Intrinsic value of Guangshen Railway ADR - GSH

Previous Close

$29.59

  Intrinsic Value

$5.89

stock screener

  Rating & Target

str. sell

-80%

Previous close

$29.59

 
Intrinsic value

$5.89

 
Up/down potential

-80%

 
Rating

str. sell

We calculate the intrinsic value of GSH stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 5.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  9.89
  9.90
  9.41
  8.97
  8.57
  8.21
  7.89
  7.60
  7.34
  7.11
  6.90
  6.71
  6.54
  6.38
  6.25
  6.12
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
  5.54
  5.48
  5.43
  5.39
  5.35
  5.32
  5.28
  5.26
  5.23
Revenue, $m
  2,500
  2,748
  3,006
  3,276
  3,556
  3,849
  4,152
  4,468
  4,796
  5,137
  5,492
  5,860
  6,243
  6,642
  7,057
  7,488
  7,938
  8,407
  8,896
  9,407
  9,939
  10,496
  11,077
  11,684
  12,319
  12,983
  13,678
  14,405
  15,166
  15,963
  16,798
Variable operating expenses, $m
 
  2,494
  2,729
  2,973
  3,228
  3,492
  3,768
  4,054
  4,351
  4,660
  4,981
  5,311
  5,659
  6,020
  6,396
  6,787
  7,195
  7,620
  8,063
  8,526
  9,009
  9,513
  10,039
  10,590
  11,165
  11,767
  12,397
  13,056
  13,746
  14,469
  15,225
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  2,278
  2,494
  2,729
  2,973
  3,228
  3,492
  3,768
  4,054
  4,351
  4,660
  4,981
  5,311
  5,659
  6,020
  6,396
  6,787
  7,195
  7,620
  8,063
  8,526
  9,009
  9,513
  10,039
  10,590
  11,165
  11,767
  12,397
  13,056
  13,746
  14,469
  15,225
Operating income, $m
  222
  253
  277
  303
  329
  356
  385
  414
  445
  477
  510
  549
  585
  622
  661
  701
  743
  787
  833
  881
  931
  983
  1,037
  1,094
  1,154
  1,216
  1,281
  1,349
  1,420
  1,495
  1,573
EBITDA, $m
  442
  496
  542
  591
  642
  694
  749
  806
  865
  927
  991
  1,057
  1,127
  1,198
  1,273
  1,351
  1,432
  1,517
  1,605
  1,697
  1,794
  1,894
  1,999
  2,108
  2,223
  2,343
  2,468
  2,599
  2,737
  2,881
  3,031
Interest expense (income), $m
  0
  0
  2
  5
  8
  10
  13
  16
  19
  22
  26
  29
  33
  36
  40
  44
  49
  53
  57
  62
  67
  72
  78
  83
  89
  96
  102
  109
  116
  123
  131
Earnings before tax, $m
  223
  253
  275
  298
  321
  346
  372
  398
  426
  455
  484
  520
  552
  586
  620
  657
  695
  734
  776
  819
  863
  910
  959
  1,011
  1,064
  1,120
  1,179
  1,240
  1,304
  1,372
  1,442
Tax expense, $m
  56
  68
  74
  80
  87
  93
  100
  108
  115
  123
  131
  140
  149
  158
  168
  177
  188
  198
  209
  221
  233
  246
  259
  273
  287
  302
  318
  335
  352
  370
  389
Net income, $m
  168
  185
  201
  217
  235
  253
  271
  291
  311
  332
  354
  379
  403
  427
  453
  480
  507
  536
  566
  598
  630
  665
  700
  738
  777
  818
  860
  905
  952
  1,001
  1,053

