Intrinsic value of China Lodging Group ADR - HTHT

Previous Close

$146.99

  Intrinsic Value

$268.54

stock screener

  Rating & Target

str. buy

+83%

Previous close

$146.99

 
Intrinsic value

$268.54

 
Up/down potential

+83%

 
Rating

str. buy

We calculate the intrinsic value of HTHT 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  13.29
  33.50
  30.65
  28.09
  25.78
  23.70
  21.83
  20.15
  18.63
  17.27
  16.04
  14.94
  13.94
  13.05
  12.24
  11.52
  10.87
  10.28
  9.75
  9.28
  8.85
  8.46
  8.12
  7.81
  7.53
  7.27
  7.05
  6.84
  6.66
  6.49
  6.34
Revenue, $m
  946
  1,263
  1,650
  2,113
  2,658
  3,288
  4,006
  4,813
  5,710
  6,696
  7,770
  8,930
  10,175
  11,503
  12,912
  14,399
  15,964
  17,605
  19,322
  21,115
  22,984
  24,929
  26,953
  29,057
  31,244
  33,516
  35,878
  38,333
  40,884
  43,538
  46,300
Variable operating expenses, $m
 
  819
  1,069
  1,369
  1,721
  2,128
  2,592
  3,113
  3,693
  4,330
  5,024
  5,772
  6,577
  7,435
  8,346
  9,307
  10,318
  11,379
  12,489
  13,648
  14,856
  16,113
  17,421
  18,781
  20,195
  21,664
  23,190
  24,776
  26,426
  28,141
  29,926
Fixed operating expenses, $m
 
  216
  222
  227
  233
  239
  245
  251
  257
  264
  270
  277
  284
  291
  298
  306
  313
  321
  329
  337
  346
  354
  363
  372
  382
  391
  401
  411
  421
  432
  443
Total operating expenses, $m
  820
  1,035
  1,291
  1,596
  1,954
  2,367
  2,837
  3,364
  3,950
  4,594
  5,294
  6,049
  6,861
  7,726
  8,644
  9,613
  10,631
  11,700
  12,818
  13,985
  15,202
  16,467
  17,784
  19,153
  20,577
  22,055
  23,591
  25,187
  26,847
  28,573
  30,369
Operating income, $m
  126
  228
  359
  518
  705
  922
  1,169
  1,449
  1,760
  2,102
  2,475
  2,881
  3,315
  3,777
  4,268
  4,787
  5,332
  5,905
  6,504
  7,130
  7,782
  8,462
  9,168
  9,903
  10,668
  11,462
  12,287
  13,145
  14,037
  14,965
  15,931
EBITDA, $m
  227
  361
  533
  740
  983
  1,266
  1,588
  1,951
  2,355
  2,800
  3,284
  3,808
  4,371
  4,972
  5,609
  6,282
  6,990
  7,733
  8,510
  9,322
  10,169
  11,050
  11,967
  12,921
  13,912
  14,942
  16,012
  17,125
  18,282
  19,486
  20,738
Interest expense (income), $m
  1
  0
  7
  16
  27
  39
  54
  70
  89
  110
  132
  157
  184
  212
  243
  275
  310
  346
  383
  423
  464
  507
  552
  599
  647
  697
  750
  804
  861
  919
  980
Earnings before tax, $m
  156
  228
  352
  501
  678
  882
  1,116
  1,378
  1,671
  1,992
  2,343
  2,724
  3,131
  3,565
  4,025
  4,511
  5,023
  5,559
  6,121
  6,707
  7,318
  7,954
  8,616
  9,305
  10,020
  10,764
  11,537
  12,341
  13,177
  14,046
  14,951
Tax expense, $m
  42
  62
  95
  135
  183
  238
  301
  372
  451
  538
  633
  736
  845
  962
  1,087
  1,218
  1,356
  1,501
  1,653
  1,811
  1,976
  2,148
  2,326
  2,512
  2,706
  2,906
  3,115
  3,332
  3,558
  3,792
  4,037
Net income, $m
  116
  166
  257
  366
  495
  644
  814
  1,006
  1,220
  1,454
  1,710
  1,989
  2,286
  2,602
  2,938
  3,293
  3,667
  4,058
  4,468
  4,896
  5,342
  5,807
  6,290
  6,793
  7,315
  7,858
  8,422
  9,009
  9,619
  10,253
  10,914

