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IPO Report: Autohome (ATHM)

By  +Follow December 10, 2013 5:02PM
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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.

Overview

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%. 

Valuation

 

Proforma retained earnings

     

$21

 

Immediate per share dilution to IPO shareholders

 

($12)

 
             

Valuation Ratios

Mrkt

Price /

Price /

Price /

Price /

% offered

annualizing Sept 9 mos

Cap (mm)

Sls

Erngs

BkVlue

TanBV

in IPO

Autohome (ATHM)

$1,352

7.5

18.8

4.7

12.9

8%

Glossary

The conclusion is buy ATHM on the IPO.

Business

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.

Competition

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.

 

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer


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Results for athm
Penny Stock Secret
27 Apr 15 20:05:53
Don't Wait Untill 2016 To Realize This POWERFUL Stock Alert Service! $240,000 GAINS! http://t.co/NovWYeksZ7 .. $ATHM $ATI $ATK
Katsu
27 Apr 15 17:30:46
$ATHM $BITA $WUBA $JMEI $QIHU $YOKU watching for fade. if they are still strong bounce watch on opening wash
EyeBeThere
27 Apr 15 17:08:23
RT @Greatstockpix: Watch list video for April 27th (con't): $IBIO $FTK $ATHM $VGGL $NVGN $DGLY $SYRX http://t.co/gVgpFrIIeA
China Stocks
27 Apr 15 16:51:42
#China #stocks $ATHM Autohome Inc. Daily:-0.04% Weekly:5.92% YTD:46.56% Trend:85 / 100 http://t.co/YSEXA8Giji
Pepe Calvache
27 Apr 15 15:11:12
RT @ELOY_RC: $INGN $QUNR $WUBA $SHAK $JD $ATHM algunos d los ejemplos de Fuerza Relativa en mi cartera. 2s , 3s, 4s % con el Small Caps Ind…
TalkMarkets
27 Apr 15 14:09:03
Looking For Trend Following Break Outs $SYNA $ATHM $CRTO $SWKS $CYBR $HAR http://t.co/2Xy3jqOb74
jim50
27 Apr 15 11:12:34
ATHM Autohome Inc. Gapped Up: +0.63 Last: 53.57 Volume: 1,675,341 http://t.co/yZkEOxk4Dz $ATHM #stocks ~
Amin Hemani
27 Apr 15 10:46:50
RT @MarketSmith: Biotechs Weigh On Nasdaq, But Apple, Twitter Hold Firm: http://t.co/7hcjRKgyV4 $CELG $UTHR $AMGN $AAPL $TWTR $ATHM $NOAH $…
MarketSmith
27 Apr 15 10:41:15
Biotechs Weigh On Nasdaq, But Apple, Twitter Hold Firm: http://t.co/7hcjRKgyV4 $CELG $UTHR $AMGN $AAPL $TWTR $ATHM $NOAH $INCR
Top Stocks
27 Apr 15 10:41:15
Biotechs Weigh On Nasdaq, But Apple, Twitter Hold Firm: http://t.co/u8aJFzVqNQ $CELG $UTHR $AMGN $AAPL $TWTR $ATHM $NOAH $INCR
Ken Shreve
27 Apr 15 10:27:26
Biotechs Weigh On Nasdaq, But Apple, Twitter Hold Firm http://t.co/EUEVjvJimo via @IBDinvestors $CELG $UTHR $AMGN $AAPL $TWTR $ATHM $NOAH
S.R.S
27 Apr 15 10:10:21
#STOCKS #INVESTING - Chart watching $ATHM $GRUB
ELOY RC
27 Apr 15 10:09:22
