Core Insights - Coupang, Inc. reported revenue of $9.27 billion for the quarter ended September 2025, reflecting a year-over-year increase of 17.8% [1] - The earnings per share (EPS) for the quarter was $0.05, a decrease from $0.06 in the same quarter last year [1] - The reported revenue exceeded the Zacks Consensus Estimate of $9.06 billion, resulting in a positive surprise of +2.31% [1] - Coupang delivered an EPS surprise of +25%, with the consensus EPS estimate being $0.04 [1] Key Metrics - Product Commerce Active Customers reached 24.7 million, surpassing the estimated 24.25 million [4] - Net Revenue from Developing Offerings was $1.29 billion, slightly above the average estimate of $1.27 billion [4] - Net Revenue from Product Commerce amounted to $7.98 billion, exceeding the average estimate of $7.79 billion [4] - Adjusted EBITDA for Developing Offerings was reported at -$292 million, compared to the average estimate of -$247.1 million [4] - Adjusted EBITDA for Product Commerce was $705 million, higher than the average estimate of $668.38 million [4] Stock Performance - Coupang's shares have returned -1.4% over the past month, while the Zacks S&P 500 composite increased by +2.1% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Investment Rating - The report maintains a "Buy" rating for Hong Kong Exchanges and Clearing Limited (00388.HK) [1] Core Views - The report highlights that Hong Kong Exchanges achieved record high quarterly profits supported by trading volume, with a 33% year-on-year increase in revenue to HKD 14.076 billion and a 39% increase in net profit to HKD 8.519 billion for the first half of 2025 [1][2] - The trading fee income from the stock market saw a significant increase of 112% to HKD 2.556 billion, driven by a 122% year-on-year growth in average daily trading volume [2] - The report anticipates continued growth in net profit for 2025-2027, projecting HKD 17 billion, HKD 18 billion, and HKD 19.6 billion respectively, with corresponding EPS of HKD 13.48, HKD 14.22, and HKD 15.43 [3] Summary by Sections Performance Overview - In 1H25, the revenue breakdown by business lines showed significant growth rates: cash market at 62%, derivatives at 15%, commodities at 8%, data and connectivity at 5%, and company projects at 28% [1] - The trading and transaction system usage fees increased by 49%, while listing fees rose by 30% due to a recovery in the IPO market [2] Revenue and Profit Forecast - The report forecasts revenue growth rates of 26% for 2025, followed by 6% and 7% in subsequent years, with net profit growth rates of 31%, 6%, and 9% respectively [3][7] - The projected P/E ratios for the next three years are 33, 31, and 29 times [3]