Intrinsic value of Sina - SINA

Previous Close

$100.87

  Intrinsic Value

$97.87

stock screener

  Rating & Target

hold

-3%

  Value-price divergence*

-70%

Previous close

$100.87

 
Intrinsic value

$97.87

 
Up/down potential

-3%

 
Rating

hold

 
Value-price divergence*

-70%

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

We calculate the intrinsic value of SINA 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 7.0

 

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, %
  17.03
  22.30
  20.57
  19.01
  17.61
  16.35
  15.22
  14.19
  13.27
  12.45
  11.70
  11.03
  10.43
  9.89
  9.40
  8.96
  8.56
  8.21
  7.89
  7.60
  7.34
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.12
  6.01
  5.91
  5.81
Revenue, $m
  1,031
  1,261
  1,520
  1,809
  2,128
  2,476
  2,853
  3,258
  3,690
  4,149
  4,635
  5,146
  5,683
  6,245
  6,831
  7,443
  8,081
  8,744
  9,433
  10,150
  10,895
  11,668
  12,473
  13,309
  14,178
  15,083
  16,024
  17,005
  18,026
  19,091
  20,201
Variable operating expenses, $m
 
  1,050
  1,266
  1,506
  1,772
  2,061
  2,374
  2,711
  3,071
  3,453
  3,857
  4,282
  4,728
  5,196
  5,684
  6,193
  6,723
  7,275
  7,849
  8,445
  9,065
  9,709
  10,378
  11,073
  11,797
  12,549
  13,333
  14,148
  14,998
  15,884
  16,808
Fixed operating expenses, $m
 
  151
  154
  158
  162
  166
  170
  175
  179
  184
  188
  193
  198
  203
  208
  213
  218
  224
  229
  235
  241
  247
  253
  259
  266
  273
  279
  286
  293
  301
  308
Total operating expenses, $m
  1,002
  1,201
  1,420
  1,664
  1,934
  2,227
  2,544
  2,886
  3,250
  3,637
  4,045
  4,475
  4,926
  5,399
  5,892
  6,406
  6,941
  7,499
  8,078
  8,680
  9,306
  9,956
  10,631
  11,332
  12,063
  12,822
  13,612
  14,434
  15,291
  16,185
  17,116
Operating income, $m
  29
  60
  100
  145
  194
  249
  308
  371
  440
  512
  589
  672
  757
  846
  940
  1,037
  1,139
  1,245
  1,355
  1,470
  1,589
  1,713
  1,842
  1,976
  2,116
  2,261
  2,412
  2,570
  2,734
  2,906
  3,085
EBITDA, $m
  58
  79
  123
  172
  226
  285
  350
  420
  494
  574
  658
  746
  839
  937
  1,039
  1,145
  1,256
  1,372
  1,492
  1,617
  1,747
  1,882
  2,023
  2,169
  2,321
  2,480
  2,645
  2,817
  2,996
  3,183
  3,378
Interest expense (income), $m
  8
  5
  18
  32
  47
  64
  83
  103
  124
  147
  172
  198
  225
  254
  284
  315
  348
  382
  418
  454
  493
  532
  574
  617
  661
  708
  756
  807
  859
  913
  970
Earnings before tax, $m
  305
  55
  82
  113
  147
  185
  225
  269
  315
  365
  417
  474
  532
  592
  656
  722
  791
  863
  938
  1,016
  1,096
  1,181
  1,268
  1,359
  1,454
  1,553
  1,656
  1,763
  1,875
  1,992
  2,114
Tax expense, $m
  28
  15
  22
  31
  40
  50
  61
  73
  85
  99
  113
  128
  144
  160
  177
  195
  214
  233
  253
  274
  296
  319
  342
  367
  393
  419
  447
  476
  506
  538
  571
Net income, $m
  225
  40
  60
  83
  107
  135
  164
  196
  230
  266
  305
  346
  388
  432
  479
  527
  577
  630
  685
  741
  800
  862
  926
  992
  1,062
  1,134
  1,209
  1,287
  1,369
  1,454
  1,544

