New Street Research - Vipshop Holdings Ltd Sponsored ADR (VIPS) VIPS 4Q23 Results: Room for Upside in Margins in 2024

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New Street Research

Jin Yoon

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

29/02/2024 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

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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 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

ATUS: quick thoughts following the call

In this brief note we cover 1) the prospect for discounted debt exchanges; 2) our evolving thoughts on ABS; 3) the path to ARPU and EBITDA stability; 4) Altice’s decision to overbuild Comcast in NJ; and 5) the normal stuff on broadband market growth, ACP, Altice’s adds, and the investment case.

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Dan Salmon

Dan Salmon

Amazon.com (AMZN, Buy, raising target to $245 from $235) AMZN 1Q24 Model Update

Our target rises from $235 to $245 owing to higher margin estimates and increased conviction in operating leverage, partially offset by slightly lower revenue estimates.

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Jonathan Chaplin

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ATUS 1Q24 Quick Take: EBITDA and broadband trends a little worse

EBITDA missed. FCF beat, but on much lower-than-expected capex. Mgmt. reiterated capex guidance for the year, so this appears to be timing related. Broadband losses and ARPU trends were a little worse than expected.

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

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

VIPS 4Q23 Preview: Estimates Remain Intact

ATUS: quick thoughts following the call

Amazon.com (AMZN, Buy, raising target to $245 from $235) AMZN 1Q24 Model Update

ATUS 1Q24 Quick Take: EBITDA and broadband trends a little worse

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