Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>CPNG/BABA/PDD : Coupang sacrifices profitability for growth in 3Q23 (-/+/+)</li>
<li>On November 8th, 2023 Coupang reported 3Q23 revenue, operating profit, and net income 4%, (39%), and (23%) vs. consensus estimates.</li>
<li>Revenue beat mainly driven by Korea business with growth of the platform significantly outpacing peers.</li>
</ul>


CPNG/BABA/PDD : Coupang sacrifices profitability for growth in 3Q23 (-/+/+)
On November 8th, 2023 Coupang reported 3Q23 revenue, operating profit, and net income 4%, (39%), and (23%) vs. consensus estimates.
Revenue beat mainly driven by Korea business with growth of the platform significantly outpacing peers.


[Blue Lotus Daily]: CPNG/BABA/PDD:Coupang Sacrifices Profitability for Growth in 3Q23 (-/+/+)

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>This is our first report on South Korean e-commerce giant, Coupang Inc.</li><li>The company delivered an all-around beat in the most recent quarterly result.</li><li>The company observed an acceleration in revenue and active customer growth, particularly noteworthy for the rapid acceleration in active customer numbers.</li></ul>

This is our first report on South Korean e-commerce giant, Coupang Inc.The company delivered an all-around beat in the most recent quarterly result.The company observed an acceleration in revenue and active customer growth, particularly noteworthy for the rapid acceleration in active customer numbers.

Coupang Inc.: Initiation of Coverage – Business Strategy

China/Asia TMT

Shawn Yang

<ul>
<li>3690.HK/BABA/JD/DADA/DDL/9699.HK: Douyin adds a more prominent entrance for its 1-hr delivery supermarket feature (-/-/-/-/+)</li>
<li>Kanzhun Limited: No signal for rebound in job market in China yet</li>
<li>700 HK： QQ Browser today announced the launch of the "PDF Reading Assistant" , which uses Tencent's own LLM Hunyuan to assist users.（/）</li>
</ul>


3690.HK/BABA/JD/DADA/DDL/9699.HK: Douyin adds a more prominent entrance for its 1-hr delivery supermarket feature (-/-/-/-/+)
Kanzhun Limited: No signal for rebound in job market in China yet
700 HK： QQ Browser today announced the launch of the "PDF Reading Assistant" , which uses Tencent's own LLM Hunyuan to assist users.（/）


China TMT Update-Oct.14-3690.HK/BABA/JD/DADA/DDL/9699.HK/Kanzhun/700.HK/CPNG:Douyin 1-Hr Delivery

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

<ul>
<li>On 27 September, Maeil Business Daily reported that SK Square signed an MOU with Qoo10 to pursue a joint management of 11st. </li>
<li>It appears that Alibaba may have been reviewing this deal but it is no longer interested in pursuing 11st.</li>
<li>A deal between Qoo10 and 11st could occur, but this is not certain, which means some of the cash proceeds to FI would need to be burdened by SK Square.</li>
</ul>


On 27 September, Maeil Business Daily reported that SK Square signed an MOU with Qoo10 to pursue a joint management of 11st. 
It appears that Alibaba may have been reviewing this deal but it is no longer interested in pursuing 11st.
A deal between Qoo10 and 11st could occur, but this is not certain, which means some of the cash proceeds to FI would need to be burdened by SK Square.


SK Square: M&A of 11st - Alibaba Out and Qoo10 In?

<ul>
<li>Maeil Business Daily reported that Alibaba Group Holding (9988 HK) is considering on acquiring a controlling stake in 11st, which is a leading e-commerce platform owned by SK Square</li>
<li>In 2018, 11st was valued at 2.7 trillion won by financial investors. However, the current valuation of 11st is estimated to have declined to about 1 trillion won (US$760 million).</li>
<li>We estimate that the probability of Alibaba acquiring 11st is about 60-70%. </li>
</ul>


Maeil Business Daily reported that Alibaba Group Holding (9988 HK) is considering on acquiring a controlling stake in 11st, which is a leading e-commerce platform owned by SK Square
In 2018, 11st was valued at 2.7 trillion won by financial investors. However, the current valuation of 11st is estimated to have declined to about 1 trillion won (US$760 million).
We estimate that the probability of Alibaba acquiring 11st is about 60-70%. 


South Korea

Coupang, Inc. operates as an e-commerce company. The Company offers dynamic end-to-end e-commerce and logistic solutions. Coupang serves customers worldwide.

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Coupang (CPNG US)

[Blue Lotus Daily]: CPNG/BABA/PDD:Coupang Sacrifices Profitability for Growth in 3Q23 (-/+/+)

Coupang prioritizes growth over profitability in 3Q23, with revenue exceeding expectations driven by strong performance in Korea.

Blue Lotus Research Institute

Coupang Inc.: Initiation of Coverage – Business Strategy

This is our first report on South Korean e-commerce giant, Coupang Inc. The company delivered an all-around beat in the most recent quarterly...

Baptista Research

China TMT Update-Oct.14-3690.HK/BABA/JD/DADA/DDL/9699.HK/Kanzhun/700.HK/CPNG:Douyin 1-Hr Delivery

Douyin adds a more prominent entrance for its 1-hr delivery supermarket feature; No signal for rebound in job market in China yet; QQ Browser...

Blue Lotus Research Institute

SK Square: M&A of 11st - Alibaba Out and Qoo10 In?

On 27 September, Maeil Business Daily reported that SK Square signed an MOU with Qoo10 to pursue a joint management of 11st.

Douglas Kim

SK Square: Will Alibaba Acquire 11st?

Maeil Business Daily reported that Alibaba Group Holding (9988 HK) is considering on acquiring a controlling stake in 11st, which is a leading e...

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Blue Lotus Daily]: CPNG/BABA/PDD:Coupang Sacrifices Profitability for Growth in 3Q23 (-/+/+)

​Coupang prioritizes growth over profitability in 3Q23, with revenue exceeding expectations driven by strong performance in Korea.

Blue Lotus Research Institute

Coupang Inc.: Initiation of Coverage – Business Strategy

This is our first report on South Korean e-commerce giant, Coupang Inc. The company delivered an all-around beat in the most recent quarterly...

Baptista Research

China TMT Update-Oct.14-3690.HK/BABA/JD/DADA/DDL/9699.HK/Kanzhun/700.HK/CPNG:Douyin 1-Hr Delivery

Douyin adds a more prominent entrance for its 1-hr delivery supermarket feature; No signal for rebound in job market in China yet; QQ Browser...

Blue Lotus Research Institute

SK Square: M&A of 11st - Alibaba Out and Qoo10 In?

On 27 September, Maeil Business Daily reported that SK Square signed an MOU with Qoo10 to pursue a joint management of 11st.

Douglas Kim

SK Square: Will Alibaba Acquire 11st?

Maeil Business Daily reported that Alibaba Group Holding (9988 HK) is considering on acquiring a controlling stake in 11st, which is a leading e...

Douglas Kim

Coupang prioritizes growth over profitability in 3Q23, with revenue exceeding expectations driven by strong performance in Korea.