Coupang, a domestic online shopping mall company, officially announced its listing on the New York Stock Exchange. After the listing process, Coupang’s corporate value is expected to range from at least 30 trillion won to over 55 trillion won.
Regarding this, eBest Investment & Securities mentioned that Coupang’s listing on the US stock market is an opportunity to re-evaluate the value of the Big Tech commerce platform.
Seong Jong-hwa, a researcher at EBEST Investment & Securities, said, “The local media evaluated the expected market cap from 33.2 trillion won to 55.4 trillion won when Coupang is listed.” Explained.
According to researcher Seong Jong-hwa, Coupang’s sales last year reached 13.3 trillion won, an increase of 86% over the previous year, showing a steep growth trend. In contrast, during the same period, Naver Commerce sales increased 38% year-on-year to KRW 1.896 billion, and Kakao Commerce sales increased 45% to KRW430 billion, which is inferior to Coupang in both sales volume and growth potential.
In terms of logistics competitiveness, Coupang has established its own large-scale full-feelmanship service system, while Naver and Kakao are pursuing a partnership or outsourcing strategy. Researcher Sung explained, “Coupang’s large-scale logistics service operation is one of the causes of the deficit, but this should be viewed from the perspective of investment for growth.”
On the contrary, in terms of platform competitiveness, Naver, which is a national portal, or Kakao, which owns KakaoTalk, has an advantage, and derivative platforms such as Pay and Contents are also superior.
Researcher Sung said, “Naver is a search and synergy with Pay based on the Naver platform, and Kakao has user competitiveness and Pay based on the KakaoTalk platform.It is possible to achieve high growth through the synergy of the company, and unlike Coupang, logistics can also pursue profitability through partnership and outsourcing strategies.”