COUPANG INC (CPNG-N)

Retailers / Diversified Retail / Department Stores DETAILED STOCK REPORT

Report Date: 2024-May-10

Last Close Avg Daily Vol 52-Week High Trailing PE Annual Div ROE LTG Forecast 1-Mo Return
22.01 (USD) 15.3M 23.77 29.4 -- 38.4% -- 15.7%
2024 May 09 Market Cap (Consol) 52-Week Low Forward PE Dividend Yield Annual Rev Inst Own 3-Mo Return
NEW YORK Exchange
41.1B 13.51 68.4 -- 25.7B 84.2% 52.2%

AVERAGE SCORE
NEUTRAL OUTLOOK: CPNG's current score is Score Averages
relatively in-line with the market. Diversified Retail Group: 6.8 Large Market Cap: 6.9
Retailers Sector: 5.6 S&P 500 Index: 6.8

Average Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive AMZN 8 8 9 9 9
RVLV 5 2 6 6 8
Neutral CPNG 8 6 5 5 7
ETSY 3 4 6 6 6
Negative
W 5 2 4 5 5
2021-05 2022-05 2023-05 2024-05

HIGHLIGHTS I/B/E/S MEAN

- The score for Coupang Inc has been on a positive trend from 5
to 7 over the past 3 weeks. Buy Mean recommendation from all analysts covering
17 Analysts the company on a standardized 5-point scale.
- The recent change in the Average Score was due to an
improvement in more than three of the underlying component
scores. Strong Strong
Sell Hold Buy
Sell Buy

PRICE AND VOLUME CHARTS

1-Year Return: 26.6% 5-Year Return: --

BUSINESS SUMMARY
Coupang, Inc. owns and operates a retail business, which primarily serves the Korean retail market. Through its mobile applications and Internet
websites, it offers products and services that span a range of categories, including home goods and decor, apparel and beauty products, fresh food and
grocery, sporting goods, electronics, everyday consumables, travel, restaurant order and delivery, content streaming, and advertising. Its Product
Commerce segment primarily includes core Korean retail (owned inventory) and marketplace offerings and Rocket Fresh, its fresh grocery offering, as
well as advertising products associated with these offerings. Its Developing Offerings segment primarily includes more nascent offerings and services,
including Coupang Eats, its restaurant ordering and delivery service in Korea, Coupang Play, its online content streaming service in Korea, fintech, its
retail operations in Taiwan, as well as advertising products associated with these offerings.

Page 1 of 12
© 2024 LSEG. All rights reserved.
COUPANG INC (CPNG-N)
Retailers / Diversified Retail / Department Stores DETAILED STOCK REPORT
Report Date: 2024-May-10

INDICATOR COMPONENTS
The AVERAGE SCORE combines the quantitative analysis of six widely-used investment decision making tools: Earnings,
Fundamental, Relative Valuation, Risk, Price Momentum and Insider Trading. A simple average of the underlying component ratings is
normally distributed to rank stocks on a 1-10 scale (10 being awarded to the most favorable). These factors may be evaluated differently
using alternative methodologies and the importance of individual factors varies across industries, market capitalization and investment
styles. Additional criteria should always be used to evaluate a stock.

Earnings Fundamental Relative Valuation Risk Price Momentum Insider Trading

OPTIMIZED SCORE
As an alternative approach to equally weighting each of the six factors, independent
Historically, companies with an Optimized Score research firm, Verus Analytics, conducted a backtest to empirically determine an
of 10 have tended to significantly outperform the optimal factor blend. Results and weighting vary across four different market
market over the following 12-month period. capitalization categories. For large/mid cap stocks, Fundamental and Earnings
historically provided the most explanatory power among the factors and are weighted
heavily in the Optimized Score. Among the small/micro cap universe, Insider Trading
joined Fundamental and Earnings as the most significant factors to explain returns.
PEER ANALYSIS Currency in USD

PRICE MOMENTUM VALUATION FUNDAMENTAL ANALYSTS

Average Price 1-Mo 3-Mo 1-Yr Market Trailing Forward Dividend Net LTG I/B/E/S # of
Score Ticker (2024-05-09) Return Return Return Cap PE PE Yield Margin Forecast Mean Analysts
9 AMZN 189.50 2.1% 8.6% 77.7% 1.9T 53.1 39.8 -- 6.4% 30.5% Buy 60

