New Street Research - Vipshop Holdings Ltd Sponsored ADR (VIPS) VIPS 3Q24 Preview: Slowdown in Apparel in 3Q

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New Street Research

Jin Yoon

VIPS 3Q24 Preview: Slowdown in Apparel in 3Q

What’s New: We nudge down our 3Q24 top line estimates towards the low-end of the guided range and lower our 4Q24 rev outlook as consumption could remain challenging. In this note, we provide the latest updates to the business.

Analysts:
Jin Yoon

26/09/2024 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

Other Reports on these Companies

New Street Research

VIPS 3Q24 Results: Visibility Remains Limited

What’s new: Vipshop’s reported 3Q24 revs that were largely in-line with consensus and our expectations. Guidance implies rev growth could remain under pressure where QTD performance could trend towards the lower end of the range. Margins could remain largely stable despite near-term pressure on top-line growth. We maintain our PT at US$11. Analysts: Jin Yoon

November 20, 2024 November 20, 2024 1 EN

New Street Research

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

August 21, 2024 August 21, 2024 1 EN

LG Uplus (Buy, TP: KRW 19,000, +71%) New Corporate Value Up Plan, modestly positive

Yesterday, LG Uplus announced its new Corporate Value Up plan, in conjunction with the appointment of a new CEO in 2025, Hong Bum-Sik who is the company’s current head of corporate strategy. We think the plan is modestly positive but not as transformational as KT’s. Our brief thoughts below.

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BEKE 3Q24 Results: Favorable Policy Measures to Drive Meaningful Sequential Recovery in 4Q

What’s new: KE Holdings’ reported 3Q24 revs that were largely in line with consensus and our expectations. Transaction volume could see meaningful sequential recovery in 4Q mainly driven by favorable policy measures introduced since late Sep. We maintain our PT at USD26. Analysts: Jin Yoon

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PDD 3Q24 Results: Investments to Drag Near Term Margins

What’s new: PDD’s reported 3Q24 results that were below consensus and our expectations. PDD will continue to invest substantial resources to support high-quality merchants on the platform which may drag margins in the near term. We maintain our PT at USD150. Analysts: Jin Yoon

49m 49m 1 EN

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VIPS 3Q24 Preview: Slowdown in Apparel in 3Q

VIPS 3Q24 Results: Visibility Remains Limited

VIPS 2Q24 Results: 2H Outlook Remains Challenging

LG Uplus (Buy, TP: KRW 19,000, +71%) New Corporate Value Up Plan, modestly positive

BEKE 3Q24 Results: Favorable Policy Measures to Drive Meaningful Sequential Recovery in 4Q

PDD 3Q24 Results: Investments to Drag Near Term Margins

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