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  212
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  4,755
  4,995
  5,466
  5,956
  6,466
  6,997
  7,550
  8,124
  8,720
  9,340
  9,985
  10,655
  11,351
  12,076
  12,830
  13,615
  14,433
  15,286
  16,175
  17,103
  18,072
  19,083
  20,139
  21,243
  22,398
  23,605
  24,868
  26,191
  27,575
  29,024
  30,542
Adjusted assets (=assets-cash), $m
  4,543
  4,995
  5,466
  5,956
  6,466
  6,997
  7,550
  8,124
  8,720
  9,340
  9,985
  10,655
  11,351
  12,076
  12,830
  13,615
  14,433
  15,286
  16,175
  17,103
  18,072
  19,083
  20,139
  21,243
  22,398
  23,605
  24,868
  26,191
  27,575
  29,024
  30,542
Revenue / Adjusted assets
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
Average production assets, $m
  3,604
  3,959
  4,332
  4,720
  5,125
  5,546
  5,984
  6,439
  6,911
  7,403
  7,913
  8,444
  8,996
  9,571
  10,168
  10,791
  11,439
  12,115
  12,820
  13,555
  14,323
  15,124
  15,961
  16,836
  17,751
  18,708
  19,710
  20,757
  21,854
  23,003
  24,206
Working capital, $m
  120
  -102
  -111
  -121
  -132
  -142
  -154
  -165
  -177
  -190
  -203
  -217
  -231
  -246
  -261
  -277
  -294
  -311
  -329
  -348
  -368
  -388
  -410
  -432
  -456
  -480
  -506
  -533
  -561
  -591
  -622
Total debt, $m
  0
  68
  140
  215
  293
  375
  459
  547
  638
  733
  832
  934
  1,041
  1,152
  1,267
  1,387
  1,512
  1,643
  1,779
  1,921
  2,069
  2,224
  2,385
  2,554
  2,731
  2,916
  3,109
  3,311
  3,523
  3,745
  3,977
Total liabilities, $m
  697
  764
  836
  911
  989
  1,071
  1,155
  1,243
  1,334
  1,429
  1,528
  1,630
  1,737
  1,848
  1,963
  2,083
  2,208
  2,339
  2,475
  2,617
  2,765
  2,920
  3,081
  3,250
  3,427
  3,612
  3,805
  4,007
  4,219
  4,441
  4,673
Total equity, $m
  4,059
  4,231
  4,629
  5,045
  5,477
  5,927
  6,395
  6,881
  7,386
  7,911
  8,457
  9,024
  9,614
  10,228
  10,867
  11,532
  12,225
  12,947
  13,701
  14,486
  15,307
  16,163
  17,058
  17,993
  18,971
  19,994
  21,064
  22,183
  23,356
  24,584
  25,869
Total liabilities and equity, $m
  4,756
  4,995
  5,465
  5,956
  6,466
  6,998
  7,550
  8,124
  8,720
  9,340
  9,985
  10,654
  11,351
  12,076
  12,830
  13,615
  14,433
  15,286
  16,176
  17,103
  18,072
  19,083
  20,139
  21,243
  22,398
  23,606
  24,869
  26,190
  27,575
  29,025
  30,542
Debt-to-equity ratio
  0.000
  0.020
  0.030
  0.040
  0.050
  0.060
  0.070
  0.080
  0.090
  0.090
  0.100
  0.100
  0.110
  0.110
  0.120
  0.120
  0.120
  0.130
  0.130
  0.130
  0.140
  0.140
  0.140
  0.140
  0.140
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
Adjusted equity ratio
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  168
  185
  201
  217
  235
  253
  271
  291
  311
  332
  354
  379
  403
  427
  453
  480
  507
  536
  566
  598
  630
  665
  700
  738
  777
  818
  860
  905
  952
  1,001
  1,053
Depreciation, amort., depletion, $m
  220
  243
  265
  288
  313
  338
  365
  392
  420
  450
  481
  509
  542
  577
  613
  650
  689
  730
  772
  817
  863
  911
  962
  1,014
  1,069
  1,127
  1,187
  1,250
  1,317
  1,386
  1,458
Funds from operations, $m
  8
  427
  466
  506
  547
  591
  636
  683
  731
  782
  834
  888
  945
  1,004
  1,065
  1,130
  1,196
  1,266
  1,338
  1,414
  1,493
  1,576
  1,662
  1,752
  1,846
  1,945
  2,048
  2,156
  2,269
  2,387
  2,511
Change in working capital, $m
  -229
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -21
  -22
  -23
  -25
  -26
  -27
  -28
  -29
  -31
Cash from operations, $m
  237
  437
  475
  516
  558
  602
  647
  694
  743
  795
  848
  902
  959
  1,019
  1,081
  1,146
  1,213
  1,283
  1,357
  1,433
  1,513
  1,596
  1,683
  1,774
  1,870
  1,969
  2,074
  2,183
  2,297
  2,416
  2,542
Maintenance CAPEX, $m
  0
  -217
  -239
  -261
  -284
  -309
  -334
  -360
  -388
  -416
  -446
  -477
  -509
  -542
  -577
  -613
  -650
  -689
  -730
  -772
  -817
  -863
  -911
  -962
  -1,014
  -1,069
  -1,127
  -1,187
  -1,250
  -1,317
  -1,386
New CAPEX, $m
  -286
  -356
  -373
  -389
  -405
  -421
  -438
  -455
  -473
  -491
  -511
  -531
  -552
  -574
  -598
  -622
  -648
  -676
  -705
  -735
  -767
  -801
  -837
  -875
  -915
  -957
  -1,001
  -1,048
  -1,097
  -1,149
  -1,203
Cash from investing activities, $m
  -280
  -573
  -612
  -650
  -689
  -730
  -772
  -815
  -861
  -907
  -957
  -1,008
  -1,061
  -1,116
  -1,175
  -1,235
  -1,298
  -1,365
  -1,435
  -1,507
  -1,584
  -1,664
  -1,748
  -1,837
  -1,929
  -2,026
  -2,128
  -2,235
  -2,347
  -2,466
  -2,589
Free cash flow, $m
  -43
  -136
  -136
  -134
  -131
  -128
  -125
  -121
  -117
  -113
  -109
  -106
  -102
  -98
  -93
  -89
  -85
  -82
  -78
  -75
  -71
  -68
  -65
  -62
  -60
  -57
  -55
  -53
  -51
  -49
  -47
Issuance/(repayment) of debt, $m
  0
  68
  72
  75
  78
  81
  85
  88
  91
  95
  99
  102
  107
  111
  115
  120
  125
  130
  136
  142
  148
  155
  162
  169
  177
  185
  193
  202
  212
  222
  232
Issuance/(repurchase) of shares, $m
  0
  199
  197
  198
  198
  197
  197
  196
  194
  193
  192
  188
  187
  186
  186
  186
  186
  186
  187
  188
  190
  192
  194
  197
  201
  205
  210
  215
  220
  226
  233
Cash from financing (excl. dividends), $m  
  0
  267
  269
  273
  276
  278
  282
  284
  285
  288
  291
  290
  294
  297
  301
  306
  311
  316
  323
  330
  338
  347
  356
  366
  378
  390
  403
  417
  432
  448
  465
Total cash flow (excl. dividends), $m
  -43
  131
  134
  139
  145
  150
  156
  162
  168
  175
  182
  185
  192
  200
  208
  216
  225
  235
  245
  256
  267
  279
  291
  304
  318
  333
  348
  364
  381
  399
  418
Retained Cash Flow (-), $m
  -86
  -384
  -398
  -415
  -432
  -450
  -468
  -486
  -505
  -525
  -546
  -567
  -590
  -614
  -639
  -665
  -693
  -722
  -753
  -786
  -820
  -857
  -895
  -935
  -978
  -1,023
  -1,070
  -1,120
  -1,172
  -1,228
  -1,286
Prev. year cash balance distribution, $m
 
