CPNG 3Q25 Results: FY25 Guide Intact
What’s new: Coupang’s reported 3Q25 results that were above consensus and our expectations. Management reiterated its total rev growth guidance of around 20% YoY (on a CC basis). Developing offering losses would be at the higher end of the guided range of US$900mn to US$950mn in FY25 partly due to continued investments in Taiwan. We increase our PT from US$35 to US$37 partly due to continued market share gains despite near-term margin impact on investments in DO. Our updated PT of US$37 implies 1.6x FY26E EV/Revs. We maintain our BUY rating.Analysts:
Jin Yoon
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