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"CPNG (overvalued): S. Korean e-commerce giant, 45% pop. reach. Revenue +27% YoY Q3'24, GM 28.85%, OM 1.49%. WOW subs +133% 2020-23. FLC growing 130%+ YoY. Valuation high at 41x PE, 27x EV/EBITDA. High capex, but building ecosystem. Currency risk. Margins need to improve to justify valuation."
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