Vips un актив что это такое

52-week high/low — максимальная и минимальная цена по которой торговалась акция в течение последних 52 недель.

50/200 Day Moving Average — 50-дневная скользящая средняя — сумма данных за последние 50 дней деленная на 50.
В то время как 200-дневная скользящая, по аналогии, является суммой данных за последние 200 дней делённой на 200.

Для акций Vipshop Holdings на текущий момент 50-дневная скользящая средняя (50 DMA) является уровнем сопротивления,
200-дневная скользящая средняя (200 DMA) — уровнем сопротивления.

Вас интересуют акции компании Vipshop Holdings Lim. и вы хотите их купить или они уже в вашем портфеле? Если да, то на этой странице вы найдете полезную информацию о прогнозируемой динамике курса акций Vipshop Holdings в 2023, 2024, 2025, 2026 и в 2027 годах. Сколько будет стоить одна акция Vipshop Holdings в 2023-2027 годах?

Стоит ли фиксировать прибыль/убыток на акциях Vipshop Holdings сегодня или подождать? Каковы прогнозы аналитиков по акциям Vipshop Holdings? Какое будущее у акций компании Vipshop Holdings?

Мы прогнозируем стоимость акций Vipshop Holdings с помощью нейронных сетей на основе исторических данных. Также при прогнозировании используются инструменты технического и фундаментального анализа, учитываются мировые геополитические и новостные факторы.

Результаты прогнозов акций Vipshop Holdings показаны ниже и представлены в виде графиков, таблиц и текстовой информации, разделенных на временные интервалы. (На месяц, 2023, 2024, 2025, 2026 и 2027 года).

Окончательные котировки закрытия инструмента предыдущего торгового дня — это сигнал к корректировке прогнозов по акциям Vipshop Holdings. Обновление происходит раз в сутки.

Исторический и прогнозный график акций Vipshop Holdings

На графике ниже показана историческая цена акции Vipshop Holdings и прогнозный график на ближайший месяц. Для удобства цены разделены по цвету. Прогнозные цены включают: Оптимистичный прогноз, Пессимистичный прогноз, и средневзвешенный наиболее вероятный прогноз. Подробные значения для акций Vipshop Holdings можно найти в таблице ниже.

Vipshop Holdings Limited (VIPS)

Investing.com — Компания Vipshop (NYSE: VIPS) выпустила в пятницу отчет с результатами в втором квартале, которые превзошли аналитиков. Показатель доходов превысил.

От Investing.com
• 23 мая 2023 г.

Investing.com — Компания Vipshop (NYSE: VIPS) выпустила во вторник отчет с результатами в первом квартале, которые превзошли аналитиков. Показатель доходов превысил.

От Investing.com
• 23 февр. 2023 г.

Investing.com — Компания Vipshop (NYSE: VIPS) выпустила в четверг отчет с результатами в четвертом квартале, которые превзошли аналитиков. Показатель доходов превысил.

Аналитика по Vipshop Holdings Limited

От Алексей Калачев
• 24 мая 2023 г. •

В среду, 24 мая, негативные настроения на фондовых рынках усиливаются. Инвесторов беспокоит отсутствие прогресса на переговорах по госдолгу США. Встречи президента Джо Байдена и.

От Ксения Лапшина
• 22 нояб. 2022 г. •

Во вторник, 22 ноября, мировые рынки торгуются разнонаправленно. Днем ранее американские индексы завершили торги на отрицательной территории. Индекс DJIA скорректировался на 0,1%.

От Тазджон Гечгил/Investing.com
• 17 мая 2022 г. •

Китай остается самой населенной страной в мире и при этом отличается бурным ростом среднего класса (в основном сосредоточенного в городских агломерациях). Кроме того, он обладает.

Vipshop Holdings акции

Отчет иностранного эмитента (6-K) — Vipshop Holdings Ltd
Компания с кодом VIPS выпустила отчет иностранного эмитента, форма 6-K.

Прочитать его можно по ссылке: https://www.sec.

Авто-репост. Читать в блоге >>>

Vipshop ADR Может дать хороший отбой от уровня.

