韩国食品配送：稳定的双寡头格局下存在脆弱的断层线

Korea Food Delivery: A stable duopoly with fragile fault lines disciplined monetization, prioritizing paid features and higher-margin ads over blanketdiscounts.As a result,Korea'sfooddelivery market is stabilizing.However,the structure isnot fully locked in -regulatory pressure on Coupang and any strategic move around Baemin'sownershipcouldstllmeaningfully reshapecompetitivedynamicsacrossbothdeliveryandbroader commerce. +852 2123 2644minjoo.kang@bernsteinsg.com +85221232659 settled at roughly 65:35 since January 2026, following the Coupang data leakage incident.As Coupang shifts its strategic focus back to product commerce,pricing disciplinehasreturned: rider incentives have normalized to 2K-4KKRW per orderfrom peak levels of 4K- 10K. At the same time, support via Wow membership - once a key lever supporting per-ordereconomics-hasbeenscaledback,weakeningthesubsidy-ledsharepushforEatsIn response,Coupang Eats isaccelerating itstransition intoads,buildinga performancemarketing engine andtapping its broader commerce ecosystem to growsponsoredlistings. +442076766683 +44 2076766806william.woods@bernsteinsg.com Christophe Cherblanc+41582723540christophe.cherblanc@bernsteinsg.com Nextleg ofgrowth:Quick commerce.Withstructural constraints outside Seoul,weaker per-order economics,and fading subsidytailwinds,Coupang is turning to quickabout 15% of revenue (c.780BnKRw)from quick commerceper filings.Coupang isnowramping up with 24-hour delivery in partnership with CVS operators (Link). Looking ahead,partnerships across food delivery and product commerce platforms could become a keylever in capturing the next wave ofquick commercegrowth. +8522123 2618charles.gou@bernsteinsg.com Hyrum Caesar+81 3 6777 6979 Government vouchers favor Baemin. A nationwide fuel relief program (KRW 3.7tndistributed as vouchers, as of May 21)is set to lift demand for Baemin. Because vouchersAugust. Crucially, these subsidies apply to Baemin but not Coupang Eats, setting up a near-term GTV share tailwind. Christopher Pancur+44 2076767280christopher.pancur@bernsteinsg.com KFTC overhang as key downside risk.The main downside risk for Coupang is regulatoryCoupang's Wowmembership-acoredriverof retentionand cross-sell-isunderscrutinyforpotentialanti-competitivebundlingacrossservices.Outcomescouldrangefromfinestopreempt this with a workaround, such as free Eats delivery for non-Wow users (Link). Naver seeking partnership? Competitive intensity is picking up,with multiple local mediasignaling a potential shift in the landscape. In a May 19 filing, Naver said it is“reviewingvarious options to strengthen competitiveness"in responseto reports ofa possible Baeminacquisition, while noting"nothing has been decided" (Link). With around KRW 8tn in netcash,Naverhasamplefirepowertoacceleratestrategy,andweexpectNavertocreateacrediblepathtonarrowCoupang'smoat,particularlyinfastshippingandcross-sellingshouldresultinthedisposalof someassets.FromtheperspectiveoftheKoreanFoodDelivery market shoulda strategic optionalityaround Baemin everbeconsidered, investorsmay naturally look to ecosystem players with strong cross-selling capabilities. reshape boththe e-commerceand food deliverymarkets inKorea. WehaveanOutperformrating onDHER. per-order economics -is scaled back. with the Coupang competition. EXHIBIT 9: We see potential for quick commerce to regaingrowth momentum as the focus of food delivery shifts. momentumby capturing incrementalsharefromBaemin. supported by a period of subdued competition. EXHIBIT 12: Looking ahead,partnerships across food delivery and product commerce platforms could become a keyleverincapturingthenextwaveofquickcommercegrowth. EXHIBIT 14: The ongoing KFTC investigation intoCoupang'sWowmembershipbundling,especiallythetiebetweencoreProductCommerceand CoupangEats,is a central regulatory swing factor. References to"Bernstein"or the“Firm"in these disclosures relate to the following entities: Bernstein Institutional Services LLC (April 1,2024 onwards),Sanford C.Bernstein &Co., LLC (preApril 1,2024), Bernstein AutonomousLLP,BSGFrance S.A.(April 1,2024onwards),Sanford C.Bernstein(HongKong)Limited盛博香港有限公司，Sanford C.Bernstein(Canada)Limited,SanfordSanfordC.BernsteinJapanKK（7才一下·C·八夕个株式会社）andanalystsemployedbySocieteGeneraleAfrica Technologies & Services to produce Bernstein research under a Global Services Agreement in place between Bernsteinand Sociéte Génerale. otherwise, for purposes of these disclosures, references to Bernstein's“affiliates” relate to both SG and AB and their respectiveaffiliates. (Q2 2027-Q1 2028) (DCF assumptions: WACC=12%, Terminal growth rate: 2%; Risk-Free Rate of Return (Rf) = 3.6%, MarketRisk Premium (Rm - Rf) = 17%, Beta = 0.5) We havevalued Naver at a price target ofKRW290,000 based on aDCF valuationmethod,implying oneyearforward PER of19x(Q2 2027-Q1 2028). (DCF assumptions: WACC=12%, Terminal growth rate: 2%; Risk-Free Rate of Return (Rf) = 3.6%, MarketRisk Premium (Rm - Rf) = 17%, Beta = 0.5)