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

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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Pan European Telecom Services and Cable

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Analysts

Jin Yoon

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VIPS 3Q23 Results: Margins to Remain Stable in 2024

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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