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.

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Analysts

Jin Yoon

Other Reports on these Companies

New Street Research

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

March 28, 2024 March 28, 2024 1 EN

New Street Research

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

February 29, 2024 February 29, 2024 1 EN

New Street Research

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

December 28, 2023 December 28, 2023 1 EN

IQ 1Q24 Results: Driving Efficiency Remains a Key Focus in FY24

What’s new: iQIYI's reported 1Q24 margins that were above consensus and our expectations. High quality growth remains a key focus where profitability could continue to outgrow revenues as content pipeline remains sufficient in 2024. We lower our PT from USD 10 to USD 8 due to lowered FY24 outlook. Our revised PT of USD 8 implies 2.0x FY24E EV/Revs. We maintain our BUY rating. Analysts: Jin Yoon

16m 16m 1 EN

Jin Yoon

Jin Yoon

BIDU 1Q24 Results: Baidu Core Ads Could Remain Challenging in the Near Term

What’s new: Baidu’s reported 1Q24 top-line results that were largely in-line with consensus and our expectations. Baidu Core ads could remain challenging in the near-term, while AI Cloud rev growth could accelerate in 2Q and 3Q partly driven by generative-AI related revs. We lower our PT from USD200 to USD170 (16.0x FY24E P/E) partly due to limited visibility in ad recovery. We maintain our BUY rating. Analysts: Jin Yoon

17m 17m 1 EN

Jin Yoon

Jin Yoon

JD 1Q24 Results: Potential Upside in Margins for FY24

What’s new: JD’s reported 1Q24 results that topped consensus and our expectations. Improving user experience and market share gains remain key priorities for JD in ‘24. Profitability could also remain stable or potentially see upside in ’24 partly driven by continued efficiency gains and scale advantage. We maintain our PT at USD70. Analysts: Jin Yoon

18m 18m 1 EN

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

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

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

VIPS 4Q23 Preview: Estimates Remain Intact

IQ 1Q24 Results: Driving Efficiency Remains a Key Focus in FY24

BIDU 1Q24 Results: Baidu Core Ads Could Remain Challenging in the Near Term

JD 1Q24 Results: Potential Upside in Margins for FY24

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