Intrinsic value of iKang Healthcare Group ADR - KANG

Previous Close

$14.29

  Intrinsic Value

$13.16

stock screener

  Rating & Target

hold

-8%

  Value-price divergence*

+164%

Previous close

$14.29

 
Intrinsic value

$13.16

 
Up/down potential

-8%

 
Rating

hold

 
Value-price divergence*

+164%

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

We calculate the intrinsic value of KANG 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 1.0

 

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, %
  27.49
  16.50
  15.35
  14.32
  13.38
  12.55
  11.79
  11.11
  10.50
  9.95
  9.46
  9.01
  8.61
  8.25
  7.92
  7.63
  7.37
  7.13
  6.92
  6.73
  6.55
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
  5.60
  5.54
Revenue, $m
  371
  432
  499
  570
  646
  727
  813
  903
  998
  1,098
  1,201
  1,310
  1,422
  1,540
  1,662
  1,788
  1,920
  2,057
  2,199
  2,347
  2,501
  2,661
  2,828
  3,001
  3,182
  3,370
  3,566
  3,771
  3,985
  4,208
  4,441
Variable operating expenses, $m
 
  370
  425
  484
  548
  615
  686
  761
  840
  923
  1,009
  1,088
  1,181
  1,279
  1,380
  1,485
  1,595
  1,709
  1,827
  1,950
  2,077
  2,210
  2,349
  2,493
  2,643
  2,799
  2,962
  3,132
  3,310
  3,495
  3,689
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
  345
  370
  425
  484
  548
  615
  686
  761
  840
  923
  1,009
  1,088
  1,181
  1,279
  1,380
  1,485
  1,595
  1,709
  1,827
  1,950
  2,077
  2,210
  2,349
  2,493
  2,643
  2,799
  2,962
  3,132
  3,310
  3,495
  3,689
Operating income, $m
  26
  62
  74
  86
  99
  112
  127
  142
  158
  175
  193
  222
  241
  261
  281
  303
  325
  348
  373
  398
  424
  451
  479
  508
  539
  571
  604
  639
  675
  713
  752
EBITDA, $m
  56
  91
  105
  120
  136
  153
  171
  190
  210
  231
  252
  275
  299
  324
  349
  376
  404
  432
  462
  493
  526
  559
  594
  631
  669
  708
  750
  793
  838
  884
  933
Interest expense (income), $m
  2
  8
  10
  13
  16
  19
  22
  25
  29
  32
  36
  40
  44
  49
  53
  58
  63
  68
  73
  78
  84
  90
  96
  103
  109
  116
  123
  131
  139
  147
  156
Earnings before tax, $m
  24
  54
  63
  73
  83
  94
  105
  117
  130
  143
  157
  182
  197
  212
  228
  245
  263
  281
  300
  319
  340
  361
  383
  406
  430
  455
  481
  508
  536
  566
  597
Tax expense, $m
  6
  15
  17
  20
  22
  25
  28
  32
  35
  39
  42
  49
  53
  57
  62
  66
  71
  76
  81
  86
  92
  97
  103
  110
  116
  123
  130
  137
  145
  153
  161
Net income, $m
  18
  40
  46
  53
  60
  68
  77
  85
  95
  104
  114
  133
  144
  155
  167
  179
  192
  205
  219
  233
  248
  263
  279
  296
  314
  332
  351
  371
  391
  413
  435