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,797
  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
  4,285
  3,046
  3,672
  4,370
  5,140
  5,980
  6,890
  7,868
  8,913
  10,022
  11,195
  12,430
  13,727
  15,084
  16,501
  17,979
  19,519
  21,120
  22,786
  24,517
  26,315
  28,185
  30,127
  32,147
  34,247
  36,432
  38,706
  41,074
  43,541
  46,113
  48,794
Adjusted assets (=assets-cash), $m
  2,488
  3,046
  3,672
  4,370
  5,140
  5,980
  6,890
  7,868
  8,913
  10,022
  11,195
  12,430
  13,727
  15,084
  16,501
  17,979
  19,519
  21,120
  22,786
  24,517
  26,315
  28,185
  30,127
  32,147
  34,247
  36,432
  38,706
  41,074
  43,541
  46,113
  48,794
Revenue / Adjusted assets
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
Average production assets, $m
  150
  183
  220
  262
  309
  359
  414
  472
  535
  602
  672
  746
  824
  905
  991
  1,079
  1,172
  1,268
  1,368
  1,472
  1,580
  1,692
  1,809
  1,930
  2,056
  2,187
  2,324
  2,466
  2,614
  2,768
  2,929
Working capital, $m
  1,685
  -97
  -117
  -139
  -164
  -191
  -220
  -251
  -284
  -319
  -357
  -396
  -438
  -481
  -526
  -573
  -622
  -673
  -726
  -782
  -839
  -898
  -960
  -1,025
  -1,092
  -1,161
  -1,234
  -1,309
  -1,388
  -1,470
  -1,555
Total debt, $m
  186
  506
  902
  1,343
  1,830
  2,361
  2,936
  3,554
  4,214
  4,915
  5,656
  6,437
  7,256
  8,114
  9,010
  9,944
  10,917
  11,929
  12,982
  14,076
  15,212
  16,394
  17,622
  18,898
  20,225
  21,606
  23,043
  24,540
  26,099
  27,724
  29,419
Total liabilities, $m
  1,605
  1,925
  2,321
  2,762
  3,249
  3,780
  4,355
  4,973
  5,633
  6,334
  7,075
  7,856
  8,675
  9,533
  10,429
  11,363
  12,336
  13,348
  14,401
  15,495
  16,631
  17,813
  19,041
  20,317
  21,644
  23,025
  24,462
  25,959
  27,518
  29,143
  30,838
Total equity, $m
  2,680
  1,121
  1,351
  1,608
  1,892
  2,201
  2,536
  2,896
  3,280
  3,688
  4,120
  4,574
  5,051
  5,551
  6,072
  6,616
  7,183
  7,772
  8,385
  9,022
  9,684
  10,372
  11,087
  11,830
  12,603
  13,407
  14,244
  15,115
  16,023
  16,969
  17,956
Total liabilities and equity, $m
  4,285
  3,046
  3,672
  4,370
  5,141
  5,981
  6,891
  7,869
  8,913
  10,022
  11,195
  12,430
  13,726
  15,084
  16,501
  17,979
  19,519
  21,120
  22,786
  24,517
  26,315
  28,185
  30,128
  32,147
  34,247
  36,432
  38,706
  41,074
  43,541
  46,112
  48,794
Debt-to-equity ratio
  0.069
  0.450
  0.670
  0.840
  0.970
  1.070
  1.160
  1.230
  1.280
  1.330
  1.370
  1.410
  1.440
  1.460
  1.480
  1.500
  1.520
  1.530
  1.550
  1.560
  1.570
  1.580
  1.590
  1.600
  1.600
  1.610
  1.620
  1.620
  1.630
  1.630
  1.640
Adjusted equity ratio
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  225
  40
  60
  83
  107
  135
  164
  196
  230
  266
  305
  346
  388
  432
  479
  527
  577
  630
  685
  741
  800
  862
  926
  992
  1,062
  1,134
  1,209
  1,287
  1,369
  1,454
