Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

I investigate special situations, pairs, and index rebalancing trades in Korea.

Korea / Special Sits, Pairs, Index Rebalancing

CPNG: 1Q21 - Revenues Soar, Losses Deepen

Coupang's Anticipated Disappointment, but 1P's Trouble Makes Us More Worried

Coupang - A Summary of Early Lock-Up Expirations

Coupang: Early Lockup Releases & Local Regulatory Risks

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Equity Bottom-Up

<p>Coupang's biggest story during the IPO was, undoubtedly, a dramatic turnaround in operating cash flow.</p><p>Coupang delivered a $301.6B positive operating cash flow last year. It was the first time in its 10 year history.</p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/199/788/original/Screen+Shot+2021-04-10+at+11.06.50+AM.png?1618067448" class="editor-image img-responsive" data-smartkarma-image-id="199788"></figure></section><div class="content-caption">(Source: EDGAR)</div><p>There was no noticeable improvement in operating margin YoY.</p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/199/789/original/Screen+Shot+2021-04-10+at+11.37.06+AM.png?1618069045" class="editor-image img-responsive" data-smartkarma-image-id="199789"></figure></section><div class="content-caption">(Source: EDGAR)</div><p>As repeatedly pointed out, the single most important factor to the operating cash flow improvement was a substantial increase in the already high level of account payables.</p><p>On the last yearend, A/Ps total more than $1B, +155.9% YoY, substantially outpacing sales growth.</p>

Coupang's biggest story during the IPO was, undoubtedly, a dramatic turnaround in operating cash flow.Coupang delivered a $301.6B positive operating cash flow last year. It was the first time in its 10 year history.(Source: EDGAR)There was no noticeable improvement in operating margin YoY.(Source: EDGAR)As repeatedly pointed out, the single most important factor to the operating cash flow improvement was a substantial increase in the already high level of account payables.On the last yearend, A/Ps total more than $1B, +155.9% YoY, substantially outpacing sales growth.

Triggering Point & Timing for Shorting Coupang