Overview
- Nomura says South Korea’s Fair Trade Commission has signaled aggressive administrative action after the Nov. 30 breach.
- On Jan. 12, Nomura cut Coupang to Neutral from Buy and lowered its price target to $22 from $30.
- The revised 2026 earnings view reflects modeled costs for large-scale consumer redress and an estimated fine of up to $900 million, which remains an analyst projection rather than a regulatory ruling.
- Coupang reported Q3 2025 revenue of $9.3 billion and net income of $95 million, with Product Commerce up 16% to $8.0 billion and Developing Offerings up 32% to $1.3 billion.
- Management continues to highlight rapid growth and heavy investment in Taiwan as customer adoption accelerates from a small base.