T.H. Capital - Autohome Inc. Sponsored ADR Class A (ATHM) ATHM: Make Downward Adjustment To Reflect The Impact From The Epidemic In China

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T.H. Capital

Tian Hou

EUR 230.30 For Business Accounts Only

ATHM: Make Downward Adjustment To Reflect The Impact From The Epidemic In China

ATHM will release its 4Q19 results on February 19^th before the markets open with a 7am EST conference call. As there is rapid development in China, the impact to ATHM’s 1Q20 is clearer than before. Therefore, we are making downward adjustment to ATHM’s 1Q20 as well as 2020. The company’s 1Q20 revenue is likely to be down 3% Y/Y vs. growth of 6% Y/Y in our prior note; non-GAAP net margin is likely to be down about 3 percentage points compared with 1Q19, vs. flat Y/Y previously.

17/02/2020 6 EN

Underlying

Autohome Inc. Sponsored ADR Class A

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US05278C1071 New York Stock Exchange United States

Provider

T.H. Capital

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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Analysts

Tian Hou

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ATHM: Make Downward Adjustment To Reflect The Impact From The Epidemic In China

ATHM: Positive On 1Q24 Performance Due To Improvement In The Auto Market, Mainly Driven By EV Car Sales; The Adoption of Trade-In Policy Is Likely to Further Boost Sales

ATHM: Higher EV Car Sales Positive For ATHM’s 4Q23 Performance Along With Improving Auto Industry

ATHM: Neutral On 3Q23 Performance On Muted Auto Industry Data

BZ: Positive On 1Q24 Performance, Supported By Listings Growth In Service, Commodity Manufacturing & Other Sectors

PDD: Positive On 1Q24 Performance Driven By Rapid Growth From Temu

BIDU: Positive On Long-Term Outlook; Monetization In AI To Drive Future Growth

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