ATAT stock currently trades at a forward P/E of 21.68, which is higher than its peer Norwegian Cruise Line (NCLH) at 15.54, indicating it may be overvalued for value-focused investors. Despite this, ATAT has shown strong growth, with Q3 earnings rising 44% year-over-year and revenue increasing by 52%, driven by its position as a leading midscale hotel chain in China. However, for bearish investors, the relatively high valuation and potential risks tied to China's economic uncertainties could justify a cautious stance.