New Street Research - Coupang (CPNG) CPNG 4Q23 Results: Rev Growth in ’24 Could be Similar to Average Growth in ‘23

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New Street Research

Jin Yoon

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

28/02/2024 1 EN

Underlying

Coupang

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US22266T1097 New York Stock Exchange United States

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Analysts

Jin Yoon

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

Vital Signs: Actionable charts

CPNG 1Q24 Preview: Overall Business Remains Intact

Millicom (Buy, TP: $24) Q1 24 - Big (10%) EBITDA beat as Xavier Niel carves out more cost; revenue holding for now

EchoStar: Quick thoughts following the call

CPUs in 1Q24: Node parity in notebooks leads to stable market shares. Intel not there yet in desktop & servers.

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