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  120
  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
  804
  797
  920
  1,052
  1,192
  1,342
  1,500
  1,667
  1,842
  2,025
  2,216
  2,416
  2,624
  2,841
  3,066
  3,300
  3,543
  3,795
  4,058
  4,331
  4,615
  4,910
  5,217
  5,537
  5,870
  6,218
  6,580
  6,958
  7,352
  7,764
  8,194
Adjusted assets (=assets-cash), $m
  684
  797
  920
  1,052
  1,192
  1,342
  1,500
  1,667
  1,842
  2,025
  2,216
  2,416
  2,624
  2,841
  3,066
  3,300
  3,543
  3,795
  4,058
  4,331
  4,615
  4,910
  5,217
  5,537
  5,870
  6,218
  6,580
  6,958
  7,352
  7,764
  8,194
Revenue / Adjusted assets
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
  0.542
Average production assets, $m
  152
  176
  203
  233
  264
  297
  332
  369
  407
  448
  490
  534
  580
  628
  678
  730
  783
  839
  897
  958
  1,020
  1,086
  1,154
  1,224
  1,298
  1,375
  1,455
  1,539
  1,626
  1,717
  1,812
Working capital, $m
  107
  47
  54
  62
  70
  79
  88
  98
  108
  119
  130
  141
  154
  166
  179
  193
  207
  222
  238
  254
  270
  287
  305
  324
  344
  364
  385
  407
  430
  454
  480
Total debt, $m
  283
  297
  370
  449
  533
  622
  716
  815
  920
  1,029
  1,143
  1,262
  1,386
  1,515
  1,649
  1,789
  1,933
  2,084
  2,241
  2,403
  2,572
  2,748
  2,931
  3,122
  3,321
  3,528
  3,744
  3,969
  4,204
  4,449
  4,706
Total liabilities, $m
  461
  475
  548
  627
  711
  800
  894
  993
  1,098
  1,207
  1,321
  1,440
  1,564
  1,693
  1,827
  1,967
  2,111
  2,262
  2,419
  2,581
  2,750
  2,926
  3,109
  3,300
  3,499
  3,706
  3,922
  4,147
  4,382
  4,627
  4,884
Total equity, $m
  343
  322
  372
  425
  482
  542
  606
  673
  744
  818
  895
  976
  1,060
  1,148
  1,239
  1,333
  1,431
  1,533
  1,639
  1,750
  1,864
  1,984
  2,108
  2,237
  2,372
  2,512
  2,658
  2,811
  2,970
  3,137
  3,311
Total liabilities and equity, $m
  804
  797
  920
  1,052
  1,193
  1,342
  1,500
  1,666
  1,842
  2,025
  2,216
  2,416
  2,624
  2,841
  3,066
  3,300
  3,542
  3,795
  4,058
  4,331
  4,614
  4,910
  5,217
  5,537
  5,871
  6,218
  6,580
  6,958
  7,352
  7,764
  8,195
Debt-to-equity ratio
  0.825
  0.920
  1.000
  1.060
  1.110
  1.150
  1.180
  1.210
  1.240
  1.260
  1.280
  1.290
  1.310
  1.320
  1.330
  1.340
  1.350
  1.360
  1.370
  1.370
  1.380
  1.390
  1.390
  1.400
  1.400
  1.400
  1.410
  1.410
  1.420
  1.420
  1.420
Adjusted equity ratio
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  18
  40
  46
  53
  60
  68
  77
  85
  95
  104
  114
  133
  144
  155
  167
  179
  192
  205
  219
  233
  248
  263
  279
  296
  314
  332
  351
  371
  391
  413
  435
Depreciation, amort., depletion, $m
  30
  29
  31
  34
  37
  41
  44
  48
  52
  56
  60
  53
  58
  63
  68
  73
  78
  84
  90
  96
  102
  109
  115
  122
  130
  137
  146
  154
  163
  172
  181
Funds from operations, $m
  41
  68
  77
  87
  98
  109
  121
  133
  146
  160
  174
  186
  202
  218
  235
  252
  270
  289
  308
  329
  350
  372
  395
  419
  443
  469
  496
  525
  554
  585
  617
Change in working capital, $m
  -3
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  15
  16
  17
  17
  18
  19
  20
  20
  21
  22
  23
  24
  25
Cash from operations, $m
  44
  62
  70
  79
  90
  100
  111
  123
  136
  149
  163
  174
  189
  205
  221
  238
  256
  274
  293
  313
  333
  355
  377
  400
  424
  449
  475
  502
  531
  561
  592
Maintenance CAPEX, $m
  0
  -15
  -18
  -20
  -23
  -26
  -30
  -33
  -37
  -41
  -45
  -49
  -53
  -58
  -63
  -68
  -73
  -78
  -84
  -90
  -96
  -102
  -109
  -115
  -122
  -130
  -137
  -146
  -154
  -163
  -172
New CAPEX, $m
  -37
  -25
  -27
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -58
  -60
  -63
  -65
  -68
  -71
  -74
  -77
  -80
  -84
  -87
  -91
  -95
Cash from investing activities, $m
  -262
  -40
  -45
  -49
  -54
  -59
  -65
  -70
  -76
  -82
  -87
  -93
  -99
  -106
  -113
  -120
  -127
  -134
  -142
  -150
  -159
  -167
  -177
  -186
  -196
  -207
  -217
  -230
  -241
  -254
  -267
Free cash flow, $m
  -218
  22
  25
  30
  35
  41
  47
  53
  60
  68
  76
  81
  90
  99
  109
  119
  129
  140
  151
  163
  175
  187
  200
  214
  228
  242
  258
  273
  290
  307
  325
Issuance/(repayment) of debt, $m
  232
  67
  73
  78
  84
  89
  94
  99
  104
  109
  114
  119
  124
  129
  134
  139
  145
  151
  156
  163
  169
  176
  183
  191
  199
  207
  216
  225
  235
  245
  256
Issuance/(repurchase) of shares, $m
  8
  7
  3
  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  
  237
  74
  76
  78
  84
  89
  94
  99
  104
  109
  114
  119
  124
  129
  134
  139
  145
  151
  156
  163
  169
  176
  183
  191
  199
  207
  216
  225
  235
  245
  256
Total cash flow (excl. dividends), $m
  11
  95
  102
  109
  119
  130
  141
  153
  165
  177
  190
  200
  214
  228
  243
  258
  274
  290
  308
  325
  344
  363
  383
  404
  426
  449
  473
  499
  525
  552
  581
Retained Cash Flow (-), $m
  -24
  -46
  -49
  -53
  -57
  -60
  -64
  -67
  -71
  -74
  -77
  -81
  -84
  -87
  -91
  -95
  -98
  -102
  -106
  -110
  -115
  -119
  -124
  -129
  -135
  -140
  -146
  -153
  -159
  -166
  -174
Prev. year cash balance distribution, $m
 
