Coupang: Data incident-related fine amount disclosed

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Coupang: Data incident-related fine amount disclosed

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Coupang

Data incident-related fine amount

disclosed

Reiterate Rating: BUY | PO: 28.00 USD | Price: 15.12 USD

Fine amount not as bad as feared 11 June 2026

PIPC finally disclosed the fine related to the data incident amounting to W624.6bn Equity

(US$408mn). According to the PIPC’s disclosure, W624.6bn includes 1) W423.5bn

(US$277mn) for the data incident and 2) W201.1bn (US$131.4mn) for an unauthorized Ahyung Cho >> Research Analyst

personal data collection, of the WOW members who clicked Coupang ad from other Merrill Lynch (Seoul)

web/app. We had previously estimated that the fine could be at most US$663mn, based +82ahyung.cho@bofa.com2 3707 0527

on PIPC’s guideline, which is 3% of the past three-year average revenue relevant to the Zoe (Jung-ae) Chun >>

incident. Hence, US$277mn is below our worst-case scenario of US$663mn. That said, Research Analyst

Merrill Lynch (Seoul)

the fine of US$131mn for personal data collection was unexpected. Related corrective zoe.chun@bofa.com

measures were also announced: increasing cybersecurity, transparency and tighter

monitoring of personal data management and related advertising.

Core business improving Stock Data

According to Sensor Tower, Coupang’s share in DAU and MAU traffic share has been on Price 15.12 USD

a sequential rise. At its 1Q26 call, the management commented WOW member Price Objective 28.00 USD

subscription is recovering. The retail industry consolidation is favorable to the leading Date Established 27-Feb-2026

players as Homeplus is closing 37 stores until Jul. Although it could be more marginal, Investment Opinion C-1-9

domestic consumption is also improving, possibly beneficial to higher ticket items. In 52-Week Range 14.92 USD-34.08 USD