New Street Research - Vipshop Holdings Ltd Sponsored ADR (VIPS) VIPS 1Q23 Preview - Outlook Remains Intact

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New Street Research

Jin Yoon

VIPS 1Q23 Preview - Outlook Remains Intact

What’s New: We maintain our 1Q23 top and bottom-line estimates as recovery in the apparel category remains on track. In this note, we highlight latest updates including business and margin outlook.

Analysts:
Jin Yoon

31/03/2023 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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VIPS 3Q24 Results: Visibility Remains Limited

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

November 20, 2024 November 20, 2024 1 EN

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VIPS 3Q24 Preview: Slowdown in Apparel in 3Q

What’s New: We nudge down our 3Q24 top line estimates towards the low-end of the guided range and lower our 4Q24 rev outlook as consumption could remain challenging. In this note, we provide the latest updates to the business. Analysts: Jin Yoon

September 26, 2024 September 26, 2024 1 EN

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VIPS 2Q24 Results: 2H Outlook Remains Challenging

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

August 21, 2024 August 21, 2024 1 EN

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VIPS 1Q23 Preview - Outlook Remains Intact

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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