  67
  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
 
  116
  52
  55
  62
  69
  77
  85
  94
  103
  113
  120
  130
  141
  152
  164
  176
  188
  201
  215
  229
  244
  259
  275
  292
  309
  327
  346
  365
  386
  407
Discount rate, %
 
  5.70
  5.99
  6.28
  6.60
  6.93
  7.27
  7.64
  8.02
  8.42
  8.84
  9.28
  9.75
  10.24
  10.75
  11.29
  11.85
  12.44
  13.06
  13.72
  14.40
  15.12
  15.88
  16.67
  17.51
  18.38
  19.30
  20.27
  21.28
  22.34
  23.46
PV of cash for distribution, $m
 
  110
  47
  46
  48
  50
  51
  51
  51
  50
  48
  45
  43
  40
  36
  33
  29
  26
  22
  19
  16
  13
  10
  8
  6
  5
  3
  2
  2
  1
  1
Current shareholders' claim on cash, %
  100
  99.2
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8

iKang Healthcare Group, Inc., together with its subsidiaries, provides preventive healthcare solutions in the People’s Republic of China. The company operates in two segments, Medical Examinations and Other Medical Services, and Dental Services. It offers a range of medical examinations, including internal, gynecology, ophthalmology, ENT, dental, lab tests, electrocardiogram, ultrasound, and X-ray examination items. The company also provides value-added services at selected medical centers, such as disease screening focusing on cancer screening, cardiovascular and chronic disease screening, and functional medicine testing; dental care comprising oral health, pediatric and cosmetic dentistry, orthodontics, and dental implants; outpatient services, which consists of acupuncture, Chinese medicine, gynecology, internal medicine, obstetrics, ophthalmology, pediatrics, urology, and minor surgery; and on-site healthcare management or clinical services. It primarily serves corporate and individual customers through a network of self-owned medical centers and the facilities of third-party service providers. As of June 9, 2016, it owned and operated a network of 89 self-owned medical centers in 27 cities of China, including Beijing, Shanghai, Guangzhou, Shenzhen, Chongqing, Tianjin, Nanjing, Suzhou, Hangzhou, Chengdu, Fuzhou, Changchun, Jiangyin, Changzhou, Wuhan, Changsha, Yantai, Yinchuan, Weihai, Weifang, Shenyang, Xi’an, Wuhu, Guiyang, Ningbo, and Foshan, as well as Hong Kong. The company was formerly known as China iKang Healthcare, Inc. and changed its name to iKang Healthcare Group, Inc. in February 2014. iKang Healthcare Group, Inc. is headquartered in Beijing, the People’s Republic of China.

