New Street: VIPS 2Q22 Results - Results Slightly Better Than Feared
What's new: Vipshop reported 2Q22 results were above consensus and our expectations. The conservative guidance reflects uncertainty in macro and weather conditions heading into 2H of 3Q. On improving margins, we increase our PT from USD 8 to USD 10, which implies a 6.7x FY23 P/E. We maintain our NEUTRAL rating as we see continued macro uncertainty and heightened competition in the near-term.Analysts:
Jin Yoon
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:
- Pan European Telecom Services and Cable
- US Telecoms, Cable, Satellite and Towers
- Global Emerging Market Telecoms
- Japan Telecoms
- Asian Internet
- Pan European Healthcare
- Global healthcare thematic research
We provide debt research on:
- Pan European Telecom Services and Cable
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