$INGN $QUNR $WUBA $SHAK $JD $ATHM algunos d los ejemplos de Fuerza Relativa en mi cartera. 2s , 3s, 4s % con el Small Caps Index -1%
Investors Hangout
27 Apr 15 10:03:21
chartguy89: ATHM +1.05% Stock Charts $ATHM Autohome Inc. ADS http://t.co/r71b0ezo8d
Investors Hangout
27 Apr 15 10:03:17
chartguy89: ATHM +1.05% Stock Charts $ATHM Autohome Inc. ADS http://t.co/CGJTbCf26Q
chartguy89
27 Apr 15 10:00:41
ATHM +1.05% Stock Charts $ATHM Autohome Inc. ADS (NYSE) Last Updated: 04/27/2015 12:00:43 ATHM Stock Chart - 1 http://t.co/pYbvSFEEXK
offiziellen
27 Apr 15 09:36:02
RT @UTradingFloor: $athm http://t.co/uICHy7waRH
Νιcholaς
27 Apr 15 08:31:34
RT @TCMLLC: http://t.co/UfQlHR9sBE $ATHM $TWTR $TSLA $BIDU $TZOO $NXST $NFLX $APOG $BLDR $PCLN $AAPL $CYBR $PANW $MNST $TVPT $KYTH $RHT $GL…
Ben Silverberg
27 Apr 15 08:28:57
Notable Movers Nearing Mid-day: (Up) $INCR +23.1% $AAN +4.2% $CVTI +3.7% $ATHM +2.7% (Down) $AKRX -20.3 $AMAT -6.6% $EMES -5.6% $CHRW -2.4%
TradingFloor
27 Apr 15 08:17:51
$athm http://t.co/uICHy7waRH
TheDayTradingAcademy
27 Apr 15 08:09:43
$ATHM up 5.05% today. Up 13.20% since recommendation on 04/15/15. Short Term Target fill at $54.99 a 10% return. http://t.co/GhV658T485
TalkMarkets Recap
27 Apr 15 08:09:02
Looking For Trend Following Break Outs $SYNA $ATHM $CRTO $SWKS $CYBR $HAR http://t.co/q47e8wJBhH
RickLejeune
27 Apr 15 08:03:47
RT @TCMLLC: http://t.co/UfQlHR9sBE $ATHM $TWTR $TSLA $BIDU $TZOO $NXST $NFLX $APOG $BLDR $PCLN $AAPL $CYBR $PANW $MNST $TVPT $KYTH $RHT $GL…
Trade Options
27 Apr 15 07:57:57
$ATHM 700 May $55 puts bought at $2.85
Stock Trade Alerts
27 Apr 15 07:36:45
RT @ivanhoff: China is the new China, Biotech is ...not a sure bet. $FXI $DANG $ATHM etc.
Jonathan Whitcraft
27 Apr 15 07:33:50
RT @TCMLLC: http://t.co/UfQlHR9sBE $ATHM $TWTR $TSLA $BIDU $TZOO $NXST $NFLX $APOG $BLDR $PCLN $AAPL $CYBR $PANW $MNST $TVPT $KYTH $RHT $GL…
JT
27 Apr 15 07:31:36
http://t.co/UfQlHR9sBE $ATHM $TWTR $TSLA $BIDU $TZOO $NXST $NFLX $APOG $BLDR $PCLN $AAPL $CYBR $PANW $MNST $TVPT $KYTH $RHT $GLUU $LOCO
ivanhoff
27 Apr 15 07:28:31
China is the new China, Biotech is ...not a sure bet. $FXI $DANG $ATHM etc.
teevee
27 Apr 15 07:25:01
54.71 gap n go buy sgnl $ATHM...sell at 56.07 R3 = nice ! http://t.co/llro6wmZol
Capital Market Labs
27 Apr 15 07:24:16
$ATHM Research and Development is Rising. #CML_ATHM #CML_Research_and_Development http://t.co/UnyrZ3bJ7m http://t.co/8vNpJ1GQ1Y
SpeediTrader
27 Apr 15 07:06:07
$ATHM breaking out of base
Gilad
27 Apr 15 06:57:23
RT @DanoYoder: Looks like today is the day $ATHM breaks out. Pivot at 53.56. Premarket 54.90. Watching for volume,could be the time to p…
Market Trader Daily
27 Apr 15 06:53:10
$ATHM 55.60 +2.29 lifts
ELOY RC
27 Apr 15 06:52:06
$ATHM comentada ayer en mi Vídeo, rompiendo el punto de entrada con muchísimo volumen. Empieza la fiesta!! http://t.co/usHN1u1X9L