7 CPNG 22.01 15.7% 52.2% 26.6% 37.1B 29.4 68.4 -- 5.0% -- Buy 17

6 ETSY 63.45 -7.6% -18.7% -31.6% 7.0B 29.0 24.2 -- 10.8% 18.3% Hold 32

5 W 72.94 10.0% 39.1% 99.1% 6.1B -- 53.3 -- -5.3% -- Buy 38

8 RVLV 21.66 3.2% 31.9% 21.6% 752M 57.0 45.8 -- 2.3% 32.5% Hold 17

8 BWMX 17.24 -11.0% 30.3% 55.2% 637M 9.4 8.1 9.4% 8.6% -- Buy 1

5 HEPS 1.57 6.1% 6.4% 63.7% 411M 220.0 19.8 -- 0.2% -- Buy 3

5 REAL 4.22 18.2% 124.5% 220% 408M -- -- -- -21.2% -- Buy 8

4 QRTEA 0.77 -24.8% -7.9% -32.1% 361M -- 1.2 -- -1.3% -- Hold 1

9 RERE 2.89 70.0% 165.1% 18.4% 298M -- 7.9 -- -1.2% -- Strong Buy 1

6 LITB 0.73 6.6% -28.2% -43.8% 82M -- -- -- -1.5% -- -- --

6.5 Average 36.09 8.0% 36.7% 43.1% 181.0B 66.3 29.8 9.4% 0.2% 27.1% Buy 17.8

PEER COMPANIES
AMZN Amazon.com Inc QRTEA Qurate Retail Inc
BWMX Betterware de Mexico REAL RealReal Inc
ETSY ETSY Inc RERE ATRenew Inc
HEPS D Market Elektronik Hizmetler RVLV Revolve Group Inc
LITB LightInTheBox Holding Co W Wayfair Inc

Page 2 of 12
© 2024 LSEG. All rights reserved.
COUPANG INC (CPNG-N)
Retailers / Diversified Retail / Department Stores DETAILED STOCK REPORT
Report Date: 2024-May-10

EARNINGS Currency in USD

POSITIVE OUTLOOK: Strong earnings with Earnings Score Averages

recent analyst upgrades or a history of Diversified Retail Group: 6.8 Large Market Cap: 6.4
surpassing consensus estimates. Retailers Sector: 5.5 S&P 500 Index: 6.4

Earnings Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive AMZN 9 10 10 10 10
W 10 8 10 10 10
Neutral CPNG 6 3 6 7 9
RVLV 1 3 6 5 7
Negative
ETSY 3 4 3 3 1
2021-05 2022-05 2023-05 2024-05

EARNINGS INDICATORS
Earnings Surprises Estimate Revisions Recommendation Changes
(33.3% weight) (33.3% weight) (33.3% weight)

W CPNG
AMZN
AMZN W

CPNG CPNG
AMZN
RVLV RVLV
RVLV
ETSY W

ETSY ETSY

Last 4 Quarters Last 4 Weeks Last 120 Days

# Positive Surprises (>2%) 3 # Up Revisions 2 # Broker Upgrades 3
# Negative Surprises (<-2%) 1 # Down Revisions 2 # Broker Downgrades 0
# In-Line Surprises (within 2%) 0 Avg Up Revisions 11.8%
Avg Surprise 16.4% Avg Down Revisions -11.8%

HIGHLIGHTS PRICE TARGET

- The Earnings Rating for Coupang Inc improved significantly over the The chart indicates where analysts predict the stock price will be within
past week from 7 to 9. The average Earnings Rating for its the next 12 months, as compared to the current price.
Department Stores industry is 7.4 and the S&P 500 index average is
6.4. 33.00 12-Month Price Target
HIGH
Mean (USD) 25.10
- Over the past 90 days, the consensus price target for CPNG has 30.00
High 32.00
increased notably from 20.40 to 25.10, a gain of 23.0%. 27.00
MEAN
Low 18.00
- On 2024-05-07, the company announced quarterly earnings of 0.05 24.00 22.01 Target vs. Current 14.0%
per share, a negative surprise of -12.3% below the consensus 0.06.
21.00 # of Analysts 16
Over the past 4 quarters, the company has reported 3 positive, 1
negative, and 0 in-line surprises. The average surprise for this time 18.00 LOW
period has been 16.4%. Current Price Price Target
(USD)

Page 3 of 12
© 2024 LSEG. All rights reserved.
COUPANG INC (CPNG-N)
Retailers / Diversified Retail / Department Stores DETAILED STOCK REPORT
Report Date: 2024-May-10

EARNINGS PER SHARE

Actuals Estimates
0.150
HIGH

Earnings per share (EPS) is calculated 0.120 Quarterly 24-06 24-09

by dividing a company's earnings by the 0.080 0.080 Mean 0.061 0.080
number of shares outstanding. Analysts 0.090
MEAN
tend to interpret a pattern of increasing 0.050 0.050
High 0.100 0.140
0.060
earnings as a sign of strength and flat Low 0.012 0.015
or falling earnings as a sign of 0.030 # of Analysts 6 6
weakness. LOW
0.000
The charts provide a comparison 23-06 23-09 23-12 24-03 24-06 24-09
between a company's actual and
estimated EPS, including the high and Actuals Estimates
low forecasts. 1.200

0.900 HIGH
Annual 2024 2025
Mean 0.277 0.609
0.600 MEAN
0.260 High 0.510 0.870
0.300 LOW
Low 0.025 0.334
-0.050
-0.000 # of Analysts 13 12

-0.300
2022 2023 2024 2025

MEAN ESTIMATE TREND ANALYST RECOMMENDATIONS

Q Q Y Y Price I/B/E/S Mean: Buy (17 Analysts)
24-06 24-09 2024 2025 Target
Strong Buy 5
Current 0.061 0.080 0.277 0.609 25.10
30 Days Ago 0.069 0.086 0.273 0.590 21.30 Buy 7
90 Days Ago 0.102 0.108 0.419 0.635 20.40 Hold 3
% Change (90 Days) -40.2% -25.9% -33.9% -4.1% 23.0%
Sell 1
Current Fiscal Year End: 24-12
Strong Sell 1
Next Expected Report Date: 2024-05-07

