Quick Take: Coupang - Why this fire could be more costly than 2021

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Quick Take: Coupang - Why this fire could be more costly than 2021

23 July 2026

Min-Joo Kang

+852 2123 2644

Korea Internet minjoo.kang@bernsteinsg.com

Coupang Inc Robin Zhu

+852 2123 2659

Rating robin.zhu@bernsteinsg.com

Underperform Charles Gou

Price Target +852 2123 2618

charles.gou@bernsteinsg.com

CPNG 12.00 USD

Hyrum Caesar

+81 3 6777 6979

hyrum.caesar@bernsteinsg.com

Quick Take: Coupang - Why this fire could be more costly than

The most important difference versus 2021 is ownership structure. While investors Close Date 22 Jul 2026

may naturally compare the Incheon fire with Coupang's 2021 Deokpyeong case, we believe

CPNG Close Price (USD) 15.63

the more important question is not the extent of the damage, but who ultimately bears the

Price Target (USD) 12.00

loss. Unlike Deokpyeong, which was owned by Coupang and largely resulted in an insurance

Upside/(Downside) (23)%

recovery following an electrical fault finding, the Incheon facility is a leased build-to-suit

52-Week Range 34.08/14.92

(BTS) warehouse owned by a third-party real estate fund. As a result, insurance claims,

SPX 7,498.96

reconstruction costs, business interruption losses, and liability assessments could involve

FYE Dec

multiple parties, making the financial outcome potentially far more complex (Link).

Div Yield NA

A different cause could mean a different payout. In Deokpyeong, investigations Market Cap (USD) (M) 28,057

concluded the fire originated from an electrical fault, allowing insurance claims to proceed EV (USD) (M) 27,152

without major disputes regarding operational negligence. The 2021 Deokpyeong fire Performance YTD 1M 6M 12M

resulted in c.USD 296M of accounting losses, largely offset by the insurance proceeds. Absolute (%) (33.7) (9.7) (21.7) (49.2)