Coupang, Inc.

“Coupang has built a genuine, capital-intensive logistics moat in Korea that Amazon could not replicate, and its path from operating losses to expanding margins is credible — but at 35x forward earnings, the stock prices in substantial execution on international expansion and continued margin improvement, leaving little room for the Farfetch drag, Chinese platform competition, or governance-driven capital misallocation. The business deserves a place on the watchlist, but the risk/reward only becomes compelling in the $14–16 range where the margin of safety would be meaningful.”