New Street Research - Vipshop Holdings Ltd Sponsored ADR (VIPS) VIPS 3Q23 Results: Margins to Remain Stable in 2024

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New Street Research

Jin Yoon

VIPS 3Q23 Results: Margins to Remain Stable in 2024

What's new: Vipshop’s reported 3Q23 results were above consensus and our expectations. Guidance implies a deceleration in top-line growth where double-digit growth in Singles Day GMV could be partly offset by an increase in return rates. Margins could remain stable in the near term amid continued discipline in overall investments. We maintain our PT at USD 14.

Analysts:
Jin Yoon

17/11/2023 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

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Pan European Telecom Services and Cable

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Analysts

Jin Yoon

Other Reports on these Companies

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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

March 28, 2024 March 28, 2024 1 EN

New Street Research

VIPS 4Q23 Results: Room for Upside in Margins in 2024

What’s new: Vipshop’s reported 4Q23 results were above consensus and our expectations. Margins could see room for upside in 2024 partly driven by prudent S&M spending. We up our PT from USD 14 to USD 19 on improving margin outlook. Our revised PT of USD 19 implies a 7.5x FY24E P/E. We maintain our NEUTRAL rating. Analysts: Jin Yoon

February 29, 2024 February 29, 2024 1 EN

New Street Research

VIPS 4Q23 Preview: Estimates Remain Intact

What’s New: We maintain our 4Q23 top and bottom-line estimates as overall business could largely trend in-line with expectations. In this note, we highlight the latest updates including revenue and margin outlook. Analysts: Jin Yoon

December 28, 2023 December 28, 2023 1 EN

IQ 1Q24 Results: Driving Efficiency Remains a Key Focus in FY24

What’s new: iQIYI's reported 1Q24 margins that were above consensus and our expectations. High quality growth remains a key focus where profitability could continue to outgrow revenues as content pipeline remains sufficient in 2024. We lower our PT from USD 10 to USD 8 due to lowered FY24 outlook. Our revised PT of USD 8 implies 2.0x FY24E EV/Revs. We maintain our BUY rating. Analysts: Jin Yoon

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BIDU 1Q24 Results: Baidu Core Ads Could Remain Challenging in the Near Term

What’s new: Baidu’s reported 1Q24 top-line results that were largely in-line with consensus and our expectations. Baidu Core ads could remain challenging in the near-term, while AI Cloud rev growth could accelerate in 2Q and 3Q partly driven by generative-AI related revs. We lower our PT from USD200 to USD170 (16.0x FY24E P/E) partly due to limited visibility in ad recovery. We maintain our BUY rating. Analysts: Jin Yoon

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VIPS 3Q23 Results: Margins to Remain Stable in 2024

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

VIPS 4Q23 Results: Room for Upside in Margins in 2024

VIPS 4Q23 Preview: Estimates Remain Intact

IQ 1Q24 Results: Driving Efficiency Remains a Key Focus in FY24

BIDU 1Q24 Results: Baidu Core Ads Could Remain Challenging in the Near Term

JD 1Q24 Results: Potential Upside in Margins for FY24

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