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
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