EARNINGS SURPRISES
Comparing a company's actual earnings to the mean expectation of Surprise Detail (Last 6 Periods)
analysts results in a difference referred to as a 'positive' or 'negative'
surprise. Research has shown that when a company reports a Surprise Announce Period End Actual Mean Surprise
surprise, it is often followed by more of the same surprise type. Type Date Date EPS EPS (%)
Surprise Summary (Last 12 Quarters) Negative 2024-05-07 2024-03-31 0.050 0.057 -12.3%
Positive 2024-02-27 2023-12-31 0.080 0.059 35.6%
Surprise Type Amount Percent
Negative 2023-11-07 2023-09-30 0.050 0.068 -26.5%
Positive Quarters (> 2%) 8 66.7%
Positive 2023-08-08 2023-06-30 0.080 0.052 53.8%
Negative Quarters (< -2%) 4 33.3%
Positive 2023-05-09 2023-03-31 0.050 0.047 6.4%
In-Line Quarters (within 2%) 0 --
Positive 2023-02-28 2022-12-31 0.060 0.051 17.6%

ANNUAL REVENUE
A pattern of increasing sales in Actuals Estimates
conjunction with a rising EPS may
influence a buy recommendation, while 40B
2024 2025
flat or falling sales and faltering 36B
HIGH
earnings may explain a sell MEAN Mean 29.7B 34.4B
recommendation. A rising EPS with flat 32B High 31.4B 36.9B
LOW
or falling sales may result from
increased cost efficiency and margins, 28B
Low 27.5B 31.3B
rather than market expansion. This 24.4B
Forecasted Growth 21.8% 41.1%
chart shows the sales forecast trend of 24B
20.6B # of Analysts 17 16
all analysts and the highest and lowest
projections for the current and next 20B
2022 2023 2024 2025
fiscal year.

Page 4 of 12
© 2024 LSEG. All rights reserved.
COUPANG INC (CPNG-N)
Retailers / Diversified Retail / Department Stores DETAILED STOCK REPORT
Report Date: 2024-May-10

FUNDAMENTAL
POSITIVE OUTLOOK: Strong fundamentals Fundamental Score Averages
such as high profit margins, low debt levels, or Diversified Retail Group: 6.2 Large Market Cap: 6.3
growing dividends. Retailers Sector: 5.6 S&P 500 Index: 6.0

Q2 Q3 Q4 Q1
Fundamental Score Trend Peers 2023 2023 2023 2024 Current 3Y Trend
AMZN 6 6 7 NR 10
Positive
CPNG 10 10 9 NR 10
Neutral RVLV 7 7 5 NR 9

Negative ETSY 5 5 4 NR 8

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 W 1 1 1 NR 2
2021 2022 2023

FUNDAMENTAL INDICATORS
Profitability Debt Earnings Quality Dividend
(25% weight) (25% weight) (25% weight) (25% weight)

RVLV
AMZN
AMZN ETSY
CPNG
CPNG

RVLV
ETSY
AMZN
RVLV ETSY
CPNG
W
W

AMZN
CPNG
ETSY
RVLV
W
Revenue Growth 20.8% Current Ratio 1.2 Oper. Cash Yield 108.1% Dividend Growth --
For year over year For interim period For latest 12 months For year over year
ending 2024-03 ending 2024-03 ending -- ending --
Gross Margin 26.1% Debt-to-Capital 11.4% Accruals 53.5% Dividend Payout --
For latest 12 months For annual period For latest 12 months For latest 12 months
ending 2024-03 ending 2023-12 ending 2023-12 ending --
Return On Equity 38.4% Interest Funding 6.8% Days Sales In Inv. 33.8 Dividend Coverage --
For interim period For interim period For annual period For annual period
ending 2024-03 ending 2024-03 ending 2023-12 ending --
Net Margin 5.0% Interest Coverage 3.2 Days Sales In Rec. 3.7 Current Div. Yield --
For latest 12 months For interim period For annual period For latest 12 months
ending 2024-03 ending 2024-03 ending 2023-12 ending --

HIGHLIGHTS
- Coupang Inc currently has a Fundamental Rating of 10, which is - The company's days sales in inventory has been lower than its industry
significantly more bullish than the Department Stores industry average average for each of the past five years.
of 7.3. - Coupang Inc does not currently pay a dividend. Of 24 firms within the
- The company's revenue growth has been higher than its industry Department Stores industry, it is among the 17 companies without a
average for each of the past five years. dividend.
- The company's current ratio has been lower than its industry average
for each of the past five years.

