New Street Research - Vipshop Holdings Ltd Sponsored ADR (VIPS) VIPS 1Q24 Results: Top Line Growth Could Remain Under Pressure in the Near Term

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New Street Research

Jin Yoon

VIPS 1Q24 Results: Top Line Growth Could Remain Under Pressure in the Near Term

What’s new: Vipshop’s reported 1Q24 margins that were above consensus and our expectations. Guidance implies that rev growth could remain under pressure in the near-term partly due to impact from standardized categories amid intense competition. We lower our PT from USD 19 to USD 16.5 on lowered near-term outlook. Our revised PT of USD 16.5 implies a 6.3x FY25E P/E. We maintain our NEUTRAL rating.

Analysts:
Jin Yoon

23/05/2024 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.

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Analysts

Jin Yoon

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VIPS 1Q24 Results: Top Line Growth Could Remain Under Pressure in the Near Term

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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