New Street Research - Vipshop Holdings Ltd Sponsored ADR (VIPS) New Street: VIPS 4Q22 Results - Improving Business Outlook

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New Street Research

Jin Yoon

New Street: VIPS 4Q22 Results - Improving Business Outlook

What's new: Vipshop’s reported 4Q22 results were above consensus and our expectations. Guidance reflects improving business outlook as consumer sentiment continues to recover in Feb. We increase our PT from USD 10 to USD 14 (7.7x FY23E PE) on better-than-expected guidance. We maintain our NEUTRAL rating as we could see continued market share losses in apparel amid heightened competition in the near-term.

Analysts:
Jin Yoon

24/02/2023 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.

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Analysts

Jin Yoon

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New Street: VIPS 4Q22 Results - Improving Business Outlook

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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