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  468
  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
  1,446
  1,306
  1,706
  2,186
  2,749
  3,400
  4,143
  4,977
  5,904
  6,924
  8,035
  9,235
  10,523
  11,896
  13,352
  14,890
  16,509
  18,206
  19,982
  21,835
  23,768
  25,780
  27,873
  30,049
  32,310
  34,660
  37,102
  39,641
  42,280
  45,024
  47,880
Adjusted assets (=assets-cash), $m
  978
  1,306
  1,706
  2,186
  2,749
  3,400
  4,143
  4,977
  5,904
  6,924
  8,035
  9,235
  10,523
  11,896
  13,352
  14,890
  16,509
  18,206
  19,982
  21,835
  23,768
  25,780
  27,873
  30,049
  32,310
  34,660
  37,102
  39,641
  42,280
  45,024
  47,880
Revenue / Adjusted assets
  0.967
  0.967
  0.967
  0.967
  0.967
  0.967
  0.967
  0.967
  0.967
  0.967
  0.967
  0.967
  0.967
  0.967
  0.967
  0.967
  0.967
  0.967
  0.967
  0.967
  0.967
  0.967
  0.967
  0.967
  0.967
  0.967
  0.967
  0.967
  0.967
  0.967
  0.967
Average production assets, $m
  590
  787
  1,028
  1,317
  1,656
  2,048
  2,496
  2,998
  3,557
  4,171
  4,840
  5,564
  6,339
  7,166
  8,044
  8,971
  9,946
  10,968
  12,038
  13,155
  14,319
  15,531
  16,792
  18,103
  19,465
  20,881
  22,352
  23,881
  25,471
  27,124
  28,845
Working capital, $m
  175
  -333
  -436
  -558
  -702
  -868
  -1,058
  -1,271
  -1,507
  -1,768
  -2,051
  -2,358
  -2,686
  -3,037
  -3,409
  -3,801
  -4,214
  -4,648
  -5,101
  -5,574
  -6,068
  -6,581
  -7,116
  -7,671
  -8,248
  -8,848
  -9,472
  -10,120
  -10,793
  -11,494
  -12,223
Total debt, $m
  43
  209
  463
  768
  1,126
  1,541
  2,013
  2,543
  3,133
  3,782
  4,488
  5,251
  6,070
  6,944
  7,870
  8,848
  9,878
  10,957
  12,086
  13,265
  14,494
  15,774
  17,105
  18,489
  19,927
  21,422
  22,975
  24,589
  26,268
  28,013
  29,830
Total liabilities, $m
  665
  831
  1,085
  1,390
  1,748
  2,163
  2,635
  3,165
  3,755
  4,404
  5,110
  5,873
  6,692
  7,566
  8,492
  9,470
  10,500
  11,579
  12,708
  13,887
  15,116
  16,396
  17,727
  19,111
  20,549
  22,044
  23,597
  25,211
  26,890
  28,635
  30,452
Total equity, $m
  781
  475
  621
  796
  1,001
  1,238
  1,508
  1,812
  2,149
  2,520
  2,925
  3,362
  3,830
  4,330
  4,860
  5,420
  6,009
  6,627
  7,273
  7,948
  8,652
  9,384
  10,146
  10,938
  11,761
  12,616
  13,505
  14,429
  15,390
  16,389
  17,428
Total liabilities and equity, $m
  1,446
  1,306
  1,706
  2,186
  2,749
  3,401
  4,143
  4,977
  5,904
  6,924
  8,035
  9,235
  10,522
  11,896
  13,352
  14,890
  16,509
  18,206
  19,981
  21,835
  23,768
  25,780
  27,873
  30,049
  32,310
  34,660
  37,102
  39,640
  42,280
  45,024
  47,880
Debt-to-equity ratio
  0.055
  0.440
  0.750
  0.970
  1.130
  1.240
  1.330
  1.400
  1.460
  1.500
  1.530
  1.560
  1.580
  1.600
  1.620
  1.630
  1.640
  1.650
  1.660
  1.670
  1.680
  1.680
  1.690
  1.690
  1.690
  1.700
  1.700
  1.700
  1.710
  1.710
  1.710
Adjusted equity ratio
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  116
  166
  257
  366
  495
  644
  814
  1,006
  1,220
  1,454
  1,710
  1,989
  2,286
  2,602
  2,938
  3,293
  3,667
  4,058
  4,468
  4,896
  5,342
  5,807
  6,290
  6,793
  7,315
  7,858
  8,422
  9,009
  9,619
  10,253
  10,914
Depreciation, amort., depletion, $m
  101
  134
  174
  222
  279
  344
  418
  502
  595
  698
  809
  927
  1,057
  1,194
  1,341
  1,495
  1,658
  1,828
  2,006
  2,192
  2,386
  2,588
  2,799
  3,017
  3,244
  3,480
  3,725
  3,980
  4,245
  4,521
  4,807
Funds from operations, $m
  345
  300
  431
  588
  773
  988
  1,233
  1,508
  1,815
  2,152
  2,519
  2,916
  3,342
  3,797
  4,279
  4,788
  5,324
  5,886
  6,474
  7,088
  7,729
  8,395
  9,089
  9,810
  10,559
  11,338
  12,148
  12,989
  13,864
  14,774
  15,721
Change in working capital, $m
  49
  -84
  -102
  -122
  -144
  -166
  -189
  -213
  -237
  -260
  -284
  -306
  -329
  -351
  -372
  -393
  -413
  -433
  -453
  -473
  -493
  -514
  -534
  -555
  -577
  -600
  -623
  -648
  -674
  -701
  -729
Cash from operations, $m
  296
  384
  533
  710
  917
  1,154
  1,422
  1,721
  2,052
  2,412
  2,803
  3,222
  3,671
  4,147
  4,651
  5,181
  5,737
  6,320
  6,928
  7,562
  8,222
  8,909
  9,623
  10,365
  11,136
  11,938
  12,771
  13,637
  14,538
  15,475
  16,450
Maintenance CAPEX, $m
  0
  -98
  -131
  -171
  -219
  -276
  -341
  -416
  -500
  -593
  -695
  -807
  -927
  -1,057
  -1,194
  -1,341
  -1,495
  -1,658
  -1,828
  -2,006
  -2,192
  -2,386
  -2,588
  -2,799
  -3,017
  -3,244
  -3,480
  -3,725
  -3,980
  -4,245
  -4,521
New CAPEX, $m
  -75
  -197
  -241
  -289
  -339
  -392
  -447
  -503
  -559
  -614
  -669
  -723
  -776
  -827
  -877
  -927
  -975
  -1,023
  -1,070
  -1,117
  -1,164
  -1,212
  -1,261
  -1,311
  -1,362
  -1,416
  -1,471
  -1,529
  -1,590
  -1,653
  -1,720
Cash from investing activities, $m
  27
  -295
  -372
  -460
  -558
  -668
  -788
  -919
  -1,059
  -1,207
  -1,364
  -1,530
  -1,703
  -1,884
  -2,071
  -2,268
  -2,470
  -2,681
  -2,898
  -3,123
  -3,356
  -3,598
  -3,849
  -4,110
  -4,379
  -4,660
  -4,951
  -5,254
  -5,570
  -5,898
  -6,241
Free cash flow, $m
  323
  88
  161
  250
  358
  486
  634
  803
  993
  1,205
  1,439
  1,692
  1,968
  2,263
  2,579
  2,914
  3,267
  3,639
  4,030
  4,439
  4,865
  5,310
  5,774
  6,256
  6,757
  7,278
  7,820
  8,383
  8,968
  9,576
  10,209
Issuance/(repayment) of debt, $m
  -7
  209
  255
  305
  358
  414
  472
  531
  590
  648
  706
  763
  819
  873
  926
  978
  1,029
  1,079
  1,129
  1,179
  1,229
  1,280
  1,331
  1,384
  1,438
  1,495
  1,553
  1,614
  1,678
  1,746
  1,816
Issuance/(repurchase) of shares, $m
  2
  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 from financing (excl. dividends), $m  
  4
  209
  255
  305
  358
  414
  472
  531
  590
  648
  706
  763
  819
  873
  926
  978
  1,029
  1,079
  1,129
  1,179
  1,229
  1,280
  1,331
  1,384
  1,438
  1,495
  1,553
  1,614
  1,678
  1,746
  1,816
Total cash flow (excl. dividends), $m
  329
  297
  415
  555
  717
  900
  1,106
  1,334
  1,583
  1,854
  2,145
  2,456
  2,787
  3,137
  3,505
  3,892
  4,296
  4,719
  5,159
  5,618
  6,094
  6,590
  7,105
  7,639
  8,195
  8,773
  9,373
  9,997
  10,646
  11,322
  12,025
Retained Cash Flow (-), $m
  -285
  -119
  -146
  -174
  -205
  -237
  -270
  -304
  -338
  -371
  -404
  -437
  -469
  -500
  -530
  -560
  -589
  -618
  -646
  -675
  -703
  -732
  -762
  -792
  -823
  -855
  -889
  -924
  -961
  -999
  -1,039
Prev. year cash balance distribution, $m
 