Авто-репост. Читать в блоге >>>

Обзор Vipshop
Оригинальный пост: t.me/fudohouse/172
Подписывайтесь на канал)
Vipshop управляет онлайн-платформами для различных брендов в КНР. Он работает в сегментах Vip.com, Shan Shan Outlets и других. Компания предлагает одежду, технику, продукты питание, услуги по финансированию, технологии, ПО, логистику и др. Vipshop предоставляет свои фирменные продукты через свои vip.com и vipshop.com онлайн-платформы, а также через свой интернет-сайт и приложение для сотовых телефонов.

Основные моменты первого квартала 2022 года
Общая чистая выручка за 1 кв 2022 года составила 25,2 млрд юаней (4 млрд долл.) по сравнению с 28,4 млрд юаней за предыдущий год.
GMV за 1 кв 2022 года составил 42,6 млрд юаней по сравнению с 46,1 млрд юаней в предыдущем году.
Валовая прибыль за 1 кв 2022 года составила 5 млрд юаней по сравнению с 5,6 млрд юаней в предыдущем году.
Чистая прибыль, относящаяся к акционерам Vipshop, за 1 кв 2022 года составила 1,1 млрд юаней (172,8 млн долл.) по сравнению с 1,5 млрд юаней в предыдущем году.
Количество активных клиентов за 1 кв 2022 года составил 42,2 млн по сравнению с 45,8 млн в предыдущем году.

Авто-репост. Читать в блоге >>>

Випшоп VIPS
Попытка локального Лонга в випшопе. Тэйк в зелёной сверху, стоп в красной снизу.

Авто-репост. Читать в блоге >>>

сегодня ожидаем: VIPS отчет. Прогн.EPS $0,23, Выручка $5,8B

сегодня ожидаем: VIPS отчет, Выручка $36,6B

сегодня ожидаем: VIPS отчет. Прогн.EPS $0,41, Выручка $5,8B

сегодня ожидаем: VIPS отчет. Прогн.EPS $0,41, Выручка $5,8B

сегодня ожидаем: VIPS отчет. Прогн.EPS $0,33, Выручка $5,8B

Эх, пульсята, пульсята.
��‍♂️ Несмотря на то, что наше сообщество «Инвестируй или проиграешь» представлено в том числе и в Пульсе, когда я там вижу подобные сообщения, мне ничего не остаётся, кроме как в очередной раз констатировать тот факт, что не всем суждено всё-таки стать успешным инвестором!

Хотя, на мой субъективный взгляд, в этом деле нет ничего сложного! Дисциплина, регулярное пополнение счёта, грамотный риск-менеджмент и хладнокровие в нужные моменты на рынке неминуемо сделают вас богатыми (извините, за это смелое слово) на длинном отрезке времени. Даже заметить не успеете!

Разумеется, аналитическое мышление и внутреннее отторжение от «попсовых» и совершенно бесперспективных инвест.идей, наподобие «Virgin Galactic», «Vipshop» (я уже молчу про ОВК и Обувь России) и другой подобной дичи — исключительно приветствуется!

Хотите риска — купите лотерею в киоске «Спортлото», а на инвестиционном счету старайтесь действовать разумно! И тогда он ответит вам взаимностью, уже через несколько лет!

Vipshop: A Compelling Value Opportunity

Often considered the online TJX of China, Vipshop Holdings is the leading discount retailer of apparel, cosmetics, and home goods products in China.

Our thesis on VIPS is predicated upon three pillars. Firstly, we believe that VIPS has carved out its niche in the discount space, where its value proposition & business model are unique and defensive. Secondly, VIPS has a stable, capable management team, and its founders have been with the company since Day 1 and still hold significant stakes in the company. Thirdly, the company’s valuation gives us a large margin of safety.

Unique value proposition & business model

About 70% of VIPS’s GMV is off-season, deep-discount merchandise. In other words, the core business of VIPS is still inventory clearance. Given VIPS’s focus on off-season, deep-discount products, VIPS will likely continue being the first place that brands go to for inventory clearance. This is because brands generally want to have a separate channel for their off-season, deep-discount merchandises. Mixing the deep-discount merchandises with the full-price merchandises would provide incentives for consumers to pick the former.

