New Street Research - Vipshop Holdings Ltd Sponsored ADR (VIPS) New Street: VIPS 3Q22 Preview - Nudging Down Rev Estimates

Report

New Street Research

Jin Yoon

New Street: VIPS 3Q22 Preview - Nudging Down Rev Estimates

What’s New: We lower our 2H top line estimates to reflect weaker than expected demand environment on covid concerns and warmer weather conditions that is also limiting visibility heading into 4Q. In this note, we highlight latest updates to the business including overall demand environment and margin outlook.

Analysts:
Jin Yoon

30/09/2022 1 EN

Underlying

Vipshop Holdings Ltd Sponsored ADR

See profile

US92763W1036 New York Stock Exchange United States

Provider

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:

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

See profile

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

17m 17m 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

19m 19m 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

20m 20m 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

New Street: VIPS 3Q22 Preview - Nudging Down Rev Estimates

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

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe