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

[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>Vipshop reported C4Q23 top-line, non-GAAP EBIT, and GAAP net profit in-line, 6.3% and 7.0% vs. our estimate, and 4.5%, 20.5%, and 23.9%, vs. consensus, respectively;</li>
<li>We expect the two themes of “live for the moment” consumption and consumption downgrade to persist in 2024. The former drives apparel spending, while the latter drives consumers to Vipshop</li>
<li>We maintain BUY and raise the TP to US$ 20.4, implying 7.7x CY24 non-GAAP P/E, and 4.9x CY24 EV/Earnings.</li>
</ul>


Vipshop reported C4Q23 top-line, non-GAAP EBIT, and GAAP net profit in-line, 6.3% and 7.0% vs. our estimate, and 4.5%, 20.5%, and 23.9%, vs. consensus, respectively;
We expect the two themes of “live for the moment” consumption and consumption downgrade to persist in 2024. The former drives apparel spending, while the latter drives consumers to Vipshop
We maintain BUY and raise the TP to US$ 20.4, implying 7.7x CY24 non-GAAP P/E, and 4.9x CY24 EV/Earnings.


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

Vipshop Holdings

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