  212
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  -41
  -265
  -276
  -288
  -299
  -312
  -324
  -337
  -350
  -364
  -383
  -398
  -414
  -431
  -449
  -468
  -487
  -508
  -530
  -553
  -578
  -604
  -631
  -660
  -690
  -722
  -756
  -791
  -828
  -868
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  -39
  -242
  -240
  -237
  -232
  -226
  -219
  -211
  -201
  -191
  -182
  -170
  -157
  -145
  -132
  -119
  -106
  -94
  -82
  -70
  -60
  -50
  -41
  -34
  -27
  -21
  -16
  -12
  -9
  -7
Current shareholders' claim on cash, %
  100
  96.0
  92.5
  89.5
  86.7
  84.3
  82.1
  80.1
  78.3
  76.7
  75.3
  73.9
  72.7
  71.6
  70.6
  69.6
  68.7
  67.9
  67.1
  66.4
  65.7
  65.0
  64.4
  63.8
  63.2
  62.7
  62.2
  61.7
  61.2
  60.7
  60.3

Guangshen Railway Company Limited is engaged in the provision of passenger and freight transportation on railroads. The Company also operates certain other businesses, which include services offered in railway stations, and sales of food, beverages and merchandises on board the trains and in the railway stations. Its segments include The Railway Transportation Business and All other segments. The railroad and related business is conducted by the Company (the Railway Transportation Business). Other segments include on-board catering services, leasing, sales of materials, sale of goods and other businesses related to railway transportation provided by the subsidiaries of the Company. The Company is engaged in the provision of integrated services in relation to railway facilities and technology, commercial trading and other industrial businesses. It also operates with other railway companies in the People's Republic of China (PRC) for the provision of freight transportation services.