teevee
27 Apr 15 06:29:27
DAY TRADERS WATCH LIST...4/27 $ANY $ATHM $BIOC...http://t.co/TvM9E6xElY
Tiger_Trades
27 Apr 15 06:28:44
RT @WrigleyTom: IBD 50 (Top 15) | April 27 $AMBA $PAYC $LCI $AKRX $SWKS $ATHM $AVGO $MNST $CBM $CNC $CRTO $FLTX $HAR $MANH $VRX http://t…
G6Trading
27 Apr 15 06:27:36
Stock watch: $WIN $MACK $PWRD $LXU $AIR $SEAS $HME $IGTE $ATHM $SAVE $DIS $BABA $AKRX $RTRX $AMAT $QURE $AAVL $BLUE $DDD $ARRS $SOHU $MRVL
A Gap Trader
27 Apr 15 06:10:34
#gapup $SEAS $JD $QSR $LH $ASML $INFN $PTEN $ATHM http://t.co/UCllvqMNqM #earnings #stockmarket #money #trading #news #finance #stocks
Dan Yoder MBA
27 Apr 15 05:50:46
Looks like today is the day $ATHM breaks out. Pivot at 53.56. Premarket 54.90. Watching for volume,could be the time to pull the trigger.
TradificTrading
27 Apr 15 05:48:22
RT @WrigleyTom: IBD 50 (Top 15) | April 27 $AMBA $PAYC $LCI $AKRX $SWKS $ATHM $AVGO $MNST $CBM $CNC $CRTO $FLTX $HAR $MANH $VRX http://t…
Context1st
27 Apr 15 05:46:11
RT @WrigleyTom: IBD 50 (Top 15) | April 27 $AMBA $PAYC $LCI $AKRX $SWKS $ATHM $AVGO $MNST $CBM $CNC $CRTO $FLTX $HAR $MANH $VRX http://t…
offiziellen
27 Apr 15 05:38:46
27.04.2015 My stocks: $VLTC $TSO $SKX $MYL $ATHM $LRCX $APC $KRFT $SNDK $EOG $URI $SWKS $NXPI $SYNA $SSYS $HLF $AERI
TradificTrading
27 Apr 15 05:20:15
C&H in $ATHM, strong accumulation on Friday, chinese car sales website provider, low float, 1Q on 5/6, ~$6bn MCap http://t.co/IkBWLMUqA3
Cezary Poplawski
27 Apr 15 04:50:30
RT @WrigleyTom: IBD 50 (Top 15) | April 27 $AMBA $PAYC $LCI $AKRX $SWKS $ATHM $AVGO $MNST $CBM $CNC $CRTO $FLTX $HAR $MANH $VRX http://t…
Rozero
27 Apr 15 04:40:17
RT @WrigleyTom: IBD 50 (Top 15) | April 27 $AMBA $PAYC $LCI $AKRX $SWKS $ATHM $AVGO $MNST $CBM $CNC $CRTO $FLTX $HAR $MANH $VRX http://t…
Adriana Cristina
27 Apr 15 04:36:48
RT @WrigleyTom: IBD 50 (Top 15) | April 27 $AMBA $PAYC $LCI $AKRX $SWKS $ATHM $AVGO $MNST $CBM $CNC $CRTO $FLTX $HAR $MANH $VRX http://t…
natetrades
27 Apr 15 04:26:10
RT @WrigleyTom: IBD 50 (Top 15) | April 27 $AMBA $PAYC $LCI $AKRX $SWKS $ATHM $AVGO $MNST $CBM $CNC $CRTO $FLTX $HAR $MANH $VRX http://t…
Jens Olsson
27 Apr 15 04:23:43
RT @WrigleyTom: IBD 50 (Top 15) | April 27 $AMBA $PAYC $LCI $AKRX $SWKS $ATHM $AVGO $MNST $CBM $CNC $CRTO $FLTX $HAR $MANH $VRX http://t…
Matty Bee
27 Apr 15 04:23:41
RT @WrigleyTom: IBD 50 (Top 15) | April 27 $AMBA $PAYC $LCI $AKRX $SWKS $ATHM $AVGO $MNST $CBM $CNC $CRTO $FLTX $HAR $MANH $VRX http://t…
traderstewie
27 Apr 15 04:13:56
RT @WrigleyTom: IBD 50 (Top 15) | April 27 $AMBA $PAYC $LCI $AKRX $SWKS $ATHM $AVGO $MNST $CBM $CNC $CRTO $FLTX $HAR $MANH $VRX http://t…
				
				
By  +Follow December 10, 2013 5:02PM
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