ATHM: Neutral On 3Q23 Performance On Muted Auto Industry Data
ATHM will release 3Q23 earnings on November 2nd with a conference call at 8am ET. We are neutral on ATHM’s 3Q23 performance. The auto market in China appears to be stable, as the launch of new vehicle brands decreased 11.3% Y/Y in 3Q23, vs. increase of 33.1% in 2Q23. The slower than expected economic recovery has not been able to boost people’s confidence in their economic future. However, economic recovery is the government’s top priority; therefore, we believe the auto market as well as ATHM are likely beneficiaries of the government’s stimulation of consumption
T.H. Capital is an independent research and investment advisory firm specializing in China. We offers real-time, on-the-ground, bottom-up research across a wide spectrum from macro and industry analysis to company specific projects; from China ADRs to international names that have meaningful exposure to China market. We deliver relevant, comprehensive and data driven research adding immense value to clients.
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