Intrinsic value of 51job ADR - JOBS

Previous Close

$56.40

  Intrinsic Value

$43.07

stock screener

  Rating & Target

sell

-24%

  Value-price divergence*

+469%

Previous close

$56.40

 
Intrinsic value

$43.07

 
Up/down potential

-24%

 
Rating

sell

 
Value-price divergence*

+469%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of JOBS 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 3.4

 

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, %
  13.80
  17.60
  16.34
  15.21
  14.19
  13.27
  12.44
  11.70
  11.03
  10.42
  9.88
  9.39
  8.95
  8.56
  8.20
  7.88
  7.59
  7.33
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.12
  6.01
  5.90
  5.81
  5.73
  5.66
  5.59
Revenue, $m
  338
  397
  462
  533
  608
  689
  775
  865
  961
  1,061
  1,166
  1,275
  1,389
  1,508
  1,632
  1,761
  1,894
  2,033
  2,178
  2,328
  2,484
  2,646
  2,815
  2,991
  3,174
  3,364
  3,563
  3,770
  3,986
  4,212
  4,447
Variable operating expenses, $m
 
  288
  334
  384
  439
  496
  558
  623
  691
  763
  838
  913
  995
  1,080
  1,168
  1,260
  1,356
  1,456
  1,559
  1,666
  1,778
  1,894
  2,015
  2,141
  2,272
  2,408
  2,550
  2,699
  2,853
  3,015
  3,183
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
  250
  288
  334
  384
  439
  496
  558
  623
  691
  763
  838
  913
  995
  1,080
  1,168
  1,260
  1,356
  1,456
  1,559
  1,666
  1,778
  1,894
  2,015
  2,141
  2,272
  2,408
  2,550
  2,699
  2,853
  3,015
  3,183
Operating income, $m
  89
  110
  128
  148
  170
  193
  217
  243
  270
  298
  328
  362
  395
  429
  464
  500
  538
  578
  619
  662
  706
  752
  800
  850
  902
  956
  1,012
  1,071
  1,133
  1,197
  1,264
EBITDA, $m
  98
  121
  141
  162
  185
  209
  235
  263
  292
  322
  354
  388
  422
  458
  496
  535
  576
  618
  662
  707
  755
  804
  855
  909
  964
  1,022
  1,083
  1,146
  1,211
  1,280
  1,351
Interest expense (income), $m
  5
  0
  1
  3
  4
  6
  8
  10
  12
  14
  16
  19
  21
  24
  26
  29
  32
  35
  38
  41
  45
  48
  52
  56
  60
  64
  68
  73
  77
  82
  87
Earnings before tax, $m
  101
  110
  127
  145
  165
  187
  209
  233
  258
  284
  312
  344
  374
  405
  437
  471
  506
  543
  581
  620
  661
  704
  748
  794
  842
  892
  944
  999
  1,055
  1,115
  1,176
Tax expense, $m
  19
  30
  34
  39
  45
  50
  56
  63
  70
  77
  84
  93
  101
  109
  118
  127
  137
  147
  157
  167
  178
  190
  202
  214
  227
  241
  255
  270
  285
  301
  318
Net income, $m
  82
  80
  93
  106
  121
  136
  153
  170
  188
  208
  228
  251
  273
  296
  319
  344
  370
  396
  424
  453
  483
  514
  546
  580
  615
  651
  689
  729
  770
  814
  859

