reports
- Jin Yoon
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
- 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
- Jin Yoon
- 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
- Jin Yoon
VIPS 3Q23 Preview: Outlook Remains Intact
What’s New: We maintain our 3Q23 top and bottom-line estimates as overall business remains largely intact. Demand for apparel could remain resilient in the quarter despite low seasonality. In this note, we highlight the latest updates including revenue and margin outlook. Analysts: Jin Yoon
- Jin Yoon
VIPS 2Q23 Results: Margins to Remain Stable
What's new: Vipshop’s reported 2Q23 results were above consensus and our expectations. Guidance implies a meaningful deceleration from 2Q as comps start to normalize. 3Q is also a slow season for apparel amid lack of major promotion events. We maintain our PT at USD 14. Analysts: Jin Yoon
- Jin Yoon
VIPS 2Q23 Preview: Guidance Remains Intact
What’s New: We maintain our 2Q23 top and bottom-line estimates as business performance including the recently concluded 618 promotion event could be largely within expectations. In this note, we highlight the latest updates including revenue and margin outlook. Analysts: Jin Yoon
- Jin Yoon
VIPS 1Q23 Results: Likely Continued Upside in Margins
What's new: Vipshop’s reported 1Q23 results were above consensus and our expectations. Guidance reflects continued recovery in the apparel category post reopening, while margins could see further improvement on a YoY basis amid cost controls and better top-line leverage. We maintain our PT at USD 14. Analysts: Jin Yoon
- Jin Yoon
- Jin Yoon
New Street: VIPS 4Q22 Results - Improving Business Outlook
What's new: Vipshop’s reported 4Q22 results were above consensus and our expectations. Guidance reflects improving business outlook as consumer sentiment continues to recover in Feb. We increase our PT from USD 10 to USD 14 (7.7x FY23E PE) on better-than-expected guidance. We maintain our NEUTRAL rating as we could see continued market share losses in apparel amid heightened competition in the near-term. Analysts: Jin Yoon
- Jin Yoon
New Street: VIPS 3Q22 Results - 4Q Demand Environment Remains Challeng...
What's new: Vipshop reported 3Q22 top-line results that were a touch below consensus and our expectations. Guidance reflects uncertainties in macro, covid and weather conditions, while margins could further improve driven by cost control measures. We maintain our PT at USD10 and maintain our NEUTRAL rating amid continued macro uncertainty and heightened competition in the near-term. Analysts: Jin Yoon
- Jin Yoon
New Street: VIPS 3Q22 Preview - Nudging Down Rev Estimates
What’s New: We lower our 2H top line estimates to reflect weaker than expected demand environment on covid concerns and warmer weather conditions that is also limiting visibility heading into 4Q. In this note, we highlight latest updates to the business including overall demand environment and margin outlook. Analysts: Jin Yoon
- Jin Yoon
New Street: VIPS 2Q22 Results - Results Slightly Better Than Feared
What's new: Vipshop reported 2Q22 results were above consensus and our expectations. The conservative guidance reflects uncertainty in macro and weather conditions heading into 2H of 3Q. On improving margins, we increase our PT from USD 8 to USD 10, which implies a 6.7x FY23 P/E. We maintain our NEUTRAL rating as we see continued macro uncertainty and heightened competition in the near-term. Analysts: Jin Yoon
- Jin Yoon
New Street: VIPS 2Q22 Preview - Lowering 3Q Estimates on Visibility Co...
What’s New: We maintain our 2Q but lower 3Q top line estimates to reflect limited visibility in the recovery of apparel heading into the 2H. In this note, we highlight latest updates to the business including overall demand environment, supply chain situation, and margin outlook. Analysts: Jin Yoon
- Jin Yoon
New Street: VIPS 1Q22 Results - Discretionary Spending to Remain Weak ...
What's new: Vipshop reported 1Q22 revenues were below consensus estimates and our expectations. Guidance reflects uncertainties amid rolling covid lockdowns and weakness in demand environment for discretionary categories such as apparel. In the near term, we see continued market share losses in apparel amid macro backdrop and heightened competition. We maintain our PT at USD 8 which implies a 6.6x FY22 P/E. Analysts: Jin Yoon
- Jin Yoon
New Street: VIPS 1Q22 Preview - Covid to Impact 1H Outlook
What's new: We update our 1Q22 and FY22 top line estimates to reflect recent uncertainties around rolling lockdowns in China. In this note, we highlight latest updates to the business including overall demand environment, supply chain disruptions, and margin outlook amid resurgence of cases across the country. Analysts: Jin Yoon
- Jin Yoon
New Street: VIPS 4Q21 Results - Guidance Reflects Challenging Macro an...
What's new: Vipshop reported 4Q21 revenues were below consensus estimates and our expectations. Guidance reflects challenging demand environment heading into early 2022 amid uncertainties in the macro environment coupled with the resurgence of cases across the country. In the near term, we see continued market share losses in apparel amid macro backdrop and heightened competition. We maintain our PT at USD 8 which implies a 6.2x FY22 P/E. Analysts: Jin Yoon
Thanks to a better fundamental star rating, VIPSHOP HLDG LTD sees an u...
The independent financial analyst theScreener just awarded an improved star rating to VIPSHOP HLDG LTD (US), active in the Specialty Retailers industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 4 out of 4 possible stars. With regard to its market behaviour, it remains unchanged and can be qualified as risky. theScreener considers that these elements allow slightly upgrading its rating to Neutral. As of the analysis date February 18, 2022, the...
- Jin Yoon
New Street: VIPS Updated Business Outlook for 4Q21
What's new: Vipshop provided an update business outlook for 4Q21 where the company expects total revenues to be between RMB34.0bn to RMB35.8bn (-5% to 0% YoY), down from previous guidance of RMB35.8bn to RMB37.6bn (0% to +5% YoY). The revised guidance midpoint of RMB34.9bn (-2.4% YoY) is below our pre-revision estimates RMB36.9bn (+3.0% YoY) and consensus estimates of RMB37.0bn (+3.5% YoY). In the near term, we see continued market share losses in apparel amid macro backdrop and heightened compe...
- Jin Yoon
New Street: VIPS 3Q21 Results - Lack of Visibility Given Macro Backdro...
What's new: Vipshop reported 3Q21 revenues that were above consensus estimates and our expectations. However, guidance reflects continued softness in demand environment amid macro concerns and revenue growth could face tough comps in the next 2-3 quarters. In the near term, we see minimal market share gains in apparel given heightened competition. We lower our PT from USD13 to USD10 which implies a 7.9x FY22E P/E. Analysts: Jin Yoon
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