New Street: VIPS Updated Business Outlook for 4Q21
What's new: Vipshop provided an update business outlook for 4Q21 where the company expects total revenues to be between RMB34.0bn to RMB35.8bn (-5% to 0% YoY), down from previous guidance of RMB35.8bn to RMB37.6bn (0% to +5% YoY). The revised guidance midpoint of RMB34.9bn (-2.4% YoY) is below our pre-revision estimates RMB36.9bn (+3.0% YoY) and consensus estimates of RMB37.0bn (+3.5% YoY). In the near term, we see continued market share losses in apparel amid macro backdrop and heightened competition. We lower our PT from USD10 to USD8 which implies a 6.6x FY22E P/E.Analysts:
Jin Yoon
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