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[Brokerage Focus] China Securities Co., Ltd. maintains a "buy" rating for Autohome (02518) with steady growth in innovative business and ample cash reserves.
Jinwu Financial News | China Securities Co.,Ltd. released a research report, pointing out that Autohome is facing pressure in the mid-term economic situation, but its performance in innovative business is positive. Due to the decrease in sales of mainstream joint venture brands, the company's advertising revenue for the mid-term report declined. Considering the continuation of price wars among car manufacturers, it is expected that the media service segment will still be under pressure in the third quarter, and Q4 is expected to benefit from the recovery of sales. The mid-term economic situation is under pressure, but the performance of the innovative business is positive. The bank pointed out that as of the end of the second quarter of 2024, the company's total cash, cash equivalents, and short-term investments amounted to 23.47 billion RMB, and the net cash flow from operating activities in the second quarter was 0.452 billion RMB.
Autohome Inc.'s (NYSE:ATHM) Stock Is Soaring But Financials Seem Inconsistent: Will The Uptrend Continue?
Bytedance is raising up to 0.6 billion US dollars for its subsidiary "Dongchedi".
Jinwu Financial News | According to informed sources, ByteDance is raising up to $600 million in funds for its automotive information and trading platform, "Knowcar Emperor". Informed sources said that Atlantic China Welding Consumables, Inc., Sequoia China, KKR & Co., and Gao Rong Capital are the joint investors in this round of financing; the valuation of Knowcar Emperor is close to $3 billion. ByteDance launched the plan to spin off Knowcar Emperor less than a year ago. In January of this year, it was reported that ByteDance plans to split Knowcar Emperor into an independent company, and in June of this year, it was rumored that ByteDance plans to raise $700 million to $800 million for Knowcar Emperor in preparation for the IPO of this business segment.
Overnight news: Nasdaq and S&P both fell for two consecutive days. US oil fell below $70. Biden is preparing to intervene in the acquisition of United States Steel. The Beige Book from the Federal Reserve confirms economic slowdown.
For more global financial news, please go to the 24-hour real-time financial news market closing: US stocks rise and fall, Nasdaq and S&P indexes both fall for the second consecutive day. Top 20 US stock trading volume on September 4th: Dollar Tree's performance fell short of expectations, and the stock price fell by 22%. China concept stocks rise and fall on Wednesday, NIO Inc. rises by 2.2%, PDD Holdings falls by 5.1%. WTI crude oil in the United States fell 1.6% on Wednesday, falling below $70. International precious metals futures generally rise, COMEX gold futures rise by 0.14%. European stocks collectively fall, the Europe Stoxx 50 index falls by 1.28%. Macro Harris proposes to implement a 28% tax on high-income earners.
Asian Equities Traded in the US as American Depositary Receipts Trend Higher in Wednesday Trading
Autohome announced a new share buyback plan: it will repurchase up to 0.2 billion US dollars in the next 12 months.
Autohome (NYSE: ATHM) announced today that its board of directors has approved a new share buyback plan, which will take effect on September 4, 2024. Under this new share buyback plan, Autohome will be able to repurchase shares worth up to $200 million, including its American Depositary Shares (ADS), within the next 12 months. Autohome will conduct the buyback through open market transactions, private negotiations, block trades, and/or other legally permitted methods, at prevailing market prices. The board of directors will regularly review the share buyback plan and may authorize adjustments to its terms and scale, or suspend or terminate the plan.
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