CPNG 2Q25 Results: DO Losses Increase Partly Due to Investments in Taiwan
What’s new: Coupang’s reported 2Q25 results that were above consensus and our expectations. Management reiterated its total rev growth guidance of around 20% YoY (on a CC basis), but increase developing offering losses guidance from “US$650mn to US$750mn” to “US$900mn to US$950mn” in FY25 partly due to accelerated growth in Taiwan. We increase our PT from US$30 to US$35 partly due to continued market share gains despite near-term margin impact on investments in DO. Our updated PT of US$35 implies 1.76x FY25E EV/Revs. We maintain our BUY rating.Analysts:
Jin Yoon
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