The results showed that revenue was 5 percent above high-end of guidance and 6.4 percent ahead of consensus and Jefferies' estimates, driven by strong growth in number of active customers and orders. Non-GAAP net profit beat consensus and Jefferies' estimate by 7.5 percent and 12.4 percent, respectively.
Vipshop sees third-quarter revenue at RMB11.9 billion–12.4 billion, implying 37–43 percent year-over-year growth and 11.5–7.7 percent quarter-over-quarter decline. The midpoint of the guidance was 2 percent and 3.4 percent above consensus and Jefferies' estimate, respectively.
"We have a Buy rating with PT of USD16, based on 22x 1-year forward PE. VIPS is currently trading at 22x 1-year forward PE, at a 12% discount to China e-Commerce median of 25x, and 12 percent discount to China Internet median of 25x," analyst Jessie Guo wrote in a note.
At the time of writing, ADRs of Vipshop were down 0.81 percent to $15.88.
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