Page 5 of 12
© 2024 LSEG. All rights reserved.
COUPANG INC (CPNG-N)
Retailers / Diversified Retail / Department Stores DETAILED STOCK REPORT
Report Date: 2024-May-10

RELATIVE VALUATION
NEUTRAL OUTLOOK: Multiples relatively in-line Relative Valuation Score Averages
with the market. Diversified Retail Group: 6.5 Large Market Cap: 4.5
Retailers Sector: 6.9 S&P 500 Index: 4.5

Relative Valuation Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive W 9 5 5 6 6
ETSY 4 4 5 4 5
Neutral CPNG 3 4 4 3 4
RVLV 5 5 4 4 4
Negative
AMZN 3 3 3 3 3
2021-05 2022-05 2023-05 2024-05

RELATIVE VALUATION INDICATORS

Price to Sales Trailing PE Forward PE
(33.3% weight) (33.3% weight) (33.3% weight)

W
RVLV

CPNG ETSY
ETSY
ETSY CPNG

AMZN
AMZN W
AMZN
RVLV RVLV
CPNG
W

Price to Sales 1.5 Trailing PE 29.4 Forward PE 68.4

5-Yr Average 1.6 5-Yr Average 68.1 5-Yr Average 52.4
Rel. to 5-Yr Avg. 6% Discount Rel. to 5-Yr Avg. 57% Discount Rel. to 5-Yr Avg. 31% Premium
S&P 500 Index 2.7 S&P 500 Index 27.4 S&P 500 Index 21.1
Rel. to S&P 500 45% Discount Rel. to S&P 500 7% Premium Rel. to S&P 500 >100% Premium

HIGHLIGHTS
- Coupang Inc currently has a Relative Valuation Rating of 4 while the - Based on Forward P/E, CPNG currently trades at a 87% Premium to
S&P 500 index has an average rating of 4.5. its Department Stores industry peers. On average, the company has
traded at a 13% Premium over the past five years.
- CPNG's 29.4 Trailing P/E is currently at the low end of its 5-year range
(lowest 23.4 to highest 100.0).

Page 6 of 12
© 2024 LSEG. All rights reserved.
COUPANG INC (CPNG-N)
Retailers / Diversified Retail / Department Stores DETAILED STOCK REPORT
Report Date: 2024-May-10

PRICE TO SALES TRAILING PE

The most recent week's close price divided by the revenue per share. The most recent week's close price divided by the sum of the four most
recently reported quarterly earnings.
Price to Sales: 1.5 Trailing PE: 29.4
5-Year Average: 1.6 5-Year Average: 68.1
S&P 500 Index Average: 2.7 S&P 500 Index Average: 27.4
Department Stores Industry Average: 2.3 Department Stores Industry Average: 49.9
10.0 >50
9.0 45
8.0 40
7.0 35
6.0 30
5.0 25
4.0 20
3.0 15
2.0 10
5-Yr Average
1.0 5
0.0 0
2019 2020 2021 2022 2023 MAY JUL SEP NOV JAN MAR MAY
2023 2023 2023 2023 2024 2024 2024

FORWARD PE FORWARD PEG

The most recent week's close price divided by the sum of the four The Forward P/E divided by the five-year forecasted growth rate.
upcoming quarterly consensus estimates.
Forward PE: 68.4 Forward PEG: --
5-Year Average: 52.4 5-Year Average: --
S&P 500 Index Average: 21.1 S&P 500 Index Average: 1.8
Department Stores Industry Average: 36.5 Department Stores Industry Average: 2.0
>50 >5.0
45 4.5
40 4.0
35 3.5
30 3.0
25 2.5 This valuation data is not available
20 2.0
15 1.5
10 1.0
5 0.5
0 <0.0
2019 2020 2021 2022 2023 2019 2020 2021 2022 2023

Page 7 of 12
© 2024 LSEG. All rights reserved.
COUPANG INC (CPNG-N)
Retailers / Diversified Retail / Department Stores DETAILED STOCK REPORT
Report Date: 2024-May-10

RISK
NEUTRAL OUTLOOK: Moderate risk (medium Risk Score Averages
volatility). Diversified Retail Group: 5.3 Large Market Cap: 8.5
Retailers Sector: 5.0 S&P 500 Index: 8.9

Risk Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive AMZN 8 9 9 9 9
CPNG 5 6 6 4 5
Neutral ETSY 5 6 6 6 5
RVLV 6 5 4 5 5
Negative
W 4 4 4 4 4
2021-05 2022-05 2023-05 2024-05

RISK INDICATORS
Magnitude of Returns Volatility Beta (1-year) Correlation
(25% weight) (25% weight) (25% weight) (25% weight)

AMZN
AMZN AMZN
W

CPNG
ETSY RVLV
CPNG ETSY
RVLV CPNG
ETSY RVLV
AMZN ETSY
W

RVLV CPNG
W W

Daily Returns (Last 90 Days) Standard Deviation Beta vs. S&P 500 1.18 Correlation vs. S&P 500
Best 11.5% Last 90 Days 2.82 Positive Days Only 1.35 Last 90 Days 11%
Worst -9.3% Last 60 Months 15.75 Negative Days Only 1.02 Last 60 Months 42%
Monthly Returns (Last 60 Months) Intra-Day Swing (Last 90 Days) Beta vs. Group 0.69 Correlation vs. Group
Best 33.2% Average 3.3% Positive Days Only 0.66 Last 90 Days 27%
Worst -33.3% Largest 7.1% Negative Days Only 0.55 Last 60 Months 41%

