New Street Research - Vipshop Holdings Ltd Sponsored ADR (VIPS) VIPS 1Q24 Preview: Slower than Expected Apparel Demand in Mar

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New Street Research

Jin Yoon

VIPS 1Q24 Preview: Slower than Expected Apparel Demand in Mar

What’s New: We nudge down our 1Q24 top-line estimates towards the lower-end of the guided range partly due to slower-than-expected apparel demand in Mar. In this note, we highlight the latest updates including revenue and margin outlook.

Analysts:
Jin Yoon

28/03/2024 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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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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VIPS 1Q24 Preview: Slower than Expected Apparel Demand in Mar

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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