Unlike its competitors, VIPS employs the first party model. It has an in-house merchandising team of roughly 1300 people (17% of total headcount), who proactively procure merchandises from brands. The buyer team ensures that VIPS’s merchandises are differentiated in terms of both price and quality.

Stable management team with reputable shareholders

The company’s Chairman and CEO, Eric Shen, has been with the company since its inception in August 2010. Prior to founding VIPS, he had 20 years of experience in consumer electronic products distributions. He has a 12.0% stake in the company.

The company’s Vice Chairman and COO, Arthur Hong, is a co-founder. Prior to co-founding VIPS, he had 15 years of experience in consumer electronic products distributions. He has a 6.9% stake in the company. Tencent and JD, two of the most established tech powerhouses in China, have 9.3% and 7.3% stakes in VIPS, respectively.

Attractive valuation

Despite being the leading online discount platform in China, VIPS is trading at L12M P/E of 6.2x and 2021 EV/EBITDA of 3.3x (as of 12/21/2021). The company’s net cash, at RMB 13B, is about a third of the company’s market cap. Its ROE and ROA have been sustaining above 20% and 10%, demonstrating superior profitability & efficiency of capital deployed. Furthermore, VIPS’s has a very cash generative business, with cash conversion cycle consistently below zero.

Q2 2020	Q3 2020	Q4 2020	Q1 2021	Q2 2021	Q3 2021
Return on Equity	20.8%	21.2%	23.5%	25.4%	23.2%	20.0%
Return on Assets	10.2%	10.4%	11.0%	13.6%	11.8%	10.6%
Cash conversion cycle (days)	-21.5	-17.7	-29.3	-16.6	-23.1	-15.5

VIPS’s valuation presents us a significant upside even without any growth in earnings (which is unlikely given the company’s current ROCE/ROA profile). At P/E of 6.2x, the company can simply use its earnings to buy back shares and generate 15-20% growth in EPS. On the same P/E multiple, the company’s share price can appreciate 15-20% even without any growth in earnings or market cap.

Business description

Founded in 2008, VIPS pioneered the successful “flash sales” model. Over the last 13 years, VIPS has evolved to become a sophisticated omni-channel discount retailer, catering to 80M annual active customers, 44M quarterly active customers and 20K brand partners. The company has been maintaining high retention rates on its annual active customers of 76.1%, 79.7% and 81.3% in 2018, 2019 and 2020.

VIPS’s primary channel is online (VIP.com website, Vipshop App and WeChat Mini-Program), which makes up more than 90% of its Gross Merchandise Value (GMV). In recent years, VIPS has been investing in building its offline channel via Vipshop branded stores and Shan Shan outlets. The offline channel has already made up a high-single-digit share of VIPS’s total GMV, and growing very healthily at 15-20% p.a.

Financial overview

Market cap (1/10/2022, RMB): 38.28 billion	Revenue (L12M, RMB): 118.7 billion
Net cash (RMB): 13.0 billion	EBITDA (2020, RMB): 7.5 billion
EV (1/10/2022, RMB): 26.22 billion	Net income (L12M, RMB): 6.0 billion
Share count: 677.6 million ADS	Free Cash Flow (L12M, RMB): 4.2 billion

What are the concerns?

There are several factors which are causing VIPS’s share price to trade at the current level. We will address them in this section.

Growth deceleration

In the latest quarterly earnings release, VIPS reported a revenue growth deceleration and guided for an even lower revenue growth in 4Q21. We think that the lower growth rates are due to higher bases in 3Q20 and 4Q20 (see chart below). Following the emergence of COVID-19 in 1H20, VIPS benefited from higher inventory excess in the apparel industry, as well as consumers’ online shift. VIPS saw its revenue growth rates accelerated to 18.2% and 22.0% YoY in 3Q20 and 4Q20, almost 2x its YoY revenue growth rates in 2019. With such high bases in 2H20, it is understandable that VIPS’s growth rates should be lower in 3Q21 and 4Q21.

