New Street: VIPS 3Q21 Results - Lack of Visibility Given Macro Backdrop
What's new: Vipshop reported 3Q21 revenues that were above consensus estimates and our expectations. However, guidance reflects continued softness in demand environment amid macro concerns and revenue growth could face tough comps in the next 2-3 quarters. In the near term, we see minimal market share gains in apparel given heightened competition. We lower our PT from USD13 to USD10 which implies a 7.9x FY22E 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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- Pan European Telecom Services and Cable
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