Coupang "Key questions & Investor debates" (Buy) Han

研报英文原文证据摘录

Coupang "Key questions & Investor debates" (Buy) Han

Global Research

13 July 2026ab

Coupang Equities

KoreaKey questions & Investor debates

Internet Services

12-month rating Buy

Following our recent note on June credit card spending data, we summarize the key

investor questions ahead of Coupang's Q2 results. Beyond the pace of commerce

12m price target US$27.00

growth recovery, investors are increasingly focused on potential regulatory risks, the

outlook for Eats profitability and the Taiwan business.

Price (10 Jul 2026) US$18.80

Are there additional regulatory risks? RIC: CPNG.N BBG: CPNG US

Local media reported on 10 July that the National Tax service has completed its special

Trading data and key metrics

tax audit and issued a preliminary tax assessment of ~Won300bn ($200mn). This follows

52-wk range US$33.53-15.12

the $409mn PIPC fine, which is expected to be reflected in Q2 results. We think the

major regulatory announcements are now largely behind the company. The remaining Market cap. US$34.3b

key regulatory issue is the FTC investigation into Eats and bundling of WOW Shares o/s 1,823m (COM)

membership benefits. Following the FTC's rejection of CPNG's proposed consent Free float 54%

decree, local media have reported a potential fine of Won20-40bn ($16-27mn). Overall, Avg. daily volume ('000) 4,550

we expect these to be treated as a one-off item and do not see it materially altering the Avg. daily value (m) US$81.1

company’s growth or investment plans. We expect investor focus to return to the Common s/h equity (12/26E) US$4.69b

company's underlying growth, profitability and market share trajectory. P/BV (12/26E) 7.4x

Net debt to EBITDA (12/26E) NM

Would unbundling WOW benefits and broader promotions hurt Eats'

EPS (UBS, diluted) (US$)

profitability?

UBS Cons.