FINANCIAL RATIOS  of  iKang Healthcare Group ADR (KANG)

Valuation Ratios
P/E Ratio 27.3
Price to Sales 1.3
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 11.2
Price to Free Cash Flow 70.1
Growth Rates
Sales Growth Rate 27.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -7.5%
Cap. Spend. - 3 Yr. Gr. Rate 29.9%
Financial Strength
Quick Ratio 2
Current Ratio 0.2
LT Debt to Equity 67.1%
Total Debt to Equity 82.5%
Interest Coverage 13
Management Effectiveness
Return On Assets 3%
Ret/ On Assets - 3 Yr. Avg. 7.2%
Return On Total Capital 3.6%
Ret/ On T. Cap. - 3 Yr. Avg. 10.3%
Return On Equity 5.4%
Return On Equity - 3 Yr. Avg. 12.2%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 43.1%
Gross Margin - 3 Yr. Avg. 45.8%
EBITDA Margin 15.1%
EBITDA Margin - 3 Yr. Avg. 19.4%
Operating Margin 7%
Oper. Margin - 3 Yr. Avg. 12.5%
Pre-Tax Margin 6.5%
Pre-Tax Margin - 3 Yr. Avg. 12%
Net Profit Margin 4.9%
Net Profit Margin - 3 Yr. Avg. 8.3%
Effective Tax Rate 25%
Eff/ Tax Rate - 3 Yr. Avg. 29.6%
Payout Ratio 0%

KANG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the KANG stock intrinsic value calculation we used $371 million for the last fiscal year's total revenue generated by iKang Healthcare Group ADR. The default revenue input number comes from 2016 income statement of iKang Healthcare 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 KANG stock valuation model: a) initial revenue growth rate of 16.5% 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 5.7%, whose default value for KANG is calculated based on our internal credit rating of iKang Healthcare 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 iKang Healthcare 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 KANG stock the variable cost ratio is equal to 86%.

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 KANG 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 iKang Healthcare Group ADR.

Corporate tax rate of 27% is the nominal tax rate for iKang Healthcare 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 KANG 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 KANG are equal to 40.8%.

Life of production assets of 10 years is the average useful life of capital assets used in iKang Healthcare 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 KANG is equal to 10.8%. 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 - $343 million for iKang Healthcare 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 68.424 million for iKang Healthcare 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 iKang Healthcare Group ADR at the current share price and the inputted number of shares is $1.0 billion.

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COMPANY NEWS

▶ iKang Filed 2015 Annual Report on Form 20-F   [Aug-01-16 07:45AM  GlobeNewswire]
▶ Is iKang Healthcare Group Inc (ADR) (KANG) A Good Stock To Buy?   [Dec-10  01:42PM  at Insider Monkey]
▶ Meinian Responds to iKang's "Poison Pill" Rights Plan   [Dec-03  01:26PM  PR Newswire]
▶ iKang Healthcare Group, Inc. Adopts Rights Agreement   [Dec-02  09:15AM  GlobeNewswire]
▶ Do Hedge Funds Love Benefitfocus Inc (BNFT)?   [Nov-27  06:29AM  at Insider Monkey]
▶ iKang Announces Changes to the Board of Directors   [Oct-15  08:47AM  GlobeNewswire]
▶ After Carnage, Pros Pinpoint Bargains in China   [Sep-05  02:22AM  at Barrons.com]
▶ 3 Healthy Alternatives To A Biotech Bubble   [Aug-19  06:15AM  at Forbes]
▶ China Stocks Rebound After New Rules, IPOs Hit Shanghai   [Jun-15  05:35PM  at Investor's Business Daily]
▶ Will iKang Break Out On Healthy Q1 Earnings?   [Jun-04  12:45PM  at Investor's Business Daily]
▶ Monday Bounce Caps A Wild May For China-Based Leaders   [Jun-01  06:09PM  at Investor's Business Daily]
▶ Stocks Recover: Ambarella, iKang Healthcare Soar   [12:03PM  at Investor's Business Daily]
Financial statements of KANG
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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