Coupang: June growth slows, but market share recovery remains intact

Research evidence excerpt

Coupang: June growth slows, but market share recovery remains intact

Powered by Lab Global7 JulyResearch2026ab Evidence UBS YES

Coupang Equities

KoreaJune growth slows, but market share recovery

remains intact Internet Services

12-month rating Buy

12m price target US$27.00Temporary voucher headwinds weighed on June spending growth

According to UBS Evidence Lab's South Korea Consumer Transaction Monitor dataset (>

Access Dataset) , Coupang's net spending growth slowed to 3.9% YoY in June from Price (06 Jul 2026) US$19.15

10.5% in May. We believe June spending trends were affected by several large offline- RIC: CPNG.N BBG: CPNG US

focused voucher programs. The government's High Oil Price Support Fund, which

distributed Won6.1tn of vouchers between late April and early July, and Samsung's Trading data and key metrics

Electronics Appreciation Festival, which awarded consumers Onnuri Gift Certificates 52-wk range US$33.53-15.12

from 8 June, both directed spending toward traditional markets and small local Market cap. US$34.9b

merchants rather than major e-commerce platforms. As a result, we think part of Shares o/s 1,823m (COM)

consumer spending was temporarily diverted away from online channels during June. Free float 54%

Avg. daily volume ('000) 4,532

Market share recovery continued despite slower spending growth Avg. daily value (m) US$80.8

Coupang's market share increased further to 11.5% in June from 11.1% in May, Common s/h equity (12/26E) US$4.69b

extending the recovery trend seen since March and reaching the highest level since the P/BV (12/26E) 7.5x

November cyber incident. We view the continued market share gains as an encouraging Net debt to EBITDA (12/26E) NM

sign that the slowdown in spending growth was driven by broader industry factors