New Street: VIPS 1Q22 Results - Discretionary Spending to Remain Weak on Covid Concerns
What's new: Vipshop reported 1Q22 revenues were below consensus estimates and our expectations. Guidance reflects uncertainties amid rolling covid lockdowns and weakness in demand environment for discretionary categories such as apparel. In the near term, we see continued market share losses in apparel amid macro backdrop and heightened competition. We maintain our PT at USD 8 which implies a 6.6x FY22 P/E.Analysts:
Jin Yoon
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New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:
- Pan European Telecom Services and Cable
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- Global Emerging Market Telecoms
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- Pan European Telecom Services and Cable
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