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  880
  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
  1,119
  524
  609
  702
  801
  908
  1,021
  1,140
  1,266
  1,398
  1,536
  1,680
  1,831
  1,987
  2,150
  2,320
  2,496
  2,679
  2,869
  3,067
  3,273
  3,486
  3,709
  3,940
  4,181
  4,432
  4,694
  4,967
  5,252
  5,549
  5,859
Adjusted assets (=assets-cash), $m
  239
  524
  609
  702
  801
  908
  1,021
  1,140
  1,266
  1,398
  1,536
  1,680
  1,831
  1,987
  2,150
  2,320
  2,496
  2,679
  2,869
  3,067
  3,273
  3,486
  3,709
  3,940
  4,181
  4,432
  4,694
  4,967
  5,252
  5,549
  5,859
Revenue / Adjusted assets
  1.414
  0.758
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
Average production assets, $m
  88
  103
  120
  139
  158
  179
  201
  225
  250
  276
  303
  332
  361
  392
  424
  458
  493
  529
  566
  605
  646
  688
  732
  778
  825
  875
  926
  980
  1,036
  1,095
  1,156
Working capital, $m
  581
  -40
  -46
  -53
  -61
  -69
  -77
  -87
  -96
  -106
  -117
  -128
  -139
  -151
  -163
  -176
  -189
  -203
  -218
  -233
  -248
  -265
  -281
  -299
  -317
  -336
  -356
  -377
  -399
  -421
  -445
Total debt, $m
  182
  38
  80
  125
  174
  226
  281
  340
  401
  466
  533
  604
  677
  754
  834
  916
  1,003
  1,092
  1,185
  1,282
  1,382
  1,487
  1,596
  1,709
  1,827
  1,949
  2,077
  2,211
  2,350
  2,495
  2,647
Total liabilities, $m
  401
  256
  298
  343
  392
  444
  499
  558
  619
  684
  751
  822
  895
  972
  1,052
  1,134
  1,221
  1,310
  1,403
  1,500
  1,600
  1,705
  1,814
  1,927
  2,045
  2,167
  2,295
  2,429
  2,568
  2,713
  2,865
Total equity, $m
  719
  268
  311
  359
  410
  464
  522
  583
  647
  714
  785
  859
  935
  1,016
  1,099
  1,185
  1,275
  1,369
  1,466
  1,567
  1,672
  1,782
  1,895
  2,013
  2,137
  2,265
  2,399
  2,538
  2,684
  2,836
  2,994
Total liabilities and equity, $m
  1,120
  524
  609
  702
  802
  908
  1,021
  1,141
  1,266
  1,398
  1,536
  1,681
  1,830
  1,988
  2,151
  2,319
  2,496
  2,679
  2,869
  3,067
  3,272
  3,487
  3,709
  3,940
  4,182
  4,432
  4,694
  4,967
  5,252
  5,549
  5,859
Debt-to-equity ratio
  0.253
  0.140
  0.260
  0.350
  0.420
  0.490
  0.540
  0.580
  0.620
  0.650
  0.680
  0.700
  0.720
  0.740
  0.760
  0.770
  0.790
  0.800
  0.810
  0.820
  0.830
  0.830
  0.840
  0.850
  0.850
  0.860
  0.870
  0.870
  0.880
  0.880
  0.880
Adjusted equity ratio
  -0.674
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  82
  80
  93
  106
  121
  136
  153
  170
  188
  208
  228
  251
  273
  296
  319
  344
  370
  396
  424
  453
  483
  514
  546
  580
  615
  651
  689
  729
  770
  814
  859
Depreciation, amort., depletion, $m
  9
  11
  12
  14
  15
  17
  18
  20
  22
  24
  26
  25
  27
  30
  32
  35
  37
  40
  43
  46
  49
  52
  55
  59
  63
  66
  70
  74
  79
  83
  88
Funds from operations, $m
  196
  91
  105
  120
  136
  153
  171
  190
  210
  232
  254
  276
  300
  325
  351
  379
  407
  436
  467
  498
  531
  566
  601
  639
  677
  717
  759
  803
  849
  897
  946
Change in working capital, $m
  39
  -6
  -6
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
Cash from operations, $m
  157
  97
  111
  127
  143
  161
  180
  199
  220
  242
  264
  287
  312
  337
  364
  392
  420
  450
  481
  513
  547
  582
  618
  656
  695
  737
  779
  824
  871
  919
  970
Maintenance CAPEX, $m
  0
  -7
  -8
  -9
  -10
  -12
  -14
  -15
  -17
  -19
  -21
  -23
  -25
  -27
  -30
  -32
  -35
  -37
  -40
  -43
  -46
  -49
  -52
  -55
  -59
  -63
  -66
  -70
  -74
  -79
  -83
New CAPEX, $m
  -7
  -15
  -17
  -18
  -20
  -21
  -22
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -33
  -35
  -36
  -38
  -39
  -41
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -59
  -61
Cash from investing activities, $m
  -71
  -22
  -25
  -27
  -30
  -33
  -36
  -39
  -42
  -45
  -48
  -51
  -55
  -58
  -62
  -65
  -70
  -73
  -78
  -82
  -87
  -91
  -96
  -101
  -107
  -113
  -118
  -124
  -130
  -138
  -144
Free cash flow, $m
  86
  75
  87
  99
  113
  128
  144
  160
  178
  197
  216
  236
  257
  279
  302
  326
  351
  377
  404
  432
  461
  491
  522
  555
  589
  624
  661
  700
  740
  782
  826
Issuance/(repayment) of debt, $m
  0
  38
  42
  45
  49
  52
  55
  58
  61
  65
  68
  71
  74
  77
  80
  83
  86
  90
  93
  97
  101
  105
  109
  113
  118
  123
  128
  133
  139
  145
  152
Issuance/(repurchase) of shares, $m
  23
  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  
  23
  38
  42
  45
  49
  52
  55
  58
  61
  65
  68
  71
  74
  77
  80
  83
  86
  90
  93
  97
  101
  105
  109
  113
  118
  123
  128
  133
  139
  145
  152
Total cash flow (excl. dividends), $m
  115
  114
  129
  145
  162
  180
  199
  219
  240
  261
  284
  306
  330
  356
  382
  409
  437
  466
  497
  528
  561
  595
  631
  668
  707
  747
  789
  833
  879
  927
  978
Retained Cash Flow (-), $m
  -122
  -40
  -44
  -47
  -51
  -54
  -58
  -61
  -64
  -67
  -71
  -74
  -77
  -80
  -83
  -87
  -90
  -94
  -97
  -101
  -105
  -109
  -114
  -118
  -123
  -128
  -134
  -139
  -146
  -152
  -159
Prev. year cash balance distribution, $m
 
