Coupang Inc (CPNG US): Buy: User traffic analysis

Research evidence excerpt

Coupang Inc (CPNG US): Buy: User traffic analysis

ering risks, but uncertainty is gradually clearing away: The Personal

Information Protection Commission imposed a USD410m fine on Coupang in June 52-WEEK PRICE (USD)

2026 due to a data breach issue that occurred in 4Q25. Additionally, according to the 36.00

news (source: E-daily, 9 July 2026), in July 2026, following a six-month special tax 24.00

audit, the National Tax Service notified the company of a tax assessment of roughly

USD200m. While the final outcome remains uncertain, these developments are 07/25 01/26 07/2612.00

expected to weigh negatively on Coupang’s profitability in the short term, specifically Target price: 29.00 High: 33.53 Low: 15.12 Current: 17.42

in 2Q-3Q26. Furthermore, regulatory headwinds persist as Korea’s FTC continues its Source: LSEG IBES, HSBC estimates

investigation into WOW membership bundling and delivery app practices, alongside

ongoing media reports pointing to the need to permit dawn delivery or hypermarkets Junhyun Kim*

which can potentially change the competitive landscape. Although the final outcome Analyst, Korea Internet Gaming and Entertainment

The Hongkong and Shanghai Banking Corporation Limited,

of the legal proceedings is uncertain, we nevertheless believe that the resolution of Seoul Securities Branch

the data breach penalty marks the beginning of the end for regulatory uncertainties. junhyun.kim@kr.hsbc.com

+82 2 3706 8763

2Q26e preview: We expect Coupang to report 2Q26e revenue of USD8.8bn (+3%

y-o-y) and an operating loss of USD468m, lower than Bloomberg consensus of a * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

USD410m loss, due to a combination of remaining compensatory vouchers, FX rate not registered/ qualified pursuant to FINRA regulations