WooCommerce coupon settings allow you to define allowed products (or product categories). Is the other way around: how to set up a product so that it can never be discounted?

---
add_filter( 'woocommerce_coupon_is_valid_for_product', 'exclude_product_from_product_promotions', 9999, 4 );

function exclude_product_from_product_promotions( $valid, $product, $coupon, $values ) {
// PRODUCT ID HERE (i.e. 123)
if ( 123 == $product->get_id() ) {
$valid = false;
}
return $valid;
}