  425
  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
 
  602
  270
  381
  511
  663
  836
  1,030
  1,245
  1,483
  1,741
  2,019
  2,318
  2,637
  2,975
  3,332
  3,707
  4,101
  4,513
  4,943
  5,391
  5,857
  6,343
  6,847
  7,372
  7,917
  8,484
  9,073
  9,686
  10,323
  10,986
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
 
  577
  247
  331
  421
  514
  606
  696
  778
  852
  913
  959
  989
  1,003
  999
  978
  942
  892
  831
  761
  685
  606
  526
  449
  375
  308
  248
  195
  150
  113
  83
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

China Lodging Group, Limited is a holding company. The Company is a multi-brand hotel group in China with leased, manachised and franchised models. Under the lease model, the Company directly operates hotels located on leased properties. Under the manachise model, the Company manages manachised hotels through the on-site hotel managers the Company appoints and collects fees from franchisees. Under the franchise model, the Company provides training, reservation and support services to the franchised hotels and collects fees from franchisees. The Company has approximately 620 leased hotels; over 2,070 manachised hotels and approximately 80 franchised hotels in operation and over 20 leased hotels and approximately 660 manachised and franchised hotels under development. The Company offers approximately seven hotel brands that focus on various segments of customers: Joya Hotel, Manxin Hotels & Resorts, JI Hotel, Starway Hotel, Elan Hotel, HanTing Hotel and Hi Inn.

