Intrinsic value of Fang Holdings ADR - SFUN

Previous Close

$3.36

  Intrinsic Value

$0.27

stock screener

  Rating & Target

str. sell

-92%

  Value-price divergence*

-51%

Previous close

$3.36

 
Intrinsic value

$0.27

 
Up/down potential

-92%

 
Rating

str. sell

 
Value-price divergence*

-51%

Our model is not good at valuating stocks of financial companies, such as SFUN.

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

We calculate the intrinsic value of SFUN 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 1.5

 

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, %
  3.62
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  916
  934
  956
  980
  1,008
  1,039
  1,072
  1,109
  1,148
  1,191
  1,236
  1,285
  1,337
  1,393
  1,452
  1,515
  1,581
  1,651
  1,726
  1,804
  1,887
  1,974
  2,067
  2,164
  2,266
  2,374
  2,488
  2,607
  2,733
  2,866
  3,005
Variable operating expenses, $m
 
  970
  992
  1,018
  1,046
  1,078
  1,113
  1,151
  1,192
  1,236
  1,283
  1,334
  1,388
  1,446
  1,507
  1,572
  1,641
  1,714
  1,791
  1,873
  1,959
  2,049
  2,145
  2,246
  2,352
  2,464
  2,582
  2,706
  2,837
  2,974
  3,119
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
  1,070
  970
  992
  1,018
  1,046
  1,078
  1,113
  1,151
  1,192
  1,236
  1,283
  1,334
  1,388
  1,446
  1,507
  1,572
  1,641
  1,714
  1,791
  1,873
  1,959
  2,049
  2,145
  2,246
  2,352
  2,464
  2,582
  2,706
  2,837
  2,974
  3,119
Operating income, $m
  -154
  -36
  -36
  -37
  -38
  -39
  -41
  -42
  -44
  -45
  -47
  -49
  -51
  -53
  -55
  -58
  -60
  -63
  -66
  -69
  -72
  -75
  -79
  -82
  -86
  -90
  -95
  -99
  -104
  -109
  -114
EBITDA, $m
  -129
  -10
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -32
Interest expense (income), $m
  19
  13
  13
  14
  15
  16
  17
  18
  19
  21
  22
  24
  25
  27
  29
  31
  34
  36
  38
  41
  44
  47
  50
  53
  56
  60
  64
  68
  72
  76
  81
Earnings before tax, $m
  -145
  -48
  -50
  -51
  -53
  -55
  -58
  -60
  -63
  -66
  -69
  -73
  -76
  -80
  -84
  -89
  -94
  -99
  -104
  -109
  -115
  -122
  -128
  -135
  -142
  -150
  -158
  -167
  -176
  -185
  -195
Tax expense, $m
  25
  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
Net income, $m
  -170
  -48
  -50
  -51
  -53
  -55
  -58
  -60
  -63
  -66
  -69
  -73
  -76
  -80
  -84
  -89
  -94
  -99
  -104
  -109
  -115
  -122
  -128
  -135
  -142
  -150
  -158
  -167
  -176
  -185
  -195