While some analysts might estimate VIPS’s revenue growth based on its user growth, we believe that its most important growth driver is actually merchandising. While a larger user base will make VIPS a more attractive channel to brands, it is more important that the company can maintain its reputation as the place that offers best value merchandises. Therefore, we estimate that VIPS’s medium-term growth rates should be in-line with the online apparel industry in China, which is about 5-10% p.a.

Vipshop’s revenue growth 2019-2021

Vipshop’s Q3-2021 SEC filings

Lower margins

Separately, there have been concerns raised on VIPS’s lower margins in 3Q21. Gross margin and net margin declined to 19.4% (vs. 20.1% in previous quarter) and 4.1% (vs. 5.0% in previous quarter). Q3 is a seasonally slow quarter. Moreover, 3Q21 saw expansive growth in the lower-margin categories (jewelries, daily necessities) which dragged down margin. According to management, 4Q21 has seen normalizations of growth rates, particularly in higher margin categories like apparels, which means margins will normalize soon.

Longer term, the company aims to maintain gross margin at above 20% and non-GAAP net income at above 5%.

Vipshop’s quarterly net margin from 2019 to 2021

Vipshop’s SEC filings

Moving beyond VIPS’s financial performance, there have been geopolitical and regulatory overhangs hurting Chinese equity. Primarily, there are worries on ADR listing, VIE ban, and tech regulation. We’ll address them sequentially.

Delisting?

On delisting risk, we don’t think this issue has been resolved one way or another yet. The China Securities Regulatory Commission (CSRC) is working closely with the US Securities and Exchange Commission (SEC) to avoid such negative outcome. At the end of the day, neither American nor Chinese investors benefit from delisting Chinese companies on American stock exchanges. If the regulators on both sides can find a satisfactory solution, then delisting will not happen.

The background story involves another American entity called Public Company Accounting Oversight Board (PCAOB), which was formed by the SEC in 2002 to regulate accounting firms – the likes of PWC, Deloitte, KPMG and E&Y. In other words, the PCAOB is the ultimate auditor of auditors, making sure that the accounting firms are doing their job. The PCAOB has required all global auditors to open their books for inspection, and all of them, except those stationed in China have complied.

The difficulty arises because China wants to maintain a tight control of state secrets and other sensitive information, which might be inadvertently disclosed in auditors’ books. China has a very expansive definition of state secrets. Moreover, it doesn’t have a single government entity that can decide which information is state secret and which is not. Therefore, China has been having difficulty providing the disclosure of auditing trails to the PCAOB and the SEC. One way to overcome such difficulty is to form a new inter-departmental body, which shall have the final say in what to disclose and what not to disclose. Such inter-departmental body can work closely with both the CSRC and the PCAOB to allow for satisfactory auditing without jeopardizing Chinese national interests.

The CSRC’s recent public statement gives us much comfort that China’s CSRC and Ministry of Finance are proactively working with the US’s SEC and PCAOB to avoid delisting:

In the past few years, the China Securities Regulatory Commission and the Ministry of Finance have taken the initiative to propose to the United States joint inspection cooperation plans and solutions to existing problems in law enforcement cooperation. At present, the relevant regulatory agencies of China and the United States are negotiating on the cooperation of audit supervision, and some positive progress has been made. We welcome the attitude of the SEC and PCAOB to continue to communicate with China and actively solve problems. China is ready to communicate further with the US at any time.

However, if a solution is not found quickly enough, it is not the end of the world either. VIPS can seek listing on the Hong Kong Exchange (HKEx) in Hong Kong. In November 2021, HKEx finalized several proposals making it easier for US-listed Greater China issuers to return to HK. For issuers delisted from the overseas exchanges, HKEx will grant an automatic 12-month grace period to comply with HKEx’s new listing requirements. Separately, HKEx will waive any restrictions regarding Weighted Voting Rights and/or VIE structures for companies which went IPO in the US on or before 15 December 2017. This means VIPS should have no difficulty listing on HKEx at all if it ever needs to.

Lastly, it is worth mentioning that, even if delisting were to happen, it wouldn’t be for 2 more years under the current SEC laws.

VIE ban?

