New Street Research - Vipshop Holdings Ltd Sponsored ADR (VIPS) New Street: VIPS 2Q22 Preview - Lowering 3Q Estimates on Visibility Concerns

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New Street Research

Jin Yoon

New Street: VIPS 2Q22 Preview - Lowering 3Q Estimates on Visibility Concerns

What’s New: We maintain our 2Q but lower 3Q top line estimates to reflect limited visibility in the recovery of apparel heading into the 2H. In this note, we highlight latest updates to the business including overall demand environment, supply chain situation, and margin outlook.

Analysts:
Jin Yoon

29/06/2022 1 EN

Underlying

Vipshop Holdings Ltd Sponsored ADR

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US92763W1036 New York Stock Exchange United States

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New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

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Analysts

Jin Yoon

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VIPS 3Q24 Results: Visibility Remains Limited

What’s new: Vipshop’s reported 3Q24 revs that were largely in-line with consensus and our expectations. Guidance implies rev growth could remain under pressure where QTD performance could trend towards the lower end of the range. Margins could remain largely stable despite near-term pressure on top-line growth. We maintain our PT at US$11. Analysts: Jin Yoon

November 20, 2024 November 20, 2024 1 EN

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VIPS 3Q24 Preview: Slowdown in Apparel in 3Q

What’s New: We nudge down our 3Q24 top line estimates towards the low-end of the guided range and lower our 4Q24 rev outlook as consumption could remain challenging. In this note, we provide the latest updates to the business. Analysts: Jin Yoon

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VIPS 2Q24 Results: 2H Outlook Remains Challenging

What’s new: Vipshop’s reported 2Q24 results that were largely in-line with consensus and our expectations. Guidance implies rev growth could remain under pressure in the 2H partly due to impact from standardized categories and tougher comps from apparel in 4Q. We lower our PT from USD14 to USD11 on lowered near-term outlook. Our revised PT of USD11 implies a 4.7x FY25E P/E. We maintain our NEUTRAL rating. Analysts: Jin Yoon

August 21, 2024 August 21, 2024 1 EN

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New Street: VIPS 2Q22 Preview - Lowering 3Q Estimates on Visibility Concerns

VIPS 3Q24 Results: Visibility Remains Limited

VIPS 3Q24 Preview: Slowdown in Apparel in 3Q

VIPS 2Q24 Results: 2H Outlook Remains Challenging

SATS: DBS merger breaks

3Q24 Broadband Trends: FWA capacity limits; FWA demand limits

Gen AI Big Idea Series - Chipletz CEO Bryan Black - Smart Substrate & the Multi-Chip-Module revolution

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