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Readthrough From Vipshop’s Earnings Indicates Continual Recovery in the Apparel Sector

Chelsey Tam May 25, 2023

Securities In This Article

The readthrough from Vipshop’s (VIPS, not covered by Morningstar) first-quarter earnings for our e-commerce coverage is generally positive, with continual recovery in consumption. This is especially the case for Alibaba Group, whose core category is apparel; and PDD Holdings, which is a value-for-money platform. Vipshop is a leading online discount retailer for brands in China that focus on the apparel category. We make no changes to our fair value estimates for Alibaba, PDD and JD.com.

The author or authors do not own shares in any securities mentioned in this article. Find out about Morningstar’s editorial policies.

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About the Author

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Chelsey Tam

Senior Equity Analyst

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Chelsey Tam is a senior equity analyst, Asia, for Morningstar*. She covers China e-commerce stocks and logistics names. She covers Alibaba, JD.com and Pinduoduo, SF Holding, ZTO Express and is experienced in covering retail companies.

Before joining Morningstar in 2013, Tam was a sell-side analyst at a securities firm in Hong Kong covering small to mid cap companies. Before that, she was a buy-side associate covering Macau gaming companies mainly.

Tam holds bachelor’s degrees in commerce (finance) and economics from the University of Toronto.

* Morningstar Asia Limited (“Morningstar”) is a wholly owned subsidiary of Morningstar, Inc

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