Intrinsic value of Kingold Jewelry - KGJI

Previous Close

$1.78

  Intrinsic Value

$189.35

stock screener

  Rating & Target

str. buy

+999%

  Value-price divergence*

+5000%

Previous close

$1.78

 
Intrinsic value

$189.35

 
Up/down potential

+999%

 
Rating

str. buy

 
Value-price divergence*

+5000%

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

We calculate the intrinsic value of KGJI 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 0.1

 

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, %
  42.10
  48.10
  43.79
  39.91
  36.42
  33.28
  30.45
  27.91
  25.61
  23.55
  21.70
  20.03
  18.53
  17.17
  15.96
  14.86
  13.87
  12.99
  12.19
  11.47
  10.82
  10.24
  9.72
  9.24
  8.82
  8.44
  8.09
  7.78
  7.51
  7.26
  7.03
Revenue, $m
  1,421
  1,481
  2,130
  2,979
  4,065
  5,417
  7,067
  9,039
  11,354
  14,028
  17,072
  20,491
  24,287
  28,458
  32,998
  37,902
  43,160
  48,765
  54,709
  60,983
  67,583
  74,504
  81,742
  89,299
  97,175
  105,374
  113,904
  122,771
  131,986
  141,563
  151,515
Variable operating expenses, $m
 
  973
  1,399
  1,957
  2,670
  3,559
  4,643
  5,938
  7,459
  9,216
  11,216
  13,463
  15,957
  18,697
  21,680
  24,902
  28,356
  32,039
  35,944
  40,066
  44,402
  48,949
  53,705
  58,669
  63,844
  69,231
  74,835
  80,660
  86,715
  93,007
  99,545
Fixed operating expenses, $m
 
  330
  338
  347
  355
  364
  373
  383
  392
  402
  412
  422
  433
  444
  455
  466
  478
  490
  502
  515
  528
  541
  554
  568
  582
  597
  612
  627
  643
  659
  675
Total operating expenses, $m
  1,223
  1,303
  1,737
  2,304
  3,025
  3,923
  5,016
  6,321
  7,851
  9,618
  11,628
  13,885
  16,390
  19,141
  22,135
  25,368
  28,834
  32,529
  36,446
  40,581
  44,930
  49,490
  54,259
  59,237
  64,426
  69,828
  75,447
  81,287
  87,358
  93,666
  100,220
Operating income, $m
  197
  178
  392
  675
  1,039
  1,494
  2,050
  2,718
  3,502
  4,409
  5,443
  6,606
  7,897
  9,317
  10,863
  12,534
  14,326
  16,237
  18,263
  20,403
  22,653
  25,014
  27,483
  30,061
  32,749
  35,546
  38,457
  41,483
  44,628
  47,897
  51,294
EBITDA, $m
  198
  179
  394
  678
  1,043
  1,499
  2,058
  2,727
  3,513
  4,424
  5,461
  6,626
  7,922
  9,346
  10,896
  12,572
  14,369
  16,285
  18,318
  20,464
  22,721
  25,088
  27,565
  30,151
  32,846
  35,652
  38,571
  41,606
  44,760
  48,039
  51,446
Interest expense (income), $m
  60
  5
  8
  13
  19
  27
  36
  48
  62
  78
  97
  118
  142
  169
  198
  230
  264
  301
  341
  383
  427
  473
  522
  573
  626
  681
  739
  799
  861
  926
  993
Earnings before tax, $m
  126
  173
  384
  662
  1,020
  1,467
  2,014
  2,670
  3,440
  4,332
  5,347
  6,488
  7,755
  9,148
  10,665
  12,304
  14,062
  15,935
  17,922
  20,020
  22,227
  24,541
  26,962
  29,489
  32,123
  34,865
  37,718
  40,684
  43,767
  46,971
  50,301
Tax expense, $m
  33
  47
  104
  179
  275
  396
  544
  721
  929
  1,170
  1,444
  1,752
  2,094
  2,470
  2,880
  3,322
  3,797
  4,302
  4,839
  5,405
  6,001
  6,626
  7,280
  7,962
  8,673
  9,414
  10,184
  10,985
  11,817
  12,682
  13,581
Net income, $m
  93
  126
  280
  483
  744
  1,071
  1,470
  1,949
  2,512
  3,162
  3,903
  4,736
  5,661
  6,678
  7,786
  8,982
  10,265
  11,633
  13,083
  14,615
  16,225
  17,915
  19,682
  21,527
  23,450
  25,452
  27,534
  29,700
  31,950
  34,289
  36,720