  492
  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
 
  565
  85
  97
  111
  126
  141
  158
  175
  194
  213
  232
  253
  275
  298
  322
  347
  373
  399
  427
  456
  486
  517
  550
  584
  619
  656
  694
  734
  775
  819
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
 
  541
  78
  85
  91
  97
  103
  107
  110
  111
  112
  110
  108
  105
  100
  95
  88
  81
  74
  66
  58
  50
  43
  36
  30
  24
  19
  15
  11
  8
  6
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

51job, Inc., through its subsidiaries, provides integrated human resource services in the People's Republic of China. The company provides recruitment advertising services, including online recruitment services through its Websites comprising 51job.com, yingjiesheng.com, and 51jingying.com; and print advertising services through 51job Weekly, a city-specific recruitment advertising publication. It also offers other human resource related services, such as business process outsourcing, which consist of social insurance and benefits processing, regulatory compliance with local governmental employment regulations, and payroll processing; and conducts training seminars in business management, leadership, sales and marketing, human resource, negotiation skills, financial planning and analysis, public administration, manufacturing, secretarial, and other skills. In addition, the company provides campus recruitment services to corporations that seek to recruit college and university students; and executive search and placement services to employers, which seek to fill mid-level professional, managerial, and junior executive positions. Further, it provides assessment tools that assist human resource departments in evaluating capabilities and dispositions of job candidates and existing employees; offers talent assessment services; conducts general and customized surveys on salary, employee retention, and other human resource related topics; organizes and hosts annual human resource conferences and events; and offers hiring and support services to employers on select recruitment projects. The company serves multinational corporations, large national Chinese corporations, and local Chinese enterprises. It provides its services through sales offices, and a national sales and customer service call center in Wuhan. 51job, Inc. was founded in 1998 and is based in Shanghai, the People’s Republic of China.

FINANCIAL RATIOS  of  51job ADR (JOBS)

Valuation Ratios
P/E Ratio 41.3
Price to Sales 10
Price to Book 4.7
Price to Tangible Book
Price to Cash Flow 21.6
Price to Free Cash Flow 22.6
Growth Rates
Sales Growth Rate 13.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -46.2%
Cap. Spend. - 3 Yr. Gr. Rate -26.2%
Financial Strength
Quick Ratio 5
Current Ratio 0.2
LT Debt to Equity 0%
Total Debt to Equity 25.3%
Interest Coverage 21
Management Effectiveness
Return On Assets 8.4%
Ret/ On Assets - 3 Yr. Avg. 9.4%
Return On Total Capital 9.9%
Ret/ On T. Cap. - 3 Yr. Avg. 11.1%
Return On Equity 12.5%
Return On Equity - 3 Yr. Avg. 13.8%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 71.6%
Gross Margin - 3 Yr. Avg. 72.3%
EBITDA Margin 34%
EBITDA Margin - 3 Yr. Avg. 35.9%
Operating Margin 26%
Oper. Margin - 3 Yr. Avg. 27.4%
Pre-Tax Margin 29.9%
Pre-Tax Margin - 3 Yr. Avg. 32.1%
Net Profit Margin 24.3%
Net Profit Margin - 3 Yr. Avg. 26%
Effective Tax Rate 18.8%
Eff/ Tax Rate - 3 Yr. Avg. 19.2%
Payout Ratio 0%