  1,544
Depreciation, amort., depletion, $m
  29
  19
  23
  27
  32
  37
  42
  48
  55
  61
  68
  75
  82
  91
  99
  108
  117
  127
  137
  147
  158
  169
  181
  193
  206
  219
  232
  247
  261
  277
  293
Funds from operations, $m
  659
  59
  83
  110
  139
  172
  207
  244
  285
  328
  373
  420
  470
  523
  578
  635
  695
  757
  821
  889
  958
  1,031
  1,107
  1,185
  1,267
  1,352
  1,441
  1,534
  1,630
  1,731
  1,836
Change in working capital, $m
  215
  -18
  -20
  -22
  -25
  -27
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -60
  -62
  -64
  -67
  -70
  -72
  -75
  -79
  -82
  -85
Cash from operations, $m
  444
  77
  103
  132
  164
  198
  236
  276
  318
  363
  410
  460
  512
  566
  623
  682
  744
  808
  874
  944
  1,016
  1,091
  1,169
  1,250
  1,334
  1,422
  1,514
  1,609
  1,709
  1,813
  1,922
Maintenance CAPEX, $m
  0
  -15
  -18
  -22
  -26
  -31
  -36
  -41
  -47
  -54
  -60
  -67
  -75
  -82
  -91
  -99
  -108
  -117
  -127
  -137
  -147
  -158
  -169
  -181
  -193
  -206
  -219
  -232
  -247
  -261
  -277
New CAPEX, $m
  -38
  -33
  -38
  -42
  -46
  -50
  -55
  -59
  -63
  -67
  -70
  -74
  -78
  -81
  -85
  -89
  -92
  -96
  -100
  -104
  -108
  -112
  -117
  -121
  -126
  -131
  -137
  -142
  -148
  -154
  -161
Cash from investing activities, $m
  845
  -48
  -56
  -64
  -72
  -81
  -91
  -100
  -110
  -121
  -130
  -141
  -153
  -163
  -176
  -188
  -200
  -213
  -227
  -241
  -255
  -270
  -286
  -302
  -319
  -337
  -356
  -374
  -395
  -415
  -438
Free cash flow, $m
  1,289
  29
  47
  68
  91
  117
  145
  175
  208
  243
  280
  318
  359
  402
  447
  494
  543
  594
  648
  703
  761
  820
  883
  948
  1,015
  1,085
  1,159
  1,235
  1,314
  1,397
  1,484
Issuance/(repayment) of debt, $m
  -610
  353
  396
  441
  486
  531
  575
  618
  660
  701
  741
  781
  819
  858
  896
  934
  973
  1,012
  1,053
  1,094
  1,137
  1,181
  1,228
  1,276
  1,327
  1,381
  1,437
  1,497
  1,559
  1,625
  1,695
Issuance/(repurchase) of shares, $m
  10
  165
  171
  174
  176
  175
  171
  164
  154
  142
  127
  109
  89
  67
  43
  17
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -603
  518
  567
  615
  662
  706
  746
  782
  814
  843
  868
  890
  908
  925
  939
  951
  973
  1,012
  1,053
  1,094
  1,137
  1,181
  1,228
  1,276
  1,327
  1,381
  1,437
  1,497
  1,559
  1,625
  1,695
Total cash flow (excl. dividends), $m
  644
  547
  614
  684
  754
  823
  891
  957
  1,022
  1,086
  1,148
  1,208
  1,268
  1,327
  1,386
  1,445
  1,516
  1,607
  1,700
  1,797
  1,897
  2,002
  2,111
  2,224
  2,342
  2,466
  2,596
  2,731
  2,874
  3,023
  3,179
Retained Cash Flow (-), $m
  -115
  -205
  -231
  -257
  -283
  -309
  -335
  -360
  -384
  -408
  -432
  -455
  -477
  -499
  -522
  -544
  -566
  -589
  -613
  -637
  -662
  -688
  -715
  -743
  -773
  -804
  -837
  -871
  -908
  -946
  -987
Prev. year cash balance distribution, $m
 