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  393
  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
  1,615
  1,296
  1,326
  1,360
  1,398
  1,440
  1,487
  1,538
  1,592
  1,651
  1,715
  1,783
  1,855
  1,932
  2,014
  2,101
  2,193
  2,290
  2,393
  2,502
  2,617
  2,738
  2,866
  3,001
  3,143
  3,293
  3,450
  3,616
  3,791
  3,974
  4,167
Adjusted assets (=assets-cash), $m
  1,222
  1,296
  1,326
  1,360
  1,398
  1,440
  1,487
  1,538
  1,592
  1,651
  1,715
  1,783
  1,855
  1,932
  2,014
  2,101
  2,193
  2,290
  2,393
  2,502
  2,617
  2,738
  2,866
  3,001
  3,143
  3,293
  3,450
  3,616
  3,791
  3,974
  4,167
Revenue / Adjusted assets
  0.750
  0.721
  0.721
  0.721
  0.721
  0.722
  0.721
  0.721
  0.721
  0.721
  0.721
  0.721
  0.721
  0.721
  0.721
  0.721
  0.721
  0.721
  0.721
  0.721
  0.721
  0.721
  0.721
  0.721
  0.721
  0.721
  0.721
  0.721
  0.721
  0.721
  0.721
Average production assets, $m
  324
  330
  337
  346
  356
  367
  378
  391
  405
  420
  436
  454
  472
  492
  513
  535
  558
  583
  609
  637
  666
  697
  730
  764
  800
  838
  878
  920
  965
  1,012
  1,061
Working capital, $m
  97
  -85
  -87
  -89
  -92
  -95
  -98
  -101
  -104
  -108
  -113
  -117
  -122
  -127
  -132
  -138
  -144
  -150
  -157
  -164
  -172
  -180
  -188
  -197
  -206
  -216
  -226
  -237
  -249
  -261
  -273
Total debt, $m
  573
  378
  399
  424
  452
  482
  516
  552
  591
  634
  680
  728
  781
  836
  895
  957
  1,024
  1,094
  1,168
  1,247
  1,329
  1,417
  1,509
  1,606
  1,708
  1,816
  1,929
  2,049
  2,174
  2,307
  2,446
Total liabilities, $m
  1,128
  933
  954
  979
  1,007
  1,037
  1,071
  1,107
  1,146
  1,189
  1,235
  1,283
  1,336
  1,391
  1,450
  1,512
  1,579
  1,649
  1,723
  1,802
  1,884
  1,972
  2,064
  2,161
  2,263
  2,371
  2,484
  2,604
  2,729
  2,862
  3,001
Total equity, $m
  487
  363
  371
  381
  391
  403
  416
  431
  446
  462
  480
  499
  519
  541
  564
  588
  614
  641
  670
  701
  733
  767
  803
  840
  880
  922
  966
  1,013
  1,061
  1,113
  1,167
Total liabilities and equity, $m
  1,615
  1,296
  1,325
  1,360
  1,398
  1,440
  1,487
  1,538
  1,592
  1,651
  1,715
  1,782
  1,855
  1,932
  2,014
  2,100
  2,193
  2,290
  2,393
  2,503
  2,617
  2,739
  2,867
  3,001
  3,143
  3,293
  3,450
  3,617
  3,790
  3,975
  4,168
Debt-to-equity ratio
  1.177
  1.040
  1.080
  1.110
  1.150
  1.200
  1.240
  1.280
  1.330
  1.370
  1.420
  1.460
  1.500
  1.550
  1.590
  1.630
  1.670
  1.710
  1.740
  1.780
  1.810
  1.850
  1.880
  1.910
  1.940
  1.970
  2.000
  2.020
  2.050
  2.070
  2.100
Adjusted equity ratio
  0.251
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -170
  -48
  -50
  -51
  -53
  -55
  -58
  -60
  -63
  -66
  -69
  -73
  -76
  -80
  -84
  -89
  -94
  -99
  -104
  -109
  -115
  -122
  -128
  -135
  -142
  -150
  -158
  -167
  -176
  -185
  -195
Depreciation, amort., depletion, $m
  25
  26
  26
  27
  28
  28
  29
  30
  31
  33
  34
  35
  37
  38
  40
  41
  43
  45
  47
  49
  52
  54
  57
  59
  62
  65
  68
  71
  75
  78
  82
Funds from operations, $m
  374
  -23
  -23
  -24
  -26
  -27
  -28
  -30
  -32
  -33
  -35
  -37
  -40
  -42
  -45
  -47
  -50
  -53
  -57
  -60
  -64
  -68
  -72
  -76
  -80
  -85
  -90
  -95
  -101
  -107
  -113
Change in working capital, $m
  243
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
Cash from operations, $m
  131
  -21
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -33
  -35
  -37
  -39
  -42
  -44
  -47
  -50
  -53
  -56
  -60
  -63
  -67
  -71
  -75
  -80
  -84
  -89
  -95
  -100
Maintenance CAPEX, $m
  0
  -25
  -26
  -26
  -27
  -28
  -28
  -29
  -30
  -31
  -33
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -47
  -49
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -71
  -75
  -78
New CAPEX, $m
  -25
  -6
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -20
  -21
  -22
  -23
  -25
  -26
  -28
  -29
  -31
  -33
  -34
  -36
  -38
  -40
  -42
  -44
  -47
  -49
Cash from investing activities, $m
  -128
  -31
  -34
  -35
  -37
  -39
  -40
  -42
  -44
  -46
  -49
  -51
  -53
  -57
  -59
  -62
  -64
  -68
  -71
  -75
  -78
  -83
  -87
  -91
  -95
  -100
  -105
  -110
  -115
  -122
  -127
Free cash flow, $m
  3
  -52
  -55
  -57
  -60
  -62
  -65
  -69
  -72
  -76
  -80
  -84
  -89
  -93
  -98
  -104
  -109
  -115
  -121
  -128
  -135
  -142
  -150
  -158
  -166
  -175
  -185
  -195
  -205
  -216
  -228
Issuance/(repayment) of debt, $m
  -30
  18
  21
  25
  28
  31
  33
  36
  39
  43
  46
  49
  52
  55
  59
  63
  66
  70
  74
  78
  83
  87
  92
  97
  102
  108
  113
  119
  126
  132
  139
Issuance/(repurchase) of shares, $m
  -317
  55
  58
  61
  64
  67
  71
  74
  78
  82
  87
  92
  97
  102
  107
  113
  119
  126
  133
  140
  148
  156
  164
  173
  182
  192
  202
  213
  224
  236
  249
Cash from financing (excl. dividends), $m  
  -466
  73
  79
  86
  92
  98
  104
  110
  117
  125
  133
  141
  149
  157
  166
  176
  185
  196
  207
  218
  231
  243
  256
  270
  284
  300
  315
  332
  350
  368
  388
Total cash flow (excl. dividends), $m
  -481
  20
  25
  28
  32
  35
  39
  42
  46
  49
  53
  56
  60
  64
  68
  72
  76
  81
  86
  90
  96
  101
  106
  112
  118
  124
  131
  138
  145
  153
  160
Retained Cash Flow (-), $m
  367
  -55
  -58
  -61
  -64
  -67
  -71
  -74
  -78
  -82
  -87
  -92
  -97
  -102
  -107
  -113
  -119
  -126
  -133
  -140
  -148
  -156
  -164
  -173
  -182
  -192
  -202
  -213
  -224
  -236
  -249
Prev. year cash balance distribution, $m
 
