COVID trend.</li>
<li>Meanwhile, Coupang is under a lot of pressure to cut losses in the short term and attain the targeted long-term EBITDA margin of 7-10%.</li>
</ul>


Leading into 2Q22 results (due 10th August 2022), we are short Coupang (CPNG US) with expectations of around 5% and 27% downside to consensus 2022 and 2023 revenue estimates.
Consensus has just about reached the halfway stage of a long correction process with current revenue estimates standing significantly above the pre-COVID trend.
Meanwhile, Coupang is under a lot of pressure to cut losses in the short term and attain the targeted long-term EBITDA margin of 7-10%.


Coupang: Just About Halfway in Correction