FINANCIAL RATIOS  of  China Lodging Group ADR (HTHT)

Valuation Ratios
P/E Ratio 352.6
Price to Sales 43.2
Price to Book 52.4
Price to Tangible Book
Price to Cash Flow 138.2
Price to Free Cash Flow 185.1
Growth Rates
Sales Growth Rate 13.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -20.2%
Cap. Spend. - 3 Yr. Gr. Rate -13.6%
Financial Strength
Quick Ratio 11
Current Ratio 0.1
LT Debt to Equity 0%
Total Debt to Equity 5.5%
Interest Coverage 157
Management Effectiveness
Return On Assets 9.1%
Ret/ On Assets - 3 Yr. Avg. 7%
Return On Total Capital 17%
Ret/ On T. Cap. - 3 Yr. Avg. 13.2%
Return On Equity 18.2%
Return On Equity - 3 Yr. Avg. 13.8%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 65.4%
Gross Margin - 3 Yr. Avg. 64.5%
EBITDA Margin 27.3%
EBITDA Margin - 3 Yr. Avg. 23.4%
Operating Margin 13.3%
Oper. Margin - 3 Yr. Avg. 10.5%
Pre-Tax Margin 16.5%
Pre-Tax Margin - 3 Yr. Avg. 12%
Net Profit Margin 12.3%
Net Profit Margin - 3 Yr. Avg. 8.6%
Effective Tax Rate 26.9%
Eff/ Tax Rate - 3 Yr. Avg. 28.6%
Payout Ratio 34.5%

HTHT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HTHT stock intrinsic value calculation we used $946 million for the last fiscal year's total revenue generated by China Lodging Group ADR. The default revenue input number comes from 2016 income statement of China Lodging Group 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 HTHT stock valuation model: a) initial revenue growth rate of 33.5% 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 HTHT is calculated based on our internal credit rating of China Lodging Group 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 China Lodging Group 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 HTHT stock the variable cost ratio is equal to 64.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $211 million in the base year in the intrinsic value calculation for HTHT 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 China Lodging Group ADR.

Corporate tax rate of 27% is the nominal tax rate for China Lodging Group 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 HTHT 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 HTHT are equal to 62.3%.

Life of production assets of 6 years is the average useful life of capital assets used in China Lodging Group 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 HTHT is equal to -26.4%. 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 - $781 million for China Lodging Group 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 67.784 million for China Lodging Group 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 China Lodging Group ADR at the current share price and the inputted number of shares is $10.0 billion.

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COMPANY NEWS

▶ [$$] OppenheimerFunds' Big Biotech Stock Buys   [Feb-07-18 08:28AM  Barrons.com]
▶ Why Oppenheimer's Leverenz Is Betting Big on China   [Jan-17-18 07:47PM  Bloomberg Video]
▶ These 5 Top China Stocks Are Basing, But Be Wary: Investing Action Plan   [Dec-26-17 04:10PM  Investor's Business Daily]
▶ IBD 50's China Lodging Earnings Top, But Revenue, Guidance Light   [Nov-28-17 04:51PM  Investor's Business Daily]
▶ China Lodging posts 3Q profit   [04:39PM  Associated Press]
▶ What To Expect From These Four IBD 50 Earnings Reports   [Nov-27-17 09:50AM  Investor's Business Daily]
▶ Stock Indexes Fall As Apple, Alphabet Weigh On Nasdaq   [Nov-14-17 12:13PM  Investor's Business Daily]
▶ China Lodging Group, Limited Announces Cash Dividend   [Oct-23-17 05:00AM  GlobeNewswire]
▶ 5 Strong Buy Stocks a Better Bet Than Bitcoin   [Aug-22-17 01:33PM  Zacks]
▶ China Lodging posts 2Q profit   [Aug-17-17 08:56PM  Associated Press]
▶ China Lodging seals US$500m acquisition loan   [Jun-01-17 12:19AM  Reuters]
▶ China Lodging posts 1Q profit   [May-10-17 05:52PM  Associated Press]
▶ China Lodging posts 4Q profit   [Mar-14-17 05:20PM  Associated Press]
▶ Tesla Is A Top Pick, China Lodging Upgraded, Gamestop A Buy   [Dec-30-16 04:10PM  Investor's Business Daily]
Financial statements of HTHT
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.

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