CPNG 3Q24 Results: Margins to Improve YoY in FY24
What’s new: Coupang’s reported 3Q24 results that were above consensus and our expectations. While margins could fluctuate QoQ partly due to seasonality and timing of expenses, adjusted EBITDA margin could further improve on a YoY basis in FY24 partly due to scale and better operating efficiency. We up our PT from USD28 to USD30 as CPNG could continue to grow multiples of the market. Our updated PT of USD30 implies 1.46x FY25E EV/Revs. We maintain our BUY rating.Analysts:
Jin Yoon
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