【Daiwa: Lowers AutoHome Target Price to HKD 59; Sales Lead Service Revenue Declines Year-on-Year】Jin Ten Data, November 7th - Daiwa published a report indicating that AutoHome (02518.HK) experienced a year-on-year decline in sales lead service revenue in the third quarter, affected by used car leads. The firm stated that the third quarter dividend of RMB 1 billion was in line with expectations, but the year-on-year decline in sales lead service revenue for the fourth quarter was disappointing, and there is also a risk of a decline in media service revenue from 2025 to 2026. The firm noted that if the company repurchases USD 100 million in shares next year and distributes an annual dividend of RMB 1.5 billion, the dividend yield would exceed 9% based on the current market value, which could provide support during price downturns. Daiwa reiterated its outperform rating on AutoHome, lowering the target price from HKD 62 to HKD 59, which corresponds to a forecasted price-to-earnings ratio of 14 times. Additionally, taking into account lower gross margins, it has reduced the earnings forecast for 2025 to 2026 by 5% to 10%. (Source: Jin Ten Data)