VIPS 1Q24 Preview: Slower than Expected Apparel Demand in Mar

What’s New: We nudge down our 1Q24 top-line estimates towards the lower-end of the guided range partly due to slower-than-expected apparel demand in Mar. In this note, we highlight the latest updates including revenue and margin outlook. Analysts: Jin Yoon

VIPS 4Q23 Results: Room for Upside in Margins in 2024

What’s new: Vipshop’s reported 4Q23 results were above consensus and our expectations. Margins could see room for upside in 2024 partly driven by prudent S&M spending. We up our PT from USD 14 to USD 19 on improving margin outlook. Our revised PT of USD 19 implies a 7.5x FY24E P/E. We maintain our NEUTRAL rating. Analysts: Jin Yoon

VIPS 4Q23 Preview: Estimates Remain Intact

What’s New: We maintain our 4Q23 top and bottom-line estimates as overall business could largely trend in-line with expectations. In this note, we highlight the latest updates including revenue and margin outlook. Analysts: Jin Yoon

Thai Telcos - Q1 24 review: Market repair, synergies and Covid tailwinds make a heady mix; upgrade price targets

A strong quarter for both AIS and TRUE as both benefit from market repair, synergies and Covid tailwinds.

DT vs. BT: 160% total return over 10 years. Which one? DT (Buy, €32, +45%), BT (Buy, £1.95, +47%)

It’s been a busy day and we have now wrapped on the BT full-year results meeting and the DT earnings call and share our key takeaways from the day on the similarities and differences between the two.

Grab 1Q24: Good momentum in mobility. Unit economics improve further. Buy, $5.3