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選單
登錄
海擇短評 Haize Comment：
韓國購物電商Coupang(NASDAQ: CPNG)近期公告2024Q1財報。電商總為獲取客戶費盡心力，通過一站式服務，以多條產品線增加管理並優化流量入口是常見的作法，不過產品線之間的配合度，會影響交叉銷售的難易度。像印尼網約車服務商Gojek與電商Tokopedia一站式合作，已屬少見；Coupang以購物電商本業，結合外賣配送(Coupang Eats)與訂閱制影音媒體(Coupang Play)於一身，更絕無僅有，是很好的產業研究標的。
本季Coupang仍維持不錯的增長，Adjusted EBITDA為2.8億美元，創下歷史次高；如果不計入新收購的奢侈品電商Farfetch，EBITDA就是3.1億美元，創下歷史新高；交易用戶數2,150萬也再創新高。不過，本季海擇資本不細談財務數據，主要談談Coupang在台灣國際化的幾個思考：
1. 你聽到的差異化不是差異化：即便如Coupang管理層所說，韓國加台灣的電商潛在市場產值共有5,600億美元，目前市佔僅有個位數，它要投入的一次性成本也不是定值。本季，Coupang在韓國繼續投資物流(FLC)，如同Sea旗下的Shopee也繼續投資SPX Express，台灣的MOMO(TPE: 8454)也自建富昇物流；當所有同業都以相同服務提高客戶期望時，這項服務就從超越預期變成基本上該有的標準，一如不斷下修的免運費門檻(11美元)，不斷加快的運送時間(午夜前下的訂單，在早上7點之前送到家門口)。目前看來，我們認為Coupang在台灣的競爭力核心還是結合韓國中小企業的自有品牌"CPLB(Coupang Private Label Brands)"，這類產品有90%都是來自於韓國中小企業的獨佔產品；可惜的是因為檢疫原因，它的另一項產品Rocket Fresh(從韓國農民和漁民庫存直采)無法直送台灣。
2. 用戶活躍增長是巨大挑戰：目前Coupang電商用戶活躍仍維持增長，Q1為2,150萬，QoQ增速約2%，我們認為主要增速來自台灣，這也是Coupang必須國際化的理由。Coupang也許可以用低個位數的用戶活躍增速很長持續一段時間，但遲早還是會遇到跟在韓國運營時一樣的挑戰，最明確的會是－需要韓國的點到點物流策略嗎，資本支出大，但是競爭對手都有；其次，在台灣也要推Coupang Eats與Coupang Play嗎？跨國資本支出的綜效將更難拿捏。事實上，即便是韓國本土的Coupang Play，本季電話會議管理層也幾乎沒談到其運營成效了。
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South Korean e-commerce Coupang (NASDAQ: CPNG) announced its Q1 2024 results. E-commerce platforms often strive to acquire customers by offering one-stop services and managing multiple product lines to optimize traffic. The degree of integration among product lines can affect the ease of cross-selling. The collaboration between Indonesian ride-hailing service Gojek and e-commerce platform Tokopedia is a rare example of such integration. Coupang uniquely combines its core shopping services with food delivery (Coupang Eats) and subscription-based media streaming (Coupang Play), making it an excellent case study in the industry.
This quarter, Coupang maintained strong growth, with an adjusted EBITDA of $280 million, its second highest in history. Excluding the newly acquired luxury e-commerce platform Farfetch, the EBITDA would have been $310 million, a record high. The transaction user count also reached a new peak at 21.5 million. However, this quarter, Haize Capital will not focus on financial data but will discuss Coupang's considerations regarding its operation in Taiwan.
1. The differentiation you hear about isn’t real differentiation: Despite Coupang management's claims of a combined potential market value of $560 billion in Korea and Taiwan, with current market share in the single digits, the one-time costs they commit are not fixed. This quarter, like Shopee’s continued investment in SPX Express and Taiwan’s MOMO (TPE: 8454) building its own Fusheng logistics, Coupang also continues to invest in its logistics in Korea (FLC). As all competitors enhance customer expectations with similar services, what was once considered exceptional becomes the new standard—evidenced by the lowering thresholds for free shipping (to $11) and the faster delivery times (orders placed before midnight delivered by 7 AM). Currently, we believe Coupang’s competitive edge in Taiwan still hinges on its "CPLB (Coupang Private Label Brands)" integrating SMEs from Korea, with 90% of these products being exclusive from Korean SMEs. Unfortunately, due to quarantine restrictions, another product line, Rocket Fresh (sourced directly from Korean farmers and fishermen), cannot be shipped directly to Taiwan.
2. User activity growth poses a significant challenge: Coupang's active e-commerce user base continued to grow in Q1 to 21.5 million, with a quarterly growth rate of about 2%, which we attribute mainly to Taiwan. This growth underscores the necessity of Coupang’s internationalization. While Coupang may sustain low single-digit growth in user activity for some time, it will eventually face similar challenges as in Korea. The key questions include whether the point-to-point logistics strategy used in Korea is necessary, given the substantial capital expenditures involved—a challenge shared by competitors. Additionally, should Coupang also promote Coupang Eats and Coupang Play in Taiwan? Managing synergies from cross-border capital expenditures will be increasingly complex. In fact, even in Korea, the management barely discussed the operational effectiveness of Coupang Play in the recent earnings call.
標籤 Label： CPNG Gojek Tokopedia Shopee MOMO TPE: 8454