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

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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

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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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Pan European Telecom Services and Cable

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Analysts

Jin Yoon

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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

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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

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

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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