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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Analysts

Jin Yoon

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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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What’s New: We nudge down our 2Q24 top line estimates towards the lower end of the guided range and lower our 2H24 rev outlook as consumers remains prudent on their spending. Standardized category could also remain challenging in the 2H. We lower our PT from US$16.5 to US$14.0 partly due to lowered estimates. Our revised PT of US$14 implies 5.5x FY25E P/E. We maintain our NEUTRAL rating. Analysts: Jin Yoon

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VIPS 3Q24 Preview: Slowdown in Apparel in 3Q

VIPS 2Q24 Results: 2H Outlook Remains Challenging

VIPS 2Q24 Preview: 2H Could Remain Challenging

Transgene- TG4050 Advancing, New BT001 Data (TP EUR2.60 [3.20])

Rakuten (Reduce, ¥400, -56%) Rakuten selling a stake in Rakuten Card – highlights the extreme implied value of Mobile

Cityfibre and Hyperoptic Update from the latest accounts - material funding still needed

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