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IPO Report: Autohome (ATHM)

By  +Follow December 10, 2013 5:02PM

Autohome (ATHM) is the leading online destination for automobile consumers in China. Through its two websites, autohome.com.cn and che168.com, ATHM delivers comprehensive, independent and interactive content to automobile buyers and owners.

Eight other IPOs are scheduled for this week. The full IPO calendar can be found at IPOpremium.

ATHMscheduled a $102 million IPO with a market capitalization of $1.3 billion at a price range midpoint of $13 for Wednesday, December 11, 2013.  The price range mid-point has since been raised to $15, on the NYSE

S-1 filings

The Manager &  Joint managers are Deutsche Bank, Goldman Sachs (Asia). The Co-Managers are Oppenheimer & Co., Piper Jaffray.


Autohome (ATHM)  is the leading online destination for automobile consumers in China. Through its two websites, autohome.com.cn and che168.com, ATHM delivers comprehensive, independent and interactive content to automobile buyers and owners.

ATHM has a strong income statement.

.  Sales increased 97% for the nine months ended September ’13 vs ’12. 

.  Gross margin was 80%. 



Proforma retained earnings




Immediate per share dilution to IPO shareholders




Valuation Ratios


Price /

Price /

Price /

Price /

% offered

annualizing Sept 9 mos

Cap (mm)





in IPO

Autohome (ATHM)








The conclusion is buy ATHM on the IPO.


ATHMis the leading online destination for automobile consumers in China. Through its two websites, autohome.com.cn and che168.com, ATHM delivers comprehensive, independent and interactive content to automobile buyers and owners.

Autohome.com.cn ranked first among China’s automotive websites and automotive channels of internet portals in terms of average daily unique visitors, average daily time spent per user and average daily page views in the nine months ended September 2013, based on data published by iResearch, a third-party market research firm, or iResearch Public Data.

In the same period, autohome.com.cn accounted for 46% of the total time that China’s internet users spent viewing online automotive information, more than four times that of ATHM’s closest competitor, according to the iResearch Public Data.

ATHMhas developed a strong and well-recognized brand. ATHM’s “ LOGO ” (“Autohome”) brand has been the most searched automotive-related keyword during substantially the entire period since July 2011 on Baidu.com, the leading Chinese language internet search engine.

ATHM’s ability to reach a large and engaged user base of automobile consumers has made it a preferred platform for automakers and dealers to conduct their advertising campaigns.

 ATHM generates substantially all of its revenues from online advertising services and dealer subscription services with automakers contributing the substantial majority of its total net revenues.

ATHMhas a high penetration rate in the automaker market, with 80% of over 80 automakers operating in China having advertised on ATHM’s websites in each of 2010, 2011, 2012 and the nine months ended September 30, 2013.

In addition, a large and rapidly growing number of dealers are purchasing ATHM’s advertising services and subscription services, through which they showcase and market their inventories on ATHM’s websites.

Intellectual property

ATHMcurrently has 20 pending patent applications.


ATHMcompetes with China’s automotive websites, such as pcauto.com.cn and bitauto.com, automotive channels of major internet portals, such as Sina and Sohu, and traditional forms of media, such as television and magazines.

ATHMcompetes primarily on the basis of user traffic, user engagement and brand recognition, which drive the acquisition and retention of automakers and dealers as advertisers and their spending on ATHM’s advertising services.

ATHMre-designed its che168.com website in October 2011 and converted it into its dedicated used car platform. ATHM’s re-designed che168.com website faces competition from other used car websites, such as 51auto.com and taoche.com.

5% stockholders

Xiang Li  5.3%

Gabriel Li 12.6%

Telstra Holdings Pty Ltd 71.5%

Orchid Asia Funds 12.6%

AutoLee Ltd. 5.3%

Use of proceeds

ATHMexpects to net $88 million from its IPO. Proceeds are allocated as follows:

$20 million for investing in ATHM’s technology and product development;

$20 million for expanding ATHM’s sales and marketing activities;

$37.5 million for the share repurchase consideration payable by ATHM in the West Crest Share Purchase, the sole shareholder of which is Mr. Jiang Lan, a former director of the company; and the balance for general corporate purposes, including expenditures relating to the expansion of ATHM’s operations.


