Vipshop Earnings: Results in Line; Fair Value Estimate Raised by 5%

No-moat Vipshop’s third-quarter revenue and non-GAAP net profit to shareholders tracked toward our full-year estimates. We raise our fair value estimate by 5% to USD 12.20 per ADS due to the time value of money and fine-tuning our fourth-quarter non-GAAP net profit forecasts upward by 1%. We think the shares are now fairly valued with weakness in the current consumption climate priced in.