  131
  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
 
  97
  -33
  -32
  -32
  -32
  -32
  -32
  -33
  -33
  -34
  -35
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -49
  -52
  -55
  -58
  -61
  -64
  -68
  -71
  -75
  -79
  -84
  -89
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
 
  90
  -29
  -26
  -23
  -21
  -19
  -17
  -15
  -14
  -12
  -11
  -9
  -8
  -7
  -6
  -5
  -4
  -3
  -3
  -2
  -2
  -1
  -1
  -1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  95.3
  90.7
  86.2
  81.8
  77.6
  73.4
  69.5
  65.7
  62.0
  58.5
  55.1
  51.9
  48.9
  45.9
  43.2
  40.5
  38.1
  35.7
  33.5
  31.4
  29.4
  27.5
  25.7
  24.1
  22.5
  21.0
  19.6
  18.3
  17.1
  16.0

Fang Holdings Limited operates a real estate online platform through which it provides e-commerce, marketing, listing, financial, and value-added services. It supports active online communities and networks of users seeking information on, and other value-added services for, the real estate and home furnishing and improvement sectors. The company was formerly known as SouFun Holdings Limited and changed its name to Fang Holdings Limited in September 2016. Fang Holdings Limited was founded in 1999 and is based in Beijing, China.

FINANCIAL RATIOS  of  Fang Holdings ADR (SFUN)

Valuation Ratios
P/E Ratio -0.5
Price to Sales 0.1
Price to Book 0.2
Price to Tangible Book
Price to Cash Flow 0.6
Price to Free Cash Flow 0.8
Growth Rates
Sales Growth Rate 3.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -44.4%
Cap. Spend. - 3 Yr. Gr. Rate 29%
Financial Strength
Quick Ratio 2
Current Ratio 0.3
LT Debt to Equity 73.9%
Total Debt to Equity 117.7%
Interest Coverage -7
Management Effectiveness
Return On Assets -7.6%
Ret/ On Assets - 3 Yr. Avg. 2.8%
Return On Total Capital -12.6%
Ret/ On T. Cap. - 3 Yr. Avg. 2.9%
Return On Equity -25.4%
Return On Equity - 3 Yr. Avg. 6.6%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 25%
Gross Margin - 3 Yr. Avg. 47.1%
EBITDA Margin -11%
EBITDA Margin - 3 Yr. Avg. 13.8%
Operating Margin -16.8%
Oper. Margin - 3 Yr. Avg. 7.4%
Pre-Tax Margin -15.8%
Pre-Tax Margin - 3 Yr. Avg. 9.8%
Net Profit Margin -18.6%
Net Profit Margin - 3 Yr. Avg. 5.2%
Effective Tax Rate -17.2%
Eff/ Tax Rate - 3 Yr. Avg. 11.9%
Payout Ratio 0%

SFUN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SFUN stock intrinsic value calculation we used $916 million for the last fiscal year's total revenue generated by Fang Holdings ADR. The default revenue input number comes from 2016 income statement of Fang Holdings 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 SFUN stock valuation model: a) initial revenue growth rate of 2% 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 SFUN is calculated based on our internal credit rating of Fang Holdings 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 Fang Holdings 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 SFUN stock the variable cost ratio is equal to 103.8%.

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 SFUN 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 Fang Holdings ADR.

