Report

VIPS 2Q23 Results: Margins to Remain Stable

What's new: Vipshop’s reported 2Q23 results were above consensus and our expectations. Guidance implies a meaningful deceleration from 2Q as comps start to normalize. 3Q is also a slow season for apparel amid lack of major promotion events. We maintain our PT at USD 14.

Analysts:
Jin Yoon
Underlying
Vipshop Holdings Ltd Sponsored ADR

Provider
New Street Research
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:

  • Pan European Telecom Services and Cable
  • US Telecoms, Cable, Satellite and Towers
  • Global Emerging Market Telecoms
  • Japan Telecoms
  • Asian Internet
  • Pan European Healthcare
  • Global healthcare thematic research

We provide debt research on:

  • Pan European Telecom Services and Cable


Analysts
Jin Yoon

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