  1,764
  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
 
  2,106
  383
  427
  470
  514
  556
  597
  638
  678
  716
  753
  791
  828
  864
  901
  950
  1,017
  1,087
  1,160
  1,235
  1,314
  1,396
  1,481
  1,570
  1,662
  1,759
  1,860
  1,966
  2,076
  2,192
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
 
  2,019
  351
  371
  387
  398
  403
  404
  399
  389
  376
  358
  337
  315
  290
  265
  241
  221
  200
  179
  157
  136
  116
  97
  80
  65
  51
  40
  30
  23
  17
Current shareholders' claim on cash, %
  100
  93.6
  88.4
  84.3
  80.9
  78.2
  75.9
  74.1
  72.6
  71.4
  70.5
  69.8
  69.3
  68.9
  68.7
  68.7
  68.7
  68.7
  68.7
  68.7
  68.7
  68.7
  68.7
  68.7
  68.7
  68.7
  68.7
  68.7
  68.7
  68.7
  68.7

SINA Corporation, through its subsidiaries, operates as an online media company in the People’s Republic of China. It operates SINA.com, an online brand advertising portal that provides region-focused format and content, including multimedia news; business news coverage and personal finance columns; sporting events news; automobile-related news; entertainment news and events; technology updates; interactive video products, such as news, sports, entertainment, and education; and education, digital, fashion, eLadies, luxury, health, collectibles, travel, and other interest-based channels. The company also offers SINA mobile, a mobile portal, which provides news information and entertainment content from SINA.com for mobile users in mobile browser and application format. In addition, it operates Weibo.com that offers self-expression products to enable users to express themselves on Weibo platform; social products to promote social interaction between users on Weibo platform; discovery products to help users discover content; notifications, games, VIP membership, and mobile apps; advertising and marketing solutions; and tools and application programming interfaces. Further, the company offers MVAS, which allow users to receive news and information, download ring tones, mobile games and pictures, customize caller ring back tones, and participate in dating and friendship communities. Additionally, it operates game portal that provides users with downloads and gateway access to online games, information and updates on online and PC games, and value-added application tools. The company also provides eReading, a one-stop shop for book reviews; and free email, VIP mail, and corporate email services for enterprise users, as well as operates a Website for bloggers to publish and read original writings. SINA Corporation was founded in 1997 and is headquartered in Shanghai, the People’s Republic of China.

FINANCIAL RATIOS  of  Sina (SINA)

Valuation Ratios
P/E Ratio 31.8
Price to Sales 6.9
Price to Book 2.7
Price to Tangible Book
Price to Cash Flow 16.1
Price to Free Cash Flow 17.6
Growth Rates
Sales Growth Rate 17%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -15.6%
Cap. Spend. - 3 Yr. Gr. Rate -17.3%
Financial Strength
Quick Ratio 54
Current Ratio 0.3
LT Debt to Equity 5.7%
Total Debt to Equity 6.9%
Interest Coverage 39
Management Effectiveness
Return On Assets 5.4%
Ret/ On Assets - 3 Yr. Avg. 3.9%
Return On Total Capital 7.2%
Ret/ On T. Cap. - 3 Yr. Avg. 5.1%
Return On Equity 8.6%
Return On Equity - 3 Yr. Avg. 6.8%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 65.6%
Gross Margin - 3 Yr. Avg. 63.2%
EBITDA Margin 33.2%
EBITDA Margin - 3 Yr. Avg. 24.1%
Operating Margin 2.8%
Oper. Margin - 3 Yr. Avg. -1.6%
Pre-Tax Margin 29.6%
Pre-Tax Margin - 3 Yr. Avg. 18.9%
Net Profit Margin 21.8%
Net Profit Margin - 3 Yr. Avg. 15.9%
Effective Tax Rate 9.2%
Eff/ Tax Rate - 3 Yr. Avg. 11.7%
Payout Ratio 0%

SINA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SINA stock intrinsic value calculation we used $1031 million for the last fiscal year's total revenue generated by Sina. The default revenue input number comes from 2016 income statement of Sina. 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 SINA stock valuation model: a) initial revenue growth rate of 22.3% 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 SINA is calculated based on our internal credit rating of Sina, 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 Sina.
    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 SINA stock the variable cost ratio is equal to 83.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $147 million in the base year in the intrinsic value calculation for SINA 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 Sina.

Corporate tax rate of 27% is the nominal tax rate for Sina. 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 SINA 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 SINA are equal to 14.5%.

Life of production assets of 10 years is the average useful life of capital assets used in Sina 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 SINA is equal to -7.7%. 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 - $2680 million for Sina - 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 69.635 million for Sina 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 Sina at the current share price and the inputted number of shares is $7.0 billion.