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Results for athm
28 Nov 15 10:01:13
$UMPQ $ATHM: Is Autohome Inc (ADR) (ATHM) A Good Stock To Buy?: https://t.co/y1L6QsXGm9
27 Nov 15 17:49:09
Hammer https://t.co/e32bkG3Id6 $MGLN $ATHM $BIOA $IHD $MTCN $MELA
China Stocks
27 Nov 15 16:51:41
#China #stocks $ATHM Autohome Inc. Daily:0.19% Weekly:-2.71% YTD:-14% Trend:23 / 100 https://t.co/YSEXA8Giji
27 Nov 15 08:53:54
Get the latest ratings for $AAOI $FGL $VLP $ATHM $SALT in your inbox with MarketBeat Daily https://t.co/nSJuDsYidj
Capital Market Labs
27 Nov 15 06:36:39
Interactive Chart -> https://t.co/eSVPFs2CuB $ATHM Research and Development is Increasing. https://t.co/i5q7Un129k
27 Nov 15 03:45:02
$ATHM: New SEC Filing for ATHM: Form 6-K (No. 0001193125-15-389136): https://t.co/rCAYzrr0AW
SEC Filings Reporter
27 Nov 15 03:44:17
NEW SEC Filing for $ATHM filed a moment ago: https://t.co/aH1xsNX7um https://t.co/1C0Y1AYbiE
Breaking News Now
27 Nov 15 02:34:08
$ATHM: Autohome Inc. Announces Shareholder Resolution Adopted at 2015 …: https://t.co/ORcYrzAoiW
26 Nov 15 22:32:42
#BlackFriday $SALE on RetailMeNot. Cash-rich, 5.7 EV/EBITDA, $60M stock buyback plan in Q4. Read: https://t.co/qM8kTQpx0i $ATHM $ATW $AJG
China Stocks
26 Nov 15 16:51:31
#China #stocks $ATHM Autohome Inc. Daily:0.26% Weekly:-0.79% YTD:-14.16% Trend:23 / 100 https://t.co/YSEXA8Giji
25 Nov 15 23:51:02
$ATHM: Wall Street analysts bullish on ATHM's earnings growth: https://t.co/omB7AcD6nn https://t.co/IoAEAxvxRC
China Stocks
25 Nov 15 16:51:40
#China #stocks $ATHM Autohome Inc. Daily:0.26% Weekly:-0.79% YTD:-14.16% Trend:23 / 100 https://t.co/YSEXA8Giji
25 Nov 15 05:49:02
$EYES $ATHM: Investors Are Watching: Second Sight Medical Products, (NASDAQ …: https://t.co/96TEzYfwa5
24 Nov 15 20:58:03
$ATHM: Autohome Inc (ADR)’s Trend Down, Especially After Today’s Weak …: https://t.co/QCsqOR6Uui
The Legacy News
24 Nov 15 20:14:55
Autohome Shares Down 2.4% $ATHM https://t.co/11sUOfRcMB
Ticker Report
24 Nov 15 19:54:18
Autohome Shares Down 2.4% $ATHM https://t.co/cwPreXqjT6
US Banking News
24 Nov 15 19:52:19
Autohome Shares Down 2.4% $ATHM https://t.co/WRMcIkLn7x
24 Nov 15 19:48:03
$ATHM: Autohome Shares Down 2.4% (ATHM): https://t.co/zFuMnRoSAE
China Stocks
24 Nov 15 16:51:36
#China #stocks $ATHM Autohome Inc. Daily:-2.81% Weekly:-1.14% YTD:-14.38% Trend:23 / 100 https://t.co/YSEXA8Giji
23 Nov 15 17:38:39
Autohome Receives $55.50 Consensus Price Target from Analysts $ATHM https://t.co/yC5sRdMDw3
23 Nov 15 17:29:03
$ATHM: Autohome Receives $55.50 Consensus Price Target from Analysts …: https://t.co/wXAMfgkBos
China Stocks
23 Nov 15 16:51:36
#China #stocks $ATHM Autohome Inc. Daily:-0.34% Weekly:0% YTD:-11.91% Trend:69 / 100 https://t.co/YSEXA8Giji
23 Nov 15 09:49:58
$71,000 in ONE TRADE!! By Follwing Their Signals More Info Here https://t.co/n4FmW1UTLN .. $ATHM $ATI $ATK
Marty Lau
23 Nov 15 08:50:21
$ATHM 60% Sales growth and 40% income growth selling for 19x forward PE. https://t.co/KJaY0vIPgF via @YahooFinance
23 Nov 15 08:06:10
$ATHM: Autohome Inc. (NYSE:ATHM): A Look at Earnings: https://t.co/BxrSblYpC8
David Mills
23 Nov 15 07:03:40
This month we took profits on our $SIRI and $CTSH positions. We cut $FFIV loose. We added to our $TRN and $ATHM stakes.
Activist Stocks
20 Nov 15 17:38:24
RT @PainCapital: Tiger Global on $ATHM https://t.co/JSrLKqtCgq
Pain Capital
20 Nov 15 17:15:59
Tiger Global on $ATHM https://t.co/JSrLKqtCgq
China Stocks
20 Nov 15 16:51:42
#China #stocks $ATHM Autohome Inc. Daily:0.97% Weekly:5.03% YTD:-11.61% Trend:68 / 100 https://t.co/YSEXA8Giji
Capital Market Labs
20 Nov 15 13:25:28
Interactive Chart -> https://t.co/jvHLPaXsBU $ATHM Earnings are Increasing. https://t.co/2uTNPsb4MK
Breaking News Now
20 Nov 15 09:23:02
$ATHM: Autohome Inc. (NYSE:ATHM) a Top Growth Pick: https://t.co/Vgo6MhhP05
By  +Follow December 10, 2013 5:02PM



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