Corporate tax rate of 27% is the nominal tax rate for Fang Holdings 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 SFUN 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 SFUN are equal to 35.3%.

Life of production assets of 12.9 years is the average useful life of capital assets used in Fang Holdings 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 SFUN is equal to -9.1%. 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 - $487 million for Fang Holdings 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 453.642 million for Fang Holdings 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 Fang Holdings ADR at the current share price and the inputted number of shares is $1.5 billion.

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NTES Netease ADR 273.60 4,505.92  str.buy
SINA Sina 98.16 95.85  hold

COMPANY NEWS

▶ ETFs with exposure to Fang Holdings Ltd. : July 13, 2017   [Jul-13-17 04:34PM  Capital Cube]
▶ ETFs with exposure to Fang Holdings Ltd. : June 30, 2017   [Jun-30-17 03:22PM  Capital Cube]
▶ SouFun reports 1Q loss   [Jun-20-17 09:26PM  Associated Press]
▶ Fang Announces First Quarter 2017 Results   [07:40AM  PR Newswire]
▶ Fang Holdings to Release Figures From 1st Quarter   [Jun-19-17 12:43PM  GuruFocus.com]
▶ ETFs with exposure to Fang Holdings Ltd. : June 2, 2017   [Jun-02-17 02:31PM  Capital Cube]
▶ ETFs with exposure to Fang Holdings Ltd. : May 23, 2017   [May-23-17 01:06PM  Capital Cube]
▶ Fang Files 2016 Annual Report on Form 20-F   [May-15-17 08:30AM  PR Newswire]
▶ SouFun reports 4Q loss   [07:58AM  Associated Press]
▶ [$$] China's Property Market Has a New Blind Spot   [Feb-14-17 04:49AM  at The Wall Street Journal]
▶ Amkor buying Portuguese semiconductor packaging solutions company   [Feb-02-17 01:25PM  at bizjournals.com]
▶ China's Property Market Is Freezing Up: Sell This Stock Now   [Dec-14-16 09:13PM  at Barrons.com]
▶ Fang Provides Update on Restructuring   [Dec-13-16 07:13AM  PR Newswire]
▶ Near a 3-Year Low, Is 58.com Inc. (ADR) a Buy?   [Dec-09-16 10:19AM  at Motley Fool]
▶ Is Convergys Corporation (CVG) a Good Stock to Invest in?   [Dec-05-16 12:04PM  at Insider Monkey]
▶ Why Fang Holdings Ltd. Stock Plunged Today   [Nov-28-16 04:18PM  at Motley Fool]
▶ SouFun reports 3Q loss   [06:46AM  AP]
▶ Fang Announces Third Quarter 2016 Results   [06:30AM  PR Newswire]
▶ Fang Announces Appointment of Dr. Hua Lei as CFO   [Nov-01-16 07:00AM  PR Newswire]
▶ Bristol-Myers, Staples Fall into Mondays 52-Week Low Club   [Oct-10-16 04:04PM  at 24/7 Wall St.]
▶ Fang Announces Appointment of New Acting CFO   [Sep-22-16 06:00AM  PR Newswire]
▶ Fang Announces Results of 2016 Annual General Meeting   [Sep-09-16 04:00AM  PR Newswire]
▶ SouFun (SFUN) Stock Gains Despite CLSA Downgrade   [Aug-26-16 02:32PM  at TheStreet]
▶ 1 Wall Street Pro Is Souring on SouFun   [11:08AM  at Motley Fool]
▶ Why SouFun (SFUN) Stock Is Slumping Today   [Aug-25-16 11:51AM  at TheStreet]
▶ SouFun reports 2Q loss   [08:07AM  AP]
▶ SouFun Filed 2015 Annual Report on Form 20-F   [Jul-20-16 03:00AM  PR Newswire]
▶ FANG PROVIDES UPDATE ON RESTRUCTURING   [08:30AM  PR Newswire]
▶ Fang Announced Appointment of New President And New COO   [Jul-12-16 10:20AM  PR Newswire]
▶ A Look at Five Stocks on the Move on Thursday   [Jun-02-16 02:07PM  at Insider Monkey]
▶ SouFun reports 1Q loss   [08:31AM  AP]
▶ Fang Announces First Quarter 2016 Results   [08:01AM  PR Newswire]
▶ SouFun draws bulls before earnings   [Jun-01-16 07:16AM  optionMONSTER]
▶ SouFun (SFUN) Stock Down Ahead of Q1 Results   [May-31-16 11:20AM  at TheStreet]
▶ Fang Reaches Supplemental Agreements With Wanli   [May-19-16 08:40AM  PR Newswire]
Stock chart of SFUN Financial statements of SFUN
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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