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COMPANY NEWS

▶ SINA Investors: Pay Attention to These Red Flags   [Aug-19-17 03:38PM  Motley Fool]
▶ Sina's Belated Fintech Move   [12:01AM  Bloomberg]
▶ Sina Launches $500M Fund to Back Chinese Internet Finance   [Aug-09-17 09:10PM  Bloomberg Video]
▶ SINA Grows Stronger by the Day   [07:16PM  Motley Fool]
▶ What to Watch When SINA Reports Earnings   [Aug-07-17 09:55PM  Motley Fool]
▶ Top Chinese Stock And Alibaba Partner Retests Buy Zone; EPS Due   [Aug-04-17 01:55PM  Investor's Business Daily]
▶ SINA Corp. Value Analysis (NASDAQ:SINA) : August 4, 2017   [Aug-03-17 11:27PM  Capital Cube]
▶ What Do Chinese Stocks Sina, Alibaba And Weibo Have In Common?   [04:07PM  Investor's Business Daily]
▶ Bullish on Baidu Inc.? You'll Love These Stocks   [Jul-31-17 06:20PM  Motley Fool]
▶ Weibo History: Everything Investors Need to Know   [Jul-30-17 09:48AM  Motley Fool]
▶ Will This Top Chinese Stock Follow Alibaba And Head Higher?   [Jul-24-17 11:23AM  Investor's Business Daily]
▶ ETFs with exposure to SINA Corp. : July 21, 2017   [Jul-21-17 02:00PM  Capital Cube]
▶ ETFs with exposure to SINA Corp. : July 10, 2017   [Jul-10-17 03:15PM  Capital Cube]
▶ Why SINA Corp. Stock Fell 13.3% in June   [Jul-03-17 08:32PM  Motley Fool]
▶ Put These 4 IBD 50 Chinese Plays On Your Stocks To Watch   [Jul-02-17 10:30AM  Investor's Business Daily]
▶ Is Weibo Running Out of Steam or Taking a Breather?   [Jun-29-17 11:00AM  Motley Fool]
▶ China Cracks Down on Weibo: Time to Sell?   [Jun-27-17 05:50PM  Motley Fool]
▶ Fix My Finances: The risks of cosigning on a loan   [10:00AM  Yahoo Finance Video]
▶ Why Sina, Weibo Shares Are Plummeting   [Jun-23-17 11:03AM  Investopedia]
▶ Why SINA Is Reducing its Stake in Weibo   [Jun-19-17 12:01PM  Motley Fool]
▶ Will China take a liking to MMA?   [12:13AM  CNBC Videos]
▶ Why SINA Corporation Stock Popped 27.5% in May   [Jun-15-17 07:45PM  Motley Fool]
▶ 4 Risks SINA Corp. Bulls Need to Know   [Jun-12-17 02:18PM  Motley Fool]
▶ 5 Ways To Get Ready For The Market's Next Turn   [Jun-09-17 05:00PM  Investor's Business Daily]
▶ [$$] Sohn Hong Kong Recap: 8 Smart Money Trades   [Jun-07-17 11:46PM  Barrons.com]
▶ Chinas Twitter Comes Back From the Dead   [Jun-05-17 04:00PM  Bloomberg]
▶ SINA Announces Distribution of Weibo Shares   [May-26-17 09:00AM  PR Newswire]
▶ Time to Get Greedy with SINA Corp. Stock   [May-24-17 06:06PM  Motley Fool]
▶ 3 Chinese Stocks That Rallied Over 30% in May   [May-23-17 05:26PM  Motley Fool]
▶ Chinese tech stocks on a tear   [May-16-17 08:17PM  CNBC Videos]
▶ What Happened in the Stock Market Today   [05:02PM  Motley Fool]
▶ China Stocks Jump, Led By Strong Earnings From Weibo, Sina   [04:18PM  Investor's Business Daily]
▶ Sina Blasts Out Past Buy Point On Strong Earnings   [04:01PM  Investor's Business Daily]
▶ Earnings Calendar, Analyst Estimates And Stocks To Watch   [02:08PM  Investor's Business Daily]
▶ Why SINA Corp. Stock Popped Today   [12:51PM  Motley Fool]
▶ Shares of Weibo Corp. Are Surging Today   [12:29PM  Motley Fool]
Financial statements of SINA
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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