New Street: VIPS 1Q21 Results - 2Q Rev Guide Touch Below Expectations
What's new: Vipshop reported 1Q21 revenues that top consensus and our estimates. Guidance was softer than expected due to tougher comps starting in May as e-commerce benefitted from pent-up demand last year. We expect that the tough comps would continue for the remainder of the year and that 2H rev growth could be moderate compared to that of 1H. In the near term, we see minimal market share gains in apparel given heightened competition. We lower our PT from USD42 to USD30 which implies a 15.6x FY22E P/E.Analysts:
Jin Yoon
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