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Key Points
Coupang (NYSE: CPNG) leads the South Korean e-commerce market, boasting nearly 24 million active customers, amounting to almost half of South Korea’s 52 million population. The company reported a notable triple-digit percentage revenue growth in Taiwan in Q2 2023, as it seeks to expand its operations.
Coupang’s logistics network allows for 99% of Rocket Delivery orders to be delivered within 24 hours, further pushing its growth strategy. The company is investing $2.2 billion to enhance its logistics by 2027, making overnight delivery available to approximately 88% of South Korea. Despite initial net losses since going public, Coupang achieved profitability in 2023.
Currently trading at a valuation of 1.8 times trailing sales, above its three-year average, Coupang is following a business model similar to Amazon, promising a growing future particularly in markets like Taiwan.
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