JOBS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the JOBS stock intrinsic value calculation we used $338 million for the last fiscal year's total revenue generated by 51job ADR. The default revenue input number comes from 2016 income statement of 51job 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 JOBS stock valuation model: a) initial revenue growth rate of 17.6% 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 JOBS is calculated based on our internal credit rating of 51job 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 51job 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 JOBS stock the variable cost ratio is equal to 72.5%.

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 JOBS 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 51job ADR.

Corporate tax rate of 27% is the nominal tax rate for 51job 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 JOBS 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 JOBS are equal to 26%.

Life of production assets of 13.2 years is the average useful life of capital assets used in 51job 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 JOBS is equal to -10%. 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 - $719 million for 51job 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 59.783 million for 51job 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 51job ADR at the current share price and the inputted number of shares is $3.4 billion.

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COMPANY NEWS

▶ Why 51job, Inc. (ADR) Stock Jumped Today   [Aug-04-17 01:25PM  Motley Fool]
▶ Trumps big Foxconn announcement will bring jobs and robots   [Jul-26-17 06:31PM  Yahoo Finance]
▶ ETFs with exposure to 51job, Inc. : July 11, 2017   [Jul-11-17 02:44PM  Capital Cube]
▶ ETFs with exposure to 51job, Inc. : June 29, 2017   [Jun-29-17 03:05PM  Capital Cube]
▶ ETFs with exposure to 51job, Inc. : June 9, 2017   [Jun-09-17 01:41PM  Capital Cube]
▶ 51job Keeps Moving to Hire Ground   [May-05-17 08:17AM  Motley Fool]
▶ 51job, Inc. Reports First Quarter 2017 Financial Results   [May-04-17 04:18PM  PR Newswire]
▶ 51job, Inc. Announces Board Change   [04:15PM  PR Newswire]
▶ 51job, Inc. Files Annual Report on Form 20-F   [Mar-31-17 10:00PM  PR Newswire]
▶ 51job Inc. Earnings: Making It Work   [Feb-22-17 07:03PM  Motley Fool]
▶ 51job Inc. Earnings: Making It Work   [07:03PM  at Motley Fool]
▶ Is 51job, Inc. (ADR) (JOBS) A Good Stock To Buy?   [Dec-16-16 01:59PM  Insider Monkey]
▶ Is 51job, Inc. (ADR) (JOBS) A Good Stock To Buy?   [01:59PM  at Insider Monkey]
▶ Is Baytex Energy Corp (USA) (BTE) Worthy of Your Portfolio?   [Dec-14-16 03:05AM  Insider Monkey]
▶ 51job Inc. Earnings: It's a Hire Sale   [Nov-11-16 02:31PM  at Motley Fool]
▶ 51job, Inc. Reports Third Quarter 2016 Financial Results   [Nov-10-16 04:15PM  PR Newswire]
▶ [$$] VC Profile: DCM Finds Exits With East Asia-U.S. Strategy   [Sep-06-16 09:05AM  at The Wall Street Journal]
▶ 51job Inc. Earnings: They're Still Hiring in China   [May-09-16 01:46PM  at Motley Fool]
▶ 51job, Inc. Reports First Quarter 2016 Financial Results   [May-05-16 04:15PM  PR Newswire]
▶ 51job, Inc. Files Annual Report on Form 20-F   [Mar-31-16 06:37AM  PR Newswire]
▶ Quinn: Yahoo's long line of possible suitors   [Dec-09  06:57PM  at San Jose Mercury News]
▶ More and More Top Investors Are Selling Yelp Inc (YELP)   [Nov-28  07:40PM  at Insider Monkey]
▶ What do Hedge Funds Think of Haemonetics Corporation (HAE)?   [Nov-26  05:14AM  at Insider Monkey]
▶ China ADRs: homecoming   [Jun-18  11:01AM  at Financial Times]
▶ 51job, Inc. Files Annual Report on Form 20-F   [Mar-31  08:07AM  at noodls]
▶ 51job, Inc. (JOBS) News 51job, Inc. S   [Feb-13  04:43AM  at noodls]
Stock chart of JOBS Financial statements of JOBS
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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