{"title":"Alibaba and Coupang in the spotlight","authors":"Gerhard Kling, I. Oh, C. Rowley","doi":"10.1080/13602381.2023.2177936","DOIUrl":null,"url":null,"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.","PeriodicalId":47156,"journal":{"name":"Asia Pacific Business Review","volume":"10 1","pages":"267 - 278"},"PeriodicalIF":2.0000,"publicationDate":"2023-02-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Asia Pacific Business Review","FirstCategoryId":"91","ListUrlMain":"https://doi.org/10.1080/13602381.2023.2177936","RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"BUSINESS","Score":null,"Total":0}
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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.
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.
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