reports
- Jin Yoon
CPNG 4Q24 Results: Business Remains Resilient
What’s new: Coupang’s reported 4Q24 revs that were largely in-line with consensus. Total rev growth (on a CC basis) could be around 20% YoY, while adjusted EBITDA margin could continue to see expansion in 2025. CPNG also expects that developing offering losses could be in the range of US$650mn to US$750mn in 2025. We maintain our PT at USD30. Analysts: Jin Yoon
- Jin Yoon
- Jin Yoon
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
- Jin Yoon
CPNG 2Q24 Results: Rev Growth Outlook Remains Intact
What’s new: Coupang’s reported 2Q24 top-line results that were slightly below consensus and our expectations. Margins were above expectations partly driven by faster growth in higher margin categories and better efficiencies across operations. Developing offering losses of US$750mn for FY24 remains intact despite sequential increase losses in 2Q. We maintain our PT at US$28. Analysts: Jin Yoon
- Jin Yoon
- Jin Yoon
CPNG 1Q24 Results: Strong Momentum in Eats
What’s new: Coupang’s reported 1Q24 top-line results were above consensus and our expectations. Developing offerings losses could increase from $650mn to $750mn primarily due to losses related to Farfetch. We increase our PT from $25 to $28 as CPNG could continue to grow multiples of the market. Our revised PT of $28 implies 1.3x FY25E EV/Revs. Analysts: Jin Yoon
- Dave Nicoski
- Ross LaDuke
Vital Signs: Actionable charts
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.
VIRC VIRCO MANUFACTURING CORP.
MDWD MEDIWOUND
NEM NEMETSCHEK SE
ARO ARCANDOR AG
CSTE CAESARSTONE LTD.
AGX ARGAN INC.
AMRK AMARK PRECIOUS METALS
EVER EVERQUOTE
RPAY REPAY HOLDINGS (A)
IGMS IGM BIOSCIENCES
PRLD PRELUDE THERAPEUTICS
DFH DREAM FINDERS HOMES
GATO GATOS SILVER
CPNG COUPANG
TPL TEXAS PACIFIC LAND CORPORATION
RANI RANI THERAPEUTICS HLDGS INC
JANX JANUX THERAPEUTICS INC
ALVO OAKTREE ACQUISITION CORP II
IE IVANHOE ELECTRIC INC
ACRV ACRIVON THERAPEUTICS INC
IZM ICZOOM GROUP INC
CRBP CORBUS PHARMACEUTICALS HOLDINGS INC.
PRAX PRAXIS PRECISION MEDICINES INC
EGIO EDGIO INC.
FIP FIAT INDUSTRIAL SPA
- Jin Yoon
- Jin Yoon
CPNG 4Q23 Results: Rev Growth in ’24 Could be Similar to Average Growt...
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
- Jin Yoon
CPNG 3Q23 Results: Positive Progress in Developing Offerings Could Dra...
What’s new: Coupang’s reported 3Q23 results were above consensus and our expectations as revenue and active customer growth continued to accelerate in the quarter. Investments in developing offerings could be slightly above the initial guidance of $400mn in FY23 partly due to encouraging progress in Eats and Taiwan. We maintain our PT at USD25. Analysts: Jin Yoon
- Jin Yoon
CPNG 3Q23 Preview: Positive Progress on Eats’ Inclusion in Wow
What’s New: We nudge down our top-line estimates to reflect the full-quarter impact from the changes in FLC contract. In this note, we highlight the latest updates including overall demand environment and progress of Eats’ inclusion in Wow. Analysts: Jin Yoon
- Jin Yoon
CPNG 2Q23 Results: Acceleration in User Growth Likely to Continue
What’s new: Coupang’s reported 2Q23 results were above consensus and our expectations as the company continues to grow multiples of the market. Coupang plans to increase its investments in developing offerings partly driven by encouraging progress in initiatives such as Eats and Taiwan. We maintain our PT at USD25. Analysts: Jin Yoon
- Jin Yoon
- Jin Yoon
CPNG 1Q23 Results: Acct Change To Impact Top Line Growth
What's new: Coupang’s reported 1Q23 results were above consensus and our expectations as the company continues to outgrow the retail market through better customer value propositions such as Rocket Wow. Top-line growth could be impacted in the next few quarters partly due to accounting changes related to FLC revenues from a gross to net basis. We maintain our PT at USD 25. Analysts: Jin Yoon
- Jin Yoon
CPNG 4Q22 Results - Upside to LT EBITDA Outlook
What's new: Coupang’s reported 4Q22 top-line results were below consensus and our expectations. Despite near-term macro uncertainties, Coupang could continue to outgrow the online retail market driven by its competitive advantage in areas such as Rocket Wow. The company also updated its LT adjusted EBITDA guidance to 10% or higher driven by leverage in investments in technology, logistics infrastructure, supply chain optimization and others. We maintain our PT at USD 25. Analysts: Jin Yoon
- Jin Yoon
New Street: CPNG 4Q22 Preview - Demand Remains Resilient
What’s New: We maintain our top-line estimates, but lower margins in 4Q due to unfavorable category mix in the quarter. In this note, we highlight latest updates to the business including overall demand environment and margin outlook. Analysts: Jin Yoon
- Jin Yoon
New Street: CPNG - Initiating with BUY Rating at $25; Clear Path to EB...
What’s New: We are initiating Coupang Inc (CPNG US) with a BUY rating at a PT of USD 25, which implies 1.8x FY23 EV/Rev. Our positive view is based on a clear path to LT Adjusted EBITDA target driven by execution of multiple drivers including 1) Scale in 1P segment; 2) GMV and revenue mix shift towards higher margin 3P; 3) Expansion of Rocket Wow membership base; and 4) Narrowing loss margin in developing offerings. Coupang could leverage its fulfilment and logistics infrastructure (similar to J...
- Nirgunan Tiruchelvam
The EM Tech firms best placed to survive the rout
This week's warning from Snap that “the macroeconomic environment has deteriorated further and faster than anticipated” shook the Tech sector's foundations. The company expects its EBITDA this quarter to come in “below the low end” of its guidance range and the stock is down 43%. Some commentators are now fearing a Tech winter akin to the one following the dot.com collapse at the start of the century – it took over 17 years for the NASDAQ index to recover its March 2000 high, adjusting for in...
- Valens Research
Valens Equity Insights and Inflections - 2022 03 29
Citigroup (C) looks to finally be rounding the corner of its transformational reconstruction. Uniform Accounting shows both the company's significant operational improvements, and that the market isn't pricing them in sustainably. That makes Citi a compelling buy. Citi has historically been a worst-in-class performer in terms of Uniform ROE, around 5% in the early 2010s, however, these operational improvements have already lifted ROE towards peer levels, approaching double-digit levels, and the...
- Nirgunan Tiruchelvam
Alibaba buybacks may encourage other EM tech names to follow suit
The ravages of the Chinese tech crackdown have made even giants change track. Alibaba has just announced a ramp up of its share buyback program. A stock buyback is when a company buys back its own shares with its cash reserves. This one amounts to US$25bn (or 8% of the market capitalisation), and is Alibaba's second in less than a year. The move represents one of the largest share buybacks in China. It is also a rare event among the EM tech peer group also known as the Baby Amazons. These co...
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