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

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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

Chelsey Tam

Senior Equity Analyst
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Chelsey Tam is a senior equity analyst for Morningstar Asia Limited, a wholly owned subsidiary of Morningstar, Inc. She covers the major China internet stocks, Alibaba, JD.com and Pinduoduo.

Before joining Morningstar in 2013, she was a sell-side analyst at a securities firm in Hong Kong. Before that she was a buy-side associate, and earlier she was a research lab assistant at the Rotman School of Management in Toronto.

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

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