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  303
  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
  2,262
  692
  995
  1,392
  1,898
  2,530
  3,301
  4,222
  5,303
  6,552
  7,974
  9,571
  11,344
  13,292
  15,413
  17,703
  20,159
  22,777
  25,553
  28,484
  31,566
  34,798
  38,179
  41,709
  45,388
  49,217
  53,201
  57,343
  61,647
  66,120
  70,768
Adjusted assets (=assets-cash), $m
  1,959
  692
  995
  1,392
  1,898
  2,530
  3,301
  4,222
  5,303
  6,552
  7,974
  9,571
  11,344
  13,292
  15,413
  17,703
  20,159
  22,777
  25,553
  28,484
  31,566
  34,798
  38,179
  41,709
  45,388
  49,217
  53,201
  57,343
  61,647
  66,120
  70,768
Revenue / Adjusted assets
  0.725
  2.140
  2.141
  2.140
  2.142
  2.141
  2.141
  2.141
  2.141
  2.141
  2.141
  2.141
  2.141
  2.141
  2.141
  2.141
  2.141
  2.141
  2.141
  2.141
  2.141
  2.141
  2.141
  2.141
  2.141
  2.141
  2.141
  2.141
  2.141
  2.141
  2.141
Average production assets, $m
  8
  13
  19
  27
  37
  49
  64
  81
  102
  126
  154
  184
  219
  256
  297
  341
  388
  439
  492
  549
  608
  671
  736
  804
  875
  948
  1,025
  1,105
  1,188
  1,274
  1,364
Working capital, $m
  460
  428
  615
  861
  1,175
  1,566
  2,042
  2,612
  3,281
  4,054
  4,934
  5,922
  7,019
  8,224
  9,537
  10,954
  12,473
  14,093
  15,811
  17,624
  19,532
  21,532
  23,624
  25,807
  28,084
  30,453
  32,918
  35,481
  38,144
  40,912
  43,788
Total debt, $m
  1,949
  241
  372
  542
  760
  1,032
  1,363
  1,759
  2,224
  2,761
  3,373
  4,059
  4,822
  5,659
  6,571
  7,556
  8,612
  9,738
  10,932
  12,192
  13,517
  14,907
  16,361
  17,879
  19,461
  21,107
  22,820
  24,601
  26,452
  28,376
  30,374
Total liabilities, $m
  1,980
  297
  428
  598
  816
  1,088
  1,419
  1,815
  2,280
  2,817
  3,429
  4,115
  4,878
  5,715
  6,627
  7,612
  8,668
  9,794
  10,988
  12,248
  13,573
  14,963
  16,417
  17,935
  19,517
  21,163
  22,876
  24,657
  26,508
  28,432
  30,430
Total equity, $m
  282
  394
  567
  793
  1,082
  1,442
  1,881
  2,406
  3,023
  3,735
  4,545
  5,455
  6,466
  7,576
  8,785
  10,091
  11,491
  12,983
  14,565
  16,236
  17,993
  19,835
  21,762
  23,774
  25,871
  28,054
  30,325
  32,685
  35,139
  37,688
  40,338
Total liabilities and equity, $m
  2,262
  691
  995
  1,391
  1,898
  2,530
  3,300
  4,221
  5,303
  6,552
  7,974
  9,570
  11,344
  13,291
  15,412
  17,703
  20,159
  22,777
  25,553
  28,484
  31,566
  34,798
  38,179
  41,709
  45,388
  49,217
  53,201
  57,342
  61,647
  66,120
  70,768
Debt-to-equity ratio
  6.911
  0.610
  0.660
  0.680
  0.700
  0.720
  0.720
  0.730
  0.740
  0.740
  0.740
  0.740
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
Adjusted equity ratio
  0.124
  0.570
  0.570
  0.570
  0.570
  0.570
  0.570
  0.570
  0.570
  0.570
  0.570
  0.570
  0.570
  0.570
  0.570
  0.570
  0.570
  0.570
  0.570
  0.570
  0.570
  0.570
  0.570
  0.570
  0.570
  0.570
  0.570
  0.570
  0.570
  0.570
  0.570