HIGHLIGHTS RISK ANALYSIS

- Coupang Inc currently has a Risk Rating of 5, which is Last 90 Days Last 60 Months
significantly below the S&P 500 index average rating of 8.9. Best Worst # # Largest Best Worst
- On days when the market is up, CPNG tends to outperform the Daily Daily Days Days Intra-Day Monthly Monthly
S&P 500 index. On days when the market is down, the stock Peers Return Return Up Down Swing Return Return
generally performs in-line with the index. CPNG 11.5% -9.3% 41 22 7.1% 33.2% -33.3%
- In the short term, CPNG has shown low correlation (>= -0.1
and < 0.2) with the S&P 500 index. The stock has, however, AMZN 3.6% -3.3% 36 27 4.8% 26.9% -26.6%
shown high correlation (>= 0.4) with the market in the long ETSY 5.7% -15.1% 32 32 7.4% 68.8% -34.8%
term.
- Over the last 90 days, CPNG shares have been more volatile RVLV 22.1% -8.5% 35 29 11.8% 52.2% -47.0%
than the overall market, as the stock's daily price fluctuations W 16.1% -8.4% 35 29 11.4% 132.1% -40.6%
have exceeded that of 95% of S&P 500 index firms.
S&P 500 2.1% -1.6% 31 32 2.3% 12.7% -12.5%

Page 8 of 12
© 2024 LSEG. All rights reserved.
COUPANG INC (CPNG-N)
Retailers / Diversified Retail / Department Stores DETAILED STOCK REPORT
Report Date: 2024-May-10

PRICE MOMENTUM Currency in USD

POSITIVE OUTLOOK: Strong recent price Price Momentum Score Averages

performance or entering historically favorable Diversified Retail Group: 6.7 Large Market Cap: 7.3
seasonal period. Retailers Sector: 5.5 S&P 500 Index: 7.2

Price Momentum Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive AMZN 10 8 10 10 10
CPNG 10 8 6 6 9
Neutral ETSY 7 4 8 8 9
RVLV 8 1 7 6 9
Negative
W 6 5 9 9 9
2021-05 2022-05 2023-05 2024-05

PRICE MOMENTUM INDICATORS

Relative Strength Seasonality
(50% weight) (50% weight)

AMZN
W
AMZN
ETSY
CPNG
RVLV
CPNG

ETSY
RVLV
W

Relative Strength Indicator (Scale from 1 to 100) Average Monthly Return (Last 10 Years)
CPNG Industry Avg May Jun Jul
Last 10 Days 50 54 Company Avg -2.9% 2.8% 8.1%
Last 50 Days 59 51 Industry Avg -1.7% 4.2% 2.2%
Last 200 Days 53 50 Industry Rank 99 of 128 9 of 128 47 of 128

PRICE PERFORMANCE
Daily close prices are used to calculate the CPNG CPNG S&P 500
performance of the stock as compared to a
S&P 500 Close Price (2024-05-09) 22.01 5,214
relevant index over five time periods.
52-Week High 23.77 5,254
-2.2%
1-Week 52-Week Low 13.51 4,110
3%

1-Month
15.7% - The Price Momentum Rating for Coupang Inc improved
0.1% significantly over the past week from 6 to 9.
- On 2024-05-09, CPNG closed at 22.01, 7.4% below its 52-
52.2% week high and 62.9% above its 52-week low.
3-Month
3.7%
- CPNG shares are currently trading 9.8% above their 50-day
35.9% moving average of 20.05, and 25.6% above their 200-day
YTD moving average of 17.52.
9.3%

26.6%
1-Year
26.6%

Page 9 of 12
© 2024 LSEG. All rights reserved.
COUPANG INC (CPNG-N)
Retailers / Diversified Retail / Department Stores DETAILED STOCK REPORT
Report Date: 2024-May-10

INSIDER TRADING Currency in USD

NEGATIVE OUTLOOK: Recent or longer-term Insider Trading Score Averages

trend of selling by company insiders. Diversified Retail Group: 3.7 Large Market Cap: 3.9
Retailers Sector: 4.4 S&P 500 Index: 4.0

Insider Trading Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive ETSY 3 8 4 7 7
AMZN 1 2 1 1 1
Neutral CPNG 5 3 1 1 1
W 2 1 1 1 1
Negative
RVLV NR NR NR NR NR
2021-05 2022-05 2023-05 2024-05

INSIDER TRADING INDICATORS

Short-Term Insider Long-Term Insider
(70% weight) (30% weight)

ETSY

ETSY

AMZN AMZN
CPNG CPNG
W W

RVLV RVLV

Most Recent Buys and Sells (Last 90 Days) Insider Summary (Last 6 Months)
Insider Name Role Tran Date Tran Type Shares Total Shares Acquired --
Kolari, Pranam O 2024-05-02 S 2,048 Total Shares Disposed 1,797,774
Rogers, Harold GC 2024-03-18 S 139,080 Net Shares -1,797,774
Mehta, Neil D 2024-03-14 S 1,600,000 Sector Average -384,161