There have been talks about a potential VIE ban. VIE is Variable Interest Entity, a structure which is employed by most Chinese ADR companies to list in the US. This is an example of fear-mongering media making up sensational news to generate readership.

Recently, some overseas media reported that Chinese regulators will ban overseas listing of companies with VIE structure and demand Chinese companies to delist from U.S. stock exchanges, which is a completely misunderstanding and misinterpretation.

Moreover, since the company’s IPO was before December 2017, its VIE status will not be contested by HKEx if it were to seek secondary or primary listing in HKEx. HKEx considers Chinese companies that went public in the US before December 2017 as “Grandfathered Greater China Issuers” that will be exempted from any VIE or WVR restrictions:

The rationale for grandfathering the WVR /VIE structures of Grandfathered Greater China Issuers and Non-Greater China Issuers (including those listed on a Qualifying Exchange on or before the Exchange’s announcement of proposed reforms relating to WVR structures) was that these issuers were seen as not having listed overseas for the purpose of regulatory arbitrage.

Tech regulations

Lastly, on the topic of tech regulations in China, we believe that the impact on VIPS is neutral at worst and positive at best. On the one hand, VIPS is small enough that the anti-monopoly regulations won’t directly affect its businesses. VIPS’s e-commerce data is limited and less sensitive, which means VIPS’s business model is less restricted by personal data privacy laws. In addition, since the tech crackdown, capital inflows to the tech sector have slowed down, thereby reducing the risk of new entrants in the sector.

Longer term issues to monitor

VIPS operates in a highly competitive space. There is competition coming from the larger peers like Alibaba (with Taobao), Pinduoduo and JD. They can build dedicated outlet channels for the brands to clear their inventories. Alibaba, for example, had begun offering the online “outlet/temai” stores in addition to the flagship stores.

Furthermore, there are new competitors who have joined in the last few years. Aikucun, which has raised $214M of capital since its founding year 2017, utilizes the S2B2C model to connect manufacturers, distributors and customers together to solve the problem of manufacturing inventory. Aikucun has seen some degree of success with helping manufacturers and distributors reduce excess inventory.

Separately, Haoyiku, which has raised $115M of capital since its founding year 2017, leverages social networks to build a community e-commerce platform for selling apparel. We should expect more competition in the future given the attractiveness of the apparel business. VIPS management is acutely aware of that. They have been rolling out strategic initiatives to defend their turf.

Upstream integration/verticalization: Management has determined that its business moat comes from being able to procure the best value merchandises. To do that, it has deepened relationships with its top 700 brand partners by offering them more resources and support and in return securing high-quality inventories from them. In addition, VIPS has collaborated with its key brand partners to produce “Made-for-VIPS” merchandises which are only available on VIPS platforms. In the future, management has considered acquiring stakes in certain suppliers or distributors to further secure & produce unique merchandises for VIPS. The company has RMB 16B of cash (

To monitor the successes of these critical initiatives, we suggest keeping an eye on the following metrics in the future:

Growth in daily merchandise values (or unique # of SKUs) on VIPS platforms
Share of GMV from Made-for-VIPS

Number of SVIP members
SVIP’s average annual spend

GMV contribution from offline outlets
Profit contribution from offline outlets

Valuation

Below are our key assumptions in the DCF valuation model:

Growth: We expect VIPS to grow in-line with the online apparel market in China, which is roughly 5-10%.
Margin: We expect EBIT margin to settle at around 5.5%, which implies net margin of 4.1% and non-GAAP net margin of

Taken together, our valuation model shows that VIPS can have significant upsides in the upcoming years: 139% by YE2021 and 206% by YE2024.

VIPS Valuation Model

Conclusion

On balance, we believe that VIPS is a compelling value opportunity. We don’t think there is any risk of permanent capital loss. Delisting, VIE ban and regulatory action are all manageable risks. None of them will render VIPS un-investable. As VIPS’s management continues executing on their strategic initiatives, we believe that the company’s revenue growth and profit margin will stabilize or even surprise the market on the upside. At its extremely depressed valuation, the stock offers significant return potential for patient investors.

Vips un актив что это такое