FINANCIAL RATIOS  of  Guangshen Railway ADR (GSH)

Valuation Ratios
P/E Ratio 995.5
Price to Sales 66.9
Price to Book 41.2
Price to Tangible Book
Price to Cash Flow 705.7
Price to Free Cash Flow -3413.3
Growth Rates
Sales Growth Rate 9.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 52.9%
Cap. Spend. - 3 Yr. Gr. Rate 7.5%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 3.6%
Ret/ On Assets - 3 Yr. Avg. 3.2%
Return On Total Capital 4.2%
Ret/ On T. Cap. - 3 Yr. Avg. 3.5%
Return On Equity 4.2%
Return On Equity - 3 Yr. Avg. 3.5%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 43.4%
Gross Margin - 3 Yr. Avg. 43.7%
EBITDA Margin 17.7%
EBITDA Margin - 3 Yr. Avg. 14.3%
Operating Margin 8.9%
Oper. Margin - 3 Yr. Avg. 8.4%
Pre-Tax Margin 8.9%
Pre-Tax Margin - 3 Yr. Avg. 8%
Net Profit Margin 6.7%
Net Profit Margin - 3 Yr. Avg. 6%
Effective Tax Rate 25.1%
Eff/ Tax Rate - 3 Yr. Avg. 25.4%
Payout Ratio 48.8%

GSH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GSH stock intrinsic value calculation we used $2500 million for the last fiscal year's total revenue generated by Guangshen Railway ADR. The default revenue input number comes from 2016 income statement of Guangshen Railway ADR. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our GSH stock valuation model: a) initial revenue growth rate of 9.9% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for GSH is calculated based on our internal credit rating of Guangshen Railway ADR, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Guangshen Railway ADR.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of GSH stock the variable cost ratio is equal to 90.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for GSH stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Guangshen Railway ADR.

Corporate tax rate of 27% is the nominal tax rate for Guangshen Railway ADR. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the GSH stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for GSH are equal to 144.1%.

Life of production assets of 16.6 years is the average useful life of capital assets used in Guangshen Railway ADR operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for GSH is equal to -3.7%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $4059 million for Guangshen Railway ADR - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 170.572 million for Guangshen Railway ADR is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Guangshen Railway ADR at the current share price and the inputted number of shares is $5.0 billion.

RELATED COMPANIES Price Int.Val. Rating
GWR Genesee&Wyomin 77.22 36.41  str.sell
CNI Canadian Natio 80.09 21.09  str.sell

