New Street Research - Coupang (CPNG) CPNG 1Q24 Preview: Overall Business Remains Intact

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New Street Research

Jin Yoon

CPNG 1Q24 Preview: Overall Business Remains Intact

What’s New: We maintain our 1Q24 estimates as overall business could trend in-line with our initial expectations. In this note, we highlight the latest updates to the business.

Analysts:
Jin Yoon

28/03/2024 1 EN

Underlying

Coupang

See profile

US22266T1097 New York Stock Exchange United States

Provider

New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
Global healthcare thematic research

We provide debt research on:

Pan European Telecom Services and Cable

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Analysts

Jin Yoon

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In this product we rank the most positive and negative domestic stocks, filter the symbols by market-cap and trading volume, and then divide the companies into sectors and groups. We then manually look through charts leadership/changes, bottoms-up/top-down ideas, short-term patterns that may have long-term significance, etc. We believe you will find this product valuable as significant price and relative moves begin in the daily charts.

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New Street Research

CPNG 4Q23 Results: Rev Growth in ’24 Could be Similar to Average Growth in ‘23

What’s new: Coupang’s reported 4Q23 top-line results were above consensus and our expectations as revenue and active customer growth continued to accelerate in the quarter. Rev growth in 2024 could be similar to the average growth rate in 2023. Investments in developing offerings could increase to $650mn in 2024 partly related to continued expansion in TW. We maintain our PT at USD25. Analysts: Jin Yoon

February 28, 2024 February 28, 2024 1 EN

Charter Model Update

This note focuses mostly on model changes. Please see separate notes reviewing results and on thoughts following the earnings call. We lowered broadband adds, revenue and EBITDA. We also expect leverage to approach 4.25x by the end of the year. This likely rules out further repurchases this year, unless EBITDA is stronger than we expect. No change to thesis, though we expect Broadband stocks to be challenged for at least next few quarters. Price target is $431 (+69%).

EUR 9344.00

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Jonathan Chaplin

Jonathan Chaplin

CHTR: quick thoughts following the call

What's new: in this note we cover the change to leverage and what it means for management’s confidence in the business, our evolving thoughts on broadband market growth, our outlook for 2Q24 for broadband adds, ARPU, and EBITDA, and thoughts on long-term pricing strategy.

EUR 9344.00

13h / 23m 13h / 23m 1 EN

Russell Waller

Russell Waller

Altice France (SFR)/Orange/Iliad/Bouygues ARCEP 2023 customer survery results

ARCEP published its 2023 customer satisfaction data today. It makes for interesting reading for all the French operators. We show the key conclusion in this report. It is perhaps of particular interest to SFR investors: our view is that SFR’s troubles are mainly customer related as opposed to do with network or price (although all three are inter-linked obviously).

EUR 9344.00

14h / 6m 14h / 6m 1 EN

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CPNG 1Q24 Preview: Overall Business Remains Intact

Vital Signs: Actionable charts

CPNG 4Q23 Results: Rev Growth in ’24 Could be Similar to Average Growth in ‘23

Charter Model Update

CHTR: quick thoughts following the call

Altice France (SFR)/Orange/Iliad/Bouygues ARCEP 2023 customer survery results

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