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

Clepsydra Capital

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

Equity Bottom-Up

<ul>
<li>We first check whether additional cost savings have been achieved in the center and whether there has been any deterioration in short-term liquidity due to the hasty pursuit of automation.</li>
<li>Then, we check the soundness of new businesses such as quick commerce, which boasts delivery within 30 minutes but carries the risk of deteriorating short-term profitability.</li>
<li>Lastly, we check how seriously Coupang's real estate cost structure has deteriorated and assess the risk that this could lead to devaluation by potentially undermining Coupang's growth premium.</li>
</ul>


We first check whether additional cost savings have been achieved in the center and whether there has been any deterioration in short-term liquidity due to the hasty pursuit of automation.
Then, we check the soundness of new businesses such as quick commerce, which boasts delivery within 30 minutes but carries the risk of deteriorating short-term profitability.
Lastly, we check how seriously Coupang's real estate cost structure has deteriorated and assess the risk that this could lead to devaluation by potentially undermining Coupang's growth premium.


What to Check at Coupang Earnings Call Tomorrow