reports
- Jin Yoon
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
- Jin Yoon
- Jin Yoon
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
- Jin Yoon
VIPS 2Q24 Preview: 2H Could Remain Challenging
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
Vipshop Holdings Ltd: 1 director
A director at Vipshop Holdings Ltd sold 1,860,000 shares at 17.204USD and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two year...
- Jin Yoon
VIPS 1Q24 Results: Top Line Growth Could Remain Under Pressure in the ...
What’s new: Vipshop’s reported 1Q24 margins that were above consensus and our expectations. Guidance implies that rev growth could remain under pressure in the near-term partly due to impact from standardized categories amid intense competition. We lower our PT from USD 19 to USD 16.5 on lowered near-term outlook. Our revised PT of USD 16.5 implies a 6.3x FY25E P/E. We maintain our NEUTRAL rating. Analysts: Jin Yoon
- 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
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