New Street: VIPS 4Q21 Results - Guidance Reflects Challenging Macro and Competitive Environment
What's new: Vipshop reported 4Q21 revenues were below consensus estimates and our expectations. Guidance reflects challenging demand environment heading into early 2022 amid uncertainties in the macro environment coupled with the resurgence of cases across the country. In the near term, we see continued market share losses in apparel amid macro backdrop and heightened competition. We maintain our PT at USD 8 which implies a 6.2x FY22 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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