Michael Vi
Investment Action
I give a buy rating for Coupang, Inc. (NYSE:CPNG), as CPNG has built a very strong moat around its business in South Korea, enabling it to capture a larger share of consumers’ wallets and kick-start a
Coupang: Attractive Growth Runway With A Strong Core Business
Summary
- I rate Coupang a buy, driven by its dominant logistics moat and the powerful FLC flywheel, accelerating both growth and margin expansion.
- Coupang is becoming the go-to platform for South Korean consumers, with rising engagement, higher spending, and a successful premiumization strategy.
- The Developing Offerings segment, especially Taiwan expansion, is a high-potential growth engine, despite near-term margin dilution from ongoing investments.
I’m a fundamental, valuation-driven investor with a strong focus on identifying businesses that have the potential to scale over time and unlock massive terminal value. My investment approach centers around understanding the core economics of a business—its competitive moat, unit economics, reinvestment runway, and management quality—and how those factors translate into long-term free cash flow generation and shareholder value creation. I focus on fundamental research, and I tend to focus on sectors with strong secular tailwinds. Professionally, I am a self-educated investor that started this journey 10 years ago. Currently, I am managing my own funds, seeded from friends and family. My motivation for writing on Seeking Alpha is to share investment insights, and also at the same garner feedback from fellow investors in this site. My aim is to help readers focus on what truly drives long-term equity value. I believe good analysis should be both analytical and accessible, and I hope my work adds value to readers looking for high-quality, long-term investment opportunities.
Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
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