VIPS 4Q24 Results: Improving Outlook
What’s new: Vipshop’s reported 4Q24 results that were above consensus and our expectations. Guidance implies sequential improvement in consumption sentiment where QTD performance could trend around the midpoint of the range. Margins could remain largely stable despite near-term pressure on top-line growth. We up our PT from USD11 to USD13 on improving outlook. Our updated PT of USD13 implies 5.4x FY25E P/E. We maintain our NEUTRAL rating.Analysts:
Jin Yoon
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.
New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:
- Pan European Telecom Services and Cable
- US Telecoms, Cable, Satellite and Towers
- Global Emerging Market Telecoms
- Japan Telecoms
- Asian Internet
- Pan European Healthcare
- Global healthcare thematic research
We provide debt research on:
- Pan European Telecom Services and Cable
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