HIGHLIGHTS MONTHLY BUYS AND SELLS

- Coupang Inc currently has an Insider Trading Rating of 1, which is BUYS $ Market Value (Thousands)
3520
significantly more bearish than both the Department Stores industry
average of 3.36 and the Diversified Retail industry group average of 1760
3.71. Excludes
0 derivative
- Since the beginning of the current quarter, sales by Coupang Inc and option
executives have totaled $45,752. Over the past five years, the 1760 exercises
average sell total for Q2 has been $2,970,157. 3520
SELLS
J J A S O N D J F M A M

TOP INSTITUTIONAL HOLDERS TOP EXECUTIVE HOLDERS

Inst. % Shares Reported Direct Reported
Institution Name Type O/S Held Date Insider Name Role Shares Value Date
SB Investment Advisers Inv Mgmt 21.7% 350M 2024-03-13 Pham, Thuan CT 2.56M 46.4M 2022-07-07
Baillie Gifford & Co Inv Mgmt 10.5% 169M 2024-03-31 Rogers, Harold GC 0.53M 9.67M 2024-01-22
Morgan Stanley Investment Inv Mgmt 5.0% 81.1M 2023-12-31 Kang, Han Seung O 0.52M 9.43M 2024-03-12
Maverick Capital Inv Mgmt 4.5% 73.0M 2023-12-31 Warsh, Kevin M. J.D. D 0.44M 8.05M 2023-06-15
T. Rowe Price Associates Inv Mgmt 3.6% 58.3M 2023-12-31 Sun, Benjamin D 0.32M 5.84M 2023-06-20
Updated daily as of 2024-05-09 Updated monthly as of 2024-03-17

Page 10 of 12
© 2024 LSEG. All rights reserved.
COUPANG INC (CPNG-N)
Retailers / Diversified Retail / Department Stores DETAILED STOCK REPORT
Report Date: 2024-May-10