COMPANY NEWS

▶ Guangshen Railway Filed 2015 Annual Report on Form 20-F   [Jul-07-16 06:25AM  PR Newswire]
▶ GUANGSHEN RAILWAY CO LTD Financials   [01:04PM  EDGAR Online Financials]
▶ POSITIVE PROFIT ALERT   [Jan-28-16 04:08AM  at noodls]
▶ Cross-listed Chinese shares slide in New York   [Jul-07  10:41AM  at MarketWatch]
▶ 5 Foreign Stocks to Buy for Gains at Home   [Oct-07  08:31AM  at TheStreet]
▶ Guangshen Railway Announces 2014 Interim Results   [Aug-21  10:40AM  PR Newswire]
▶ Why I Bought Guangshen Railway   [May-28  11:43AM  at Seeking Alpha]
▶ Guangshen Railway Announces 2013 Annual Results   [Mar-27  08:44AM  PR Newswire]
▶ [video] What happened to the rally?   [Jan-06  11:35AM  at CNBC]
▶ Guangshen Railway Enters Oversold Territory (GSH)   [Dec-09  11:58AM  at Forbes]
▶ Guangshen Railway Announces 2013 Interim Results   [Aug-22  09:40AM  PR Newswire]
▶ 3 Ways to Profit From China   [Apr-17  08:52AM  at Motley Fool]
▶ Guangshen Railway Announces 2012 Annual Results   [Mar-26  11:28AM  PR Newswire]
▶ Why Guangshen Railway Is Poised to Keep Chuggin'   [Mar-25  10:54AM  at Motley Fool]
▶ 3 Dominant International Opportunities   [Feb-06  04:38AM  at Motley Fool]
▶ Following Buffett Down the China Expressway   [Jan-03  05:52PM  at Motley Fool]
▶ Transportation Outpaces the Dow on Low-Cost Services   [Oct-10-12 09:30PM  at Motley Fool]
▶ 3 Stocks Near 52-Week Lows Worth Buying   [Sep-18-12 12:48PM  at Motley Fool]
▶ 5-Star Stocks Poised to Pop: Guangshen Railway   [Sep-06-12 02:08PM  at Motley Fool]
▶ 6 High Yield Stocks Undervalued By Levered Free Cash Flow   [Aug-28-12 01:05PM  at Seeking Alpha]
▶ The Most Promising Dividends in Railroads   [Aug-16-12 03:20PM  at Motley Fool]
▶ Biggest Transportation Sector Movers, Including KSU   [Jul-30-12 12:34PM  at Investopedia]
▶ Analysts Love These 5 Dirt-Cheap Dividend Stocks   [Jul-18-12 06:43AM  at Seeking Alpha]
▶ Transportation Sector's Biggest Movers for July 10, 2012   [Jul-10-12 01:03PM  at Investopedia]
▶ Transportation Sector Wrap   [Jul-05-12 05:47PM  at Fox Business]
▶ The Best Dividends On May 22, 2012   [May-21-12 11:33AM  at Seeking Alpha]
▶ Guangshen Railway Files Form 20-F   [Apr-27-12 06:15AM  PR Newswire]
▶ Transportation Sector Wrap   [Apr-19-12 05:14PM  at Fox Business]
▶ 3 Stocks on Our Radar   [Apr-14-12 06:19AM  at Motley Fool]
▶ 5-Star Stocks Poised to Pop: Guangshen Railway   [Apr-04-12 12:49PM  at Motley Fool]
▶ Ride the Rails in China   [Mar-29-12 01:47PM  at Motley Fool]
▶ Guangshen Railway Announces 2011 Annual Results   [Mar-27-12 12:14PM  PR Newswire]
▶ A Smarter Way to Invest in Emerging Markets: Dividends   [Feb-07-12 12:10PM  at Motley Fool]
▶ 5 BRIC Stocks Undervalued By Levered Free Cash Flows   [Jan-27-12 01:48AM  at Seeking Alpha]
▶ 7 Relatively Undervalued Companies By Book Value And Earnings   [Jan-26-12 09:50AM  at Seeking Alpha]
▶ 3 Deeply Undervalued Chinese Stocks To Buy Now   [Jan-16-12 02:27PM  at Motley Fool]
▶ The 10 Worst Road and Rail Stocks of 2011   [Dec-30-11 12:47PM  at Motley Fool]
▶ Four Stocks On Sale Right Now   [Dec-29-11 05:14PM  at Investopedia]
▶ 6 Chinese Stocks Undervalued By Levered Free Cash Flows   [Dec-22-11 01:32AM  at Seeking Alpha]
▶ 14 BRIC Stocks Undervalued By Levered Free Cash Flows   [Dec-08-11 08:02AM  at Seeking Alpha]
▶ Railroad Stocks: Bill Ackman Thinks They're Undervalued   [Nov-01-11 03:46PM  at Motley Fool]
▶ Guangshen Railway Announces 3Q 2011 Results   [Oct-25-11 10:59AM  PR Newswire]
▶ China Questions Big Four Auditors   [Oct-21-11 04:33PM  at Motley Fool]
▶ The Highest-Growth Road and Rail Stocks   [Oct-07-11 11:09AM  at Motley Fool]
▶ 5-Star Stocks Poised to Pop: Guangshen Railway   [Sep-06-11 09:26AM  at Motley Fool]
▶ Guangshen Railway Announces 2011 Interim Results   [Aug-18-11 11:31AM  PR Newswire]
▶ Three Stocks for Those Fed Up With the U.S. Economy   [Aug-09-11 03:52PM  at Motley Fool]
Financial statements of GSH
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.