Coupang - Valuation Analysis
Our base case valuation of Coupang is EV of $55.6 billion and implied market cap of $60.1 billion. We have used EV/GP as our primary method of...
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Pinduoduo: Unlikely to Meet 4Q20 Consensus
During its short tenure on Nasdaq, Pinduoduo has twice failed to meet consensus quarterly revenue estimates and its share price declined by...
277 Views
Tencent Placement Lock-Up Expiry - US$10bn+ Block and Buyback Linked Holdco Trade
On 22nd March 2018, after market close, one of the largest overnight placements was launched. On that day, Naspers reluctantly sold US$10bn worth...
917 Views
Coupang Pre-IPO - Fair Bit of Competition but It's Doing Better than Most Local Peers
Coupang (CPNG US) , the largest product e-commerce player in Korea, aims to raise around US$3bn in its US listing via a mix of selling primary and...
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Coupang IPO: Initial Thoughts on Rumoured $50.0bn Valuation
Coupang is fundamentally different from other e-commerce platforms as it generates over 92% of revenue from own inventory retail. Therefore a EV...
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