China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

[Vipshop (VIPS US, BUY, TP US$20.4)TP Change]: Will Live for the Moment Consumption Persist in 2024?

[Vipshop (VIPS US, BUY, TP US$14.5) TP Change]: Buying for Dividend Yield and Cash Flow Yield

[Vipshop (VIPS US) Earnings Review]: Demand for Apparel Rising on Increased Social Activity

[Vipshop (VIPS US) Rating Change]: UG to BUY for Immunity from Price War

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

Equity Bottom-Up

<ul>
<li>Amid demand by consumers for cost effective items, we expect that demand for discounted apparel will sustain into 2024...</li>
<li>We expect high levels of apparel sales continued in December, as VIPS reported double-digit GMV growth for various types of winter related apparel items during 12/12...</li>
<li>China’s cost-conscious spending environment favors VIPS, in our view. We maintain BUY and raise TP to US$ 18.1, implying 7x FY24 non-GAAP P/E.</li>
</ul>


Amid demand by consumers for cost effective items, we expect that demand for discounted apparel will sustain into 2024...
We expect high levels of apparel sales continued in December, as VIPS reported double-digit GMV growth for various types of winter related apparel items during 12/12...
China’s cost-conscious spending environment favors VIPS, in our view. We maintain BUY and raise TP to US$ 18.1, implying 7x FY24 non-GAAP P/E.


[Vipshop (VIPS US, BUY, TP US$18.1) TP Change]: Discount Offerings Remain Hot Given Cold Consumption

Vipshop Holdings

[Vipshop (VIPS US, BUY, TP US$18.1) TP Change]: Discount Offerings Remain Hot Given Cold Consumption