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  93
  126
  280
  483
  744
  1,071
  1,470
  1,949
  2,512
  3,162
  3,903
  4,736
  5,661
  6,678
  7,786
  8,982
  10,265
  11,633
  13,083
  14,615
  16,225
  17,915
  19,682
  21,527
  23,450
  25,452
  27,534
  29,700
  31,950
  34,289
  36,720
Depreciation, amort., depletion, $m
  1
  1
  2
  3
  4
  5
  7
  9
  11
  14
  17
  20
  24
  28
  33
  38
  43
  49
  55
  61
  68
  75
  82
  89
  97
  105
  114
  123
  132
  142
  152
Funds from operations, $m
  -186
  128
  282
  486
  748
  1,076
  1,478
  1,958
  2,523
  3,176
  3,920
  4,757
  5,686
  6,707
  7,819
  9,020
  10,308
  11,681
  13,138
  14,676
  16,293
  17,989
  19,764
  21,616
  23,547
  25,557
  27,648
  29,822
  32,082
  34,431
  36,871
Change in working capital, $m
  -112
  139
  187
  246
  314
  391
  477
  570
  669
  773
  880
  988
  1,097
  1,205
  1,312
  1,417
  1,520
  1,620
  1,718
  1,813
  1,907
  2,000
  2,092
  2,184
  2,276
  2,370
  2,465
  2,563
  2,663
  2,768
  2,876
Cash from operations, $m
  -74
  -12
  95
  241
  435
  686
  1,001
  1,388
  1,854
  2,403
  3,041
  3,769
  4,589
  5,501
  6,506
  7,603
  8,788
  10,062
  11,420
  12,862
  14,386
  15,989
  17,672
  19,432
  21,271
  23,187
  25,183
  27,260
  29,419
  31,663
  33,995
Maintenance CAPEX, $m
  0
  -1
  -1
  -2
  -3
  -4
  -5
  -7
  -9
  -11
  -14
  -17
  -20
  -24
  -28
  -33
  -38
  -43
  -49
  -55
  -61
  -68
  -75
  -82
  -89
  -97
  -105
  -114
  -123
  -132
  -142
New CAPEX, $m
  -2
  -4
  -6
  -8
  -10
  -12
  -15
  -18
  -21
  -24
  -27
  -31
  -34
  -38
  -41
  -44
  -47
  -50
  -53
  -56
  -59
  -62
  -65
  -68
  -71
  -74
  -77
  -80
  -83
  -86
  -90
Cash from investing activities, $m
  -1,763
  -5
  -7
  -10
  -13
  -16
  -20
  -25
  -30
  -35
  -41
  -48
  -54
  -62
  -69
  -77
  -85
  -93
  -102
  -111
  -120
  -130
  -140
  -150
  -160
  -171
  -182
  -194
  -206
  -218
  -232
Free cash flow, $m
  -1,837
  -18
  87
  231
  422
  669
  981
  1,363
  1,824
  2,368
  2,999
  3,721
  4,534
  5,440
  6,437
  7,526
  8,703
  9,968
  11,318
  12,751
  14,265
  15,859
  17,532
  19,282
  21,110
  23,016
  25,001
  27,066
  29,213
  31,445
  33,764
Issuance/(repayment) of debt, $m
  1,909
  96
  130
  171
  218
  272
  331
  396
  465
  537
  611
  687
  762
  838
  912
  985
  1,056
  1,126
  1,194
  1,260
  1,325
  1,390
  1,454
  1,518
  1,582
  1,647
  1,713
  1,781
  1,851
  1,923
  1,999
Issuance/(repurchase) of shares, $m
  0
  50
  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  
  1,857
  146
  130
  171
  218
  272
  331
  396
  465
  537
  611
  687
  762
  838
  912
  985
  1,056
  1,126
  1,194
  1,260
  1,325
  1,390
  1,454
  1,518
  1,582
  1,647
  1,713
  1,781
  1,851
  1,923
  1,999
Total cash flow (excl. dividends), $m
  18
  79
  218
  402
  640
  941
  1,312
  1,759
  2,289
  2,905
  3,610
  4,407
  5,296
  6,277
  7,349
  8,510
  9,759
  11,094
  12,512
  14,011
  15,591
  17,249
  18,986
  20,800
  22,692
  24,663
  26,714
  28,847
  31,064
  33,368
  35,763
Retained Cash Flow (-), $m
  -16
  -128
  -173
  -226
  -289
  -360
  -439
  -525
  -616
  -712
  -810
  -910
  -1,011
  -1,110
  -1,209
  -1,305
  -1,400
  -1,492
  -1,582
  -1,670
  -1,757
  -1,842
  -1,927
  -2,012
  -2,097
  -2,183
  -2,271
  -2,361
  -2,453
  -2,550
  -2,650
Prev. year cash balance distribution, $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 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
 
  0
  45
  175
  351
  581
  873
  1,234
  1,673
  2,193
  2,800
  3,497
  4,286
  5,167
  6,140
  7,205
  8,359
  9,601
  10,929
  12,341
  13,834
  15,407
  17,059
  18,788
  20,595
  22,480
  24,443
  26,486
  28,611
  30,819
  33,113
Discount rate, %
 
  7.00
  7.35
  7.72
  8.10
  8.51
  8.93
  9.38
  9.85
  10.34
  10.86
  11.40
  11.97
  12.57
  13.20
  13.86
  14.55
  15.28
  16.04
  16.85
  17.69
  18.57
  19.50
  20.48
  21.50
  22.58
  23.70
  24.89
  26.13
  27.44
  28.81
PV of cash for distribution, $m
 
