Alibaba and Coupang in the spotlight

IF 2 4区管理学 Q3 BUSINESS

Asia Pacific Business Review Pub Date : 2023-02-10 DOI:10.1080/13602381.2023.2177936

Gerhard Kling, I. Oh, C. Rowley

引用次数: 0

Abstract

ABSTRACT Alibaba and Coupang had enjoyed a period of success, starting with their IPOs. However, both companies have underperformed Amazon during the last 12 months. This special issue explores the underlying drivers for their tumultuous performance outcomes, including governance, political risks and internationalization strategies. This introduction paper sets the scene by studying the market perspective based on analyst reports, financial statements and stock market data. To understand growth expectations, we decompose current share prices into their present value, explained by current earnings and future value, driven by future growth and profitability. Exogenous factors such as the recent increase in interest rates, woes of governance problems associated with foreign corporations in South Korea and China’s anti-monopoly drive aimed at its tech giants have contributed to weaker performance. Our analysis of implied growth rates suggests that the market expects annual revenue growth above 11% for the foreseeable future. These expectations will be hard to meet, requiring a rethink of business models and processes.

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阿里巴巴和Coupang成为焦点

从ipo开始，阿里巴巴和Coupang经历了一段成功的时期。然而，这两家公司在过去12个月的表现都不及亚马逊。本期特刊探讨了这些国家动荡的业绩结果背后的驱动因素，包括治理、政治风险和国际化战略。本文以分析报告、财务报表和股票市场数据为基础，对市场前景进行了研究。为了理解增长预期，我们将当前股价分解为现值，由当前收益和未来价值解释，由未来增长和盈利能力驱动。最近的利率上调、与在韩外国企业有关的治理问题的困境、中国针对国内科技巨头的反垄断运动等外部因素，都是导致业绩下滑的原因。我们对隐含增长率的分析表明，在可预见的未来，市场预计年营收增长率将超过11%。这些期望将很难实现，需要重新考虑业务模式和流程。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Asia Pacific Business Review Multiple-

CiteScore

4.40

自引率

13.80%

发文量

期刊介绍： The growth of the Asia Pacific region and the rising presence of its multinationals in world markets has raised a number of questions about the origins of national economic success. Asia Pacific Business Review addresses these key issues and draws together the lessons of the analysis of culture, economies, history, politics and societies in the area, in order to explore business-related phenomena in the Asia Pacific countries, both in their general and specific contexts. The Review is intended for both academics and interested observers, contains the contributions of recognized experts, and is essential to anyone seeking the latest research on Asia Pacific business in a readily available, approachable form. We welcome articles which deal with nations and societies in the Asia Pacific region, namely those in East Asia and South-East Asia (but not South Asia), including those in APEC and ASEAN, individually or comparatively. Of interest also are contributions on the Asia Pacific economies, comparing those inside with those outside, or those investing in it. We do not, however, publish papers based solely on countries from outside the region.