First Read: Coupang "KFTC rejects settlement in Eats case; fine uncertainty..."

Research evidence excerpt

First Read: Coupang "KFTC rejects settlement in Eats case; fine uncertainty..."

Global Research

18 June 2026ab

First Read

EquitiesCoupang

KFTC rejects settlement in Eats case; fine Korea

uncertainty remains, but overhang easing Internet Services

12-month rating Buy

12m price target US$27.00

KFTC rejects settlement requests; full investigation to proceed

The Korea Fair Trade Commission (FTC) announced today that it has rejected the

settlement requests from Coupang Eats and Baemin. The companies had proposed their Price (17 Jun 2026) US$18.83

own remedies – including CPNG's Won60bn ($39mn) merchant support plan over 4 RIC: CPNG.N BBG: CPNG US

years – but the FTC determined that these measures were insufficient to restore

Trading data and key metrics

competitive market conditions. As a result, the regulator will proceed with a full

investigation to determine whether violations occurred and what level of corrective 52-wk range US$33.53-15.12

measures or fines should be imposed with a final decision expected within this year. The Market cap. US$34.3b

cases focus on practices such as requiring merchants to maintain price parity across Shares o/s 1,823m (COM)

platforms, favouring their own services (Baemin) and, for Coupang, bundling delivery Free float 54%

benefits with its membership program. Avg. daily volume ('000) 4,544

Avg. daily value (m) US$82.1

Limited fine impact likely; focus shifting back to fundamentals Common s/h equity (12/26E) US$5.18b

Press reports suggest that Coupang could face fines of Won25-42bn ($16-27mn) P/BV (12/26E) 6.7x

related to preferential treatment, while the bundling issue – where no consent decree Net debt to EBITDA (12/26E) NM

was sought – could result in a separate penalty of up to 4% of relevant revenue

EPS (UBS, diluted) (US$)