  0
  39
  140
  257
  386
  522
  659
  789
  904
  999
  1,066
  1,103
  1,108
  1,082
  1,028
  951
  856
  751
  641
  532
  431
  339
  259
  192
  139
  97
  66
  43
  27
  17
Current shareholders' claim on cash, %
  100
  79.0
  79.0
  79.0
  79.0
  79.0
  79.0
  79.0
  79.0
  79.0
  79.0
  79.0
  79.0
  79.0
  79.0
  79.0
  79.0
  79.0
  79.0
  79.0
  79.0
  79.0
  79.0
  79.0
  79.0
  79.0
  79.0
  79.0
  79.0
  79.0
  79.0

Kingold Jewelry, Inc. designs, manufactures, and sells gold jewelry and Chinese ornaments in the People’s Republic of China. It offers a range of in-house designed products, including gold necklaces, rings, earrings, bracelets, and pendants. The company sells its products under the Kingold brand directly to distributors, retailers, and other wholesalers. Kingold Jewelry, Inc. is based in Wuhan, the People’s Republic of China.

FINANCIAL RATIOS  of  Kingold Jewelry (KGJI)

Valuation Ratios
P/E Ratio 1.3
Price to Sales 0.1
Price to Book 0.4
Price to Tangible Book
Price to Cash Flow -1.6
Price to Free Cash Flow -1.5
Growth Rates
Sales Growth Rate 42.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio 1
Current Ratio 0.2
LT Debt to Equity 597.9%
Total Debt to Equity 691.1%
Interest Coverage 3
Management Effectiveness
Return On Assets 10.1%
Ret/ On Assets - 3 Yr. Avg. 11.6%
Return On Total Capital 7%
Ret/ On T. Cap. - 3 Yr. Avg. 9.6%
Return On Equity 33.9%
Return On Equity - 3 Yr. Avg. 20.7%
Asset Turnover 1
Profitability Ratios
Gross Margin 10.3%
Gross Margin - 3 Yr. Avg. 7%
EBITDA Margin 13.2%
EBITDA Margin - 3 Yr. Avg. 7.8%
Operating Margin 13.9%
Oper. Margin - 3 Yr. Avg. 7.6%
Pre-Tax Margin 8.9%
Pre-Tax Margin - 3 Yr. Avg. 5.8%
Net Profit Margin 6.5%
Net Profit Margin - 3 Yr. Avg. 4.3%
Effective Tax Rate 26.2%
Eff/ Tax Rate - 3 Yr. Avg. 24.7%
Payout Ratio 0%

KGJI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the KGJI stock intrinsic value calculation we used $1000 million for the last fiscal year's total revenue generated by Kingold Jewelry. The default revenue input number comes from 2016 income statement of Kingold Jewelry. 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 KGJI stock valuation model: a) initial revenue growth rate of 48.1% 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 7%, whose default value for KGJI is calculated based on our internal credit rating of Kingold Jewelry, 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 Kingold Jewelry.
    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 KGJI stock the variable cost ratio is equal to 65.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $322 million in the base year in the intrinsic value calculation for KGJI 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 Kingold Jewelry.

Corporate tax rate of 27% is the nominal tax rate for Kingold Jewelry. 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 KGJI 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 KGJI are equal to 0.9%.

Life of production assets of 9 years is the average useful life of capital assets used in Kingold Jewelry 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 KGJI is equal to 28.9%. 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 - $266 million for Kingold Jewelry - 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 64.432 million for Kingold Jewelry 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 Kingold Jewelry at the current share price and the inputted number of shares is $0.1 billion.

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COMPANY NEWS

▶ Kingold Jewelry reports 1Q loss   [May-10-17 06:16PM  Associated Press]
▶ Kingold Jewelry posts 4Q profit   [05:21PM  Associated Press]
▶ Kingold Jewelry (KGJI) Stock Soars After Q2 Results   [Aug-15-16 11:26AM  TheStreet.com]
▶ Why These Five Stocks Are in Spotlight on Monday   [10:58AM  at Insider Monkey]
▶ /C O R R E C T I O N -- Kingold Jewelry, Inc./   [Mar-28-16 06:03PM  PR Newswire]
▶ 10-Q for Kingold Jewelry, Inc.   [Aug-21  08:10PM  at Company Spotlight]
▶ 10-Q for Kingold Jewelry, Inc.   [May-17  08:11PM  at Company Spotlight]
▶ 10-K for Kingold Jewelry, Inc.   [Apr-25  08:09PM  at Company Spotlight]
Stock chart of KGJI Financial statements of KGJI Annual reports of KGJI
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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