● Earnings Surprises - The number of positive and negative surprises within the last
DETAILED STOCK REPORT TIPS 4 quarters.
● Estimate Revisions - The number of up and down revisions and the average
The Stock Report from LSEG is a comprehensive, company-specific analysis that percentage change of those revisions within a 4 week period.
includes a proprietary Stock Rating along with underlying component indicators and ● Recommendation Changes - The number of broker upgrades and downgrades in
supportive data elements. The report is updated daily, although some of the data the last 120 days.
elements and the ratings are updated weekly. Price Target
Average Score The price target is based on the predictions of analysts covering the stock and
The Stock Reports Plus Average Score combines a quantitative analysis of six shows the high, low and mean price expected within the next 12 months.
widely-used investment decision making tools - Earnings, Fundamental, Relative Earnings Per Share
Valuation, Risk, Price Momentum, and Insider Trading. First, a simple average of
the six underlying component ratings is calculated. Then, a normal distribution is The quarterly and annual earnings per share are presented when available, along
used to rank each stock across the market on a scale of 1 to 10, with 10 being most with the mean, high and low. Quarterly data is displayed for the past 4 quarters
favorable. A score of 8 to 10 is considered positive, 4 to 7 is neutral, and 1 to 3 is (actual) and the next 2 quarters (estimated). Annual data is displayed for the past 2
negative. These six factors may be evaluated differently using alternative years (actual) and the next 2 years (estimated).
methodologies, and the importance of individual factors varies across groups, Mean Estimate Trend
market capitalization and investment styles. Additional criteria should always be The mean estimates show how the consensus has changed over the past 30 days
used to evaluate a stock. and 90 days for the upcoming two quarters and two years. The percentage change
A company must have sufficient data available for at least four of the six component is calculated for the company as a means for comparison by measuring the
indicators in order to receive an overall Average Score. Approximately 85% of the difference between the current consensus estimate and that of 90 days ago.
stocks within the coverage universe meet the criteria to generate a score. Analyst Recommendations
Optimized Score The I/B/E/S Mean is the average recommendation of all analysts covering the stock,
As an alternative to the Average Score, the Stock Report includes an Optimized as provided by I/B/E/S, the Institutional Brokers Estimate System, from LSEG. The
Score generated by independent research firm Verus Analytics. It uses the same six recommendations are presented on a five-point standardized scale: strong buy, buy,
component ratings, but rather than equally weighting each of the factors, the hold, sell, and strong sell.
weighting varies by market capitalization of the underlying security based on Earnings Surprises
backtesting research. These scores are also updated weekly and distributed ● The surprise summary includes the total number of quarters (and percentage) in
normally on a 1 to 10 scale, with 10 being best. The variable size is assigned the past 12 quarters in which earnings surprises were positive, negative, or in-
monthly by ranking the market capitalization and assigning the appropriate category line. In order to be recognized as a positive or negative surprise, the percent must
as follows: be greater than 2% above or 2% below the consensus, respectively.
● The surprise detail section includes a listing of the company's quarterly earnings
Large - Top 5.55% reported for the most recent 6 quarters. The consensus analyst estimate is
Mid - Next 13.87% provided to determine if the actual earnings report represented a positive surprise,
Small - Next 34.68% negative surprise, or in-line result.
Micro - Remaining 45.9% Fundamental
Indicator Components The Fundamental Rating is based on a combination of four factors: profitability,
debt, earnings quality, and dividend. Companies that do not pay a dividend are not
The six indicators that comprise the stock rating are displayed. Like the stock rating,
penalized. Each factor is equally weighted. Then, equal deciles are used to rank
the component rating scale is 1 to 10, with 10 being best. A company will receive an
each stock across the market on a scale of 1 to 10, with 10 being most favorable. A
'NR' for No Rating if the required data elements or criteria are not met. A detailed
stock needs to have at least two of the four fundamental factors present for a given
section for each component is included in the report.
fiscal quarter in order to receive a score.
Indicator Trends
Profitability
Within each component section, historical score trends are displayed, typically using
● Revenue Growth: (Net Sales - Previous Net Sales) / Previous Net Sales
a 4-week moving average over a timeframe of the past three years. The dotted
● Gross Margin: Gross Profit / Net Sales
orange line indicates the average of the scores over those three years. The most
● Return on Equity: Net Income / Total Equity
recent occurrences of the best and worst scores are also displayed on the chart in
● Net Margin: Net Profit / Net Sales
grey boxes to put the current score into historical context.
Debt
Next to the trend chart for the company, current score averages are included, along
● Current Ratio: Current Assets / Current Liabilities
with peer company comparisons of values from 6 months ago, 3 months ago, 1
● Debt-to-Capital: Total Debt / Total Capital
month ago, the most recent value from 1 week ago, and the current score. The four
● Interest Funding: (Interest Expense on Debt + Preferred Cash Dividends) / Funds
closest industry peers are presented based on similar market capitalization.
from Operations
Peer Analysis ● Interest Coverage: Earnings before Interest and Taxes / (Interest Expense on
● The Refinitiv Business Classification (TRBC) schema is used for industry Debt + Preferred Cash Dividends)
comparisons. It is designed to track and display the primary business of a Earnings Quality
corporation by grouping together correlated companies that offer products and
services into similar end markets. The system includes 10 Economic Sectors, 28 ● Operating Cash Yield: (Operating Cash Flow - Net Income) / Net Income
Business Sectors, 54 Industry Groups, and 136 Industries. ● Accruals: (Net Income - Operating Cash Flow - Investing Cash Flow) / Average
● The Peer Analysis section of the report compares the company to its ten closest Net Operating Assets
peers. The peers are selected from the industry based on similar market ● Days Sales in Inventory: 365 / (Cost of Goods Sold / Inventory)
capitalization. The peer listing may have fewer than ten companies if there are ● Days Sales in Receivables: 365 / (Net Sales / Receivables)
fewer than ten companies classified within that industry.
Dividend
Highlights
The company must have a current dividend yield.
The automated text-generation system from LSEG creates highlights summarizing
● Dividend Growth Rate: (Dividends per Share - Previous Dividends per Share) /
the most noteworthy data. The bullets will vary by company and will change from
Previous Dividends per Share
week to week as different criteria are met. ● Dividend Funding: Dividends / Operating Cash Flow
Earnings ● Dividend Coverage: (Pre-Tax Income + Interest Expense) / (Interest Expense +
The Earnings Rating is based on a combination of three factors: earnings surprises, Dividends)
● Dividend Yield: Annual Dividends per Share / Current Market Price per Share
estimate revisions, and recommendation changes. Each factor is equally weighted.
Then, equal deciles are used to rank each stock across the market on a scale of 1 to Indicator Trend
10, with 10 being most favorable. A stock needs to have at least two of the three The fundamental indicator trend displays quarterly scores over the past three years.
earnings factors in order to receive a score. The best and worst scores over that timeframe can be easily determined from the
values shown on the chart for each quarter.

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© 2024 LSEG. All rights reserved.
COUPANG INC (CPNG-N)
Retailers / Diversified Retail / Department Stores DETAILED STOCK REPORT
Report Date: 2024-May-10

Relative Valuation Monthly Buys and Sells

The Relative Valuation Rating is based on a combination of three factors: Price to The total market value of open-market buying and selling is displayed by month in
Sales, Trailing P/E, and Forward P/E. Each factor is equally weighted. After the the chart for easy comparison. Transactions by trusts and corporations are
individual factors are combined, equal deciles are used to rank each stock across excluded, along with buys greater than $10 million and sales greater than $50
the market on a scale of 1 to 10, with 10 being most favorable. These common million. Transactions for the exercise of derivatives and option exercises are
valuation metrics are evaluated against the overall market, the index, and the excluded from the totals.
company's own historic 5-year averages. A stock needs to have at least one of the
Institutional Holders
three relative valuation factors in order to receive a score.
The top five institutional holders of the company are listed in descending order,
● Price to Sales: Close Price / (Sales for 4 Quarters / Shares Outstanding) based on their total share holdings. Possible values for the institution type include
● Trailing P/E: Close Price / Most Recent 4 Quarters of Earnings Brokerage, Funds, Inv Mgmt, or Strategic.
● Forward P/E: Close Price/ Upcoming 4 Quarters of Earnings
Executive Holders
Valuation Averages
The top five executive insiders of the company are listed in descending order, based
Negative values are excluded when calculating the averages. A maximum value of on their total direct common share holdings (options are not considered). Indirect
100 is placed on Trailing P/E and Forward P/E, a maximum value of 5 is placed on holdings are excluded, as the owner may not actually have investment discretion
Forward PEG, and a maximum value of 20 is placed on Price to Sales when over these shares. This table is updated monthly. Insiders who have not filed any
calculating the averages. Higher values are rounded down to the maximum for the transactions or holdings over the past two years are excluded as this may indicate
averages. that the individual is no longer associated with the company. Additionally, direct
Valuation Multiples shares held must be greater than 1,000 to be considered.
The valuation multiples provide the Trailing P/E, Forward P/E, Forward PEG, and Insider Roles
Price to Sales for the company and the S&P 500 index average. In addition, a These role codes may appear in the data for recent insider buys and sells or top
comparison of the current company's values to its 5-year average and an industry executive holders:
average are presented. A discount occurs when the company's ratio is valued more
favorably (lower) than that to which it is compared. AF - Affiliate IA - Investment Advisor
AI - Affiliate of Advisor MC - Member of Committee
Risk
B - Beneficial Owner MD - Managing Director
The Risk Rating displays stocks on a scale of 1 to 10 with 10 being awarded to the
C - Controller O - Officer
least risky stocks. It is derived by looking at a series of long-term (5-year) and short-
CB - Chairman OB - Officer / Beneficial Owner
term (90-day) stock performance measures including volatility, magnitude of returns,
beta, and correlation. Each factor is equally weighted. Then, equal deciles are used CEO - Chief Executive Officer OD - Officer / Director
to rank each stock across the market. A stock needs to have at least two of the four CFO - Chief Financial Officer OE - Other Executive
risk factors in order to receive a score. CI - Chief Investment Officer OS - Officer of Subsidiary
● Magnitude of Returns - The best / worst daily returns in the past 90 days and the CO - Chief Operating Officer OT - Officer / Treasurer
best / worst monthly returns in the past 60 months. CT - Chief Technology Officer OX - Divisional Officer
● Volatility - The standard deviation of the stock price over the last 90 days and last D - Director P - President
60 months, along with the average and largest intra-day stock swing.
●
DO - Director / Beneficial Owner R - Retired
Beta - Measures the tendency of a security's returns to respond to swings in the
market, based on the beta of the company versus the relevant index. DS - Indirect Shareholder S - Secretary
● Correlation - Determines how closely the returns of the stock and the relevant EC - Member of Exec Committee SH - Shareholder
index move together, measured over the last 90 days and last 60 months. EVP - Exec Vice President SVP - Senior Vice President
Risk Analysis FO - Former T - Trustee
Price analysis for the company and the S&P 500 is provided over two time periods. GC - General Counsel UT - Unknown
Daily analysis is provided for the last 90 days, whereas monthly statistics are used GP - General Partner VC - Vice Chairman
for the last 60 months. H - Officer / Director / Owner VP - Vice President
Price Momentum
The Price Momentum Rating is based on a combination of two technical
DISCLAIMER
performance factors: relative strength and seasonality. The factors are equally
weighted. Equal deciles are then used to rank each stock across the market on a © 2024 LSEG. All rights reserved. Republication or redistribution of LSEG content,
scale of 1 to 10, with 10 being most favorable. A stock needs to have data for the including by framing or similar means, is prohibited without the prior written consent
relative strength factor in order to receive a score. of LSEG. All information in this report is assumed to be accurate to the best of our
● Relative Strength - The relative strength of the company for the last 10 days, 50 ability. LSEG is not liable for any errors or delays in LSEG content, or for any
days, and 200 days on a scale of 1 to 100. actions taken in reliance on such content.
● Seasonality - The average monthly return (price performance) for the current
month and next 2 months for the company and industry, over the past 10 years. A Any forward-looking statements included in the LSEG content are based on certain
lower industry rank indicates a higher return. assumptions and are subject to a number of risks and uncertainties that could cause
Price Performance actual results to differ materially from current expectations. There is no assurance
that any forward-looking statements will materialize.
Daily close prices are used to calculate the price performance of the stock. The
performance of the S&P 500 is also displayed as a means of comparison. The content in this LSEG report does not constitute investment advice or a
recommendation to buy or sell securities of any kind. Past performance is not a
Insider Trading
guarantee of future results. Investors should consider this report as only a single
The Insider Trading Rating is based on short-term (70% weight) and long-term (30% factor when making an investment decision.
weight) legal insider trading behavior. After the weightings are considered to
combine individual factors, a function similar to a normal distribution is used to rank
each stock across the market on a scale of 1 to 10, with 10 being most favorable. A
stock needs to have at least one of the two insider trading factors in order to receive
a score.
● Short-Term Insider - Uses insider buy and sell transactions within the past 90
days. This factor is based on the quantitative insider trading model from LSEG
that considers the insider's role, consensus, number of shares, market
capitalization of the company, and the historic stock performance following trades
by the given insider.
● Long-Term Insider - Looks at buying, selling and option exercise decisions over
the past six months relative to other stocks within the same business sector. The
net shares are presented alongside the business sector average as a means of
comparison.

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© 2024 LSEG. All rights reserved.