Intrinsic value of YY ADR - YY

Previous Close

$92.77

  Intrinsic Value

$278.65

stock screener

  Rating & Target

str. buy

+200%

  Value-price divergence*

0%

Previous close

$92.77

 
Intrinsic value

$278.65

 
Up/down potential

+200%

 
Rating

str. buy

 
Value-price divergence*

0%

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

We calculate the intrinsic value of YY 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 5.5

 

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, %
  39.16
  31.40
  28.76
  26.38
  24.25
  22.32
  20.59
  19.03
  17.63
  16.36
  15.23
  14.21
  13.28
  12.46
  11.71
  11.04
  10.44
  9.89
  9.40
  8.96
  8.57
  8.21
  7.89
  7.60
  7.34
  7.11
  6.90
  6.71
  6.54
  6.38
  6.24
Revenue, $m
  1,187
  1,560
  2,008
  2,538
  3,154
  3,857
  4,652
  5,537
  6,513
  7,579
  8,733
  9,973
  11,298
  12,705
  14,193
  15,760
  17,405
  19,127
  20,925
  22,800
  24,753
  26,786
  28,899
  31,095
  33,377
  35,749
  38,214
  40,776
  43,441
  46,214
  49,099
Variable operating expenses, $m
 
  1,148
  1,478
  1,868
  2,321
  2,839
  3,423
  4,074
  4,793
  5,577
  6,426
  7,339
  8,314
  9,349
  10,444
  11,597
  12,807
  14,074
  15,397
  16,777
  18,214
  19,710
  21,265
  22,881
  24,560
  26,305
  28,119
  30,005
  31,965
  34,005
  36,128
Fixed operating expenses, $m
 
  59
  61
  62
  64
  66
  67
  69
  71
  72
  74
  76
  78
  80
  82
  84
  86
  88
  90
  93
  95
  97
  100
  102
  105
  108
  110
  113
  116
  119
  122
Total operating expenses, $m
  931
  1,207
  1,539
  1,930
  2,385
  2,905
  3,490
  4,143
  4,864
  5,649
  6,500
  7,415
  8,392
  9,429
  10,526
  11,681
  12,893
  14,162
  15,487
  16,870
  18,309
  19,807
  21,365
  22,983
  24,665
  26,413
  28,229
  30,118
  32,081
  34,124
  36,250
Operating income, $m
  256
  352
  469
  608
  769
  953
  1,161
  1,394
  1,650
  1,929
  2,232
  2,559
  2,907
  3,276
  3,667
  4,079
  4,512
  4,964
  5,437
  5,930
  6,444
  6,979
  7,534
  8,112
  8,712
  9,336
  9,985
  10,659
  11,360
  12,089
  12,849
EBITDA, $m
  296
  392
  520
  672
  849
  1,051
  1,279
  1,533
  1,814
  2,121
  2,453
  2,810
  3,191
  3,597
  4,025
  4,476
  4,950
  5,446
  5,965
  6,505
  7,068
  7,654
  8,263
  8,896
  9,553
  10,237
  10,948
  11,686
  12,455
  13,254
  14,086
Interest expense (income), $m
  0
  0
  3
  7
  11
  16
  22
  29
  36
  45
  53
  63
  74
  85
  96
  109
  122
  136
  150
  165
  181
  197
  214
  232
  250
  269
  289
  310
  331
  354
  377
Earnings before tax, $m
  258
  352
  466
  601
  758
  937
  1,139
  1,365
  1,613
  1,885
  2,179
  2,495
  2,833
  3,192
  3,571
  3,970
  4,390
  4,829
  5,287
  5,765
  6,263
  6,781
  7,320
  7,880
  8,462
  9,067
  9,695
  10,349
  11,029
  11,736
  12,472
Tax expense, $m
  41
  95
  126
  162
  205
  253
  308
  368
  436
  509
  588
  674
  765
  862
  964
  1,072
  1,185
  1,304
  1,428
  1,557
  1,691
  1,831
  1,976
  2,128
  2,285
  2,448
  2,618
  2,794
  2,978
  3,169
  3,367
Net income, $m
  220
  257
  340
  439
  553
  684
  831
  996
  1,178
  1,376
  1,591
  1,822
  2,068
  2,330
  2,607
  2,898
  3,205
  3,525
  3,860
  4,209
  4,572
  4,950
  5,344
  5,752
  6,177
  6,619
  7,078
  7,555
  8,051
  8,567
  9,104

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  771
  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
  1,416
  848
  1,091
  1,379
  1,714
  2,096
  2,528
  3,009
  3,540
  4,119
  4,746
  5,420
  6,140
  6,905
  7,714
  8,565
  9,459
  10,395
  11,372
  12,391
  13,453
  14,557
  15,706
  16,899
  18,140
  19,429
  20,768
  22,161
  23,609
  25,116
  26,684
Adjusted assets (=assets-cash), $m
  645
  848
  1,091
  1,379
  1,714
  2,096
  2,528
  3,009
  3,540
  4,119
  4,746
  5,420
  6,140
  6,905
  7,714
  8,565
  9,459
  10,395
  11,372
  12,391
  13,453
  14,557
  15,706
  16,899
  18,140
  19,429
  20,768
  22,161
  23,609
  25,116
  26,684
Revenue / Adjusted assets
  1.840
  1.840
  1.841
  1.840
  1.840
  1.840
  1.840
  1.840
  1.840
  1.840
  1.840
  1.840
  1.840
  1.840
  1.840
  1.840
  1.840
  1.840
  1.840
  1.840
  1.840
  1.840
  1.840
  1.840
  1.840
  1.840
  1.840
  1.840
  1.840
  1.840
  1.840
Average production assets, $m
  150
  197
  253
  320
  397
  486
  586
  698
  821
  955
  1,100
  1,257
  1,424
  1,601
  1,788
  1,986
  2,193
  2,410
  2,637
  2,873
  3,119
  3,375
  3,641
  3,918
  4,206
  4,504
  4,815
  5,138
  5,474
  5,823
  6,186
Working capital, $m
  169
  -264
  -339
  -429
  -533
  -652
  -786
  -936
  -1,101
  -1,281
  -1,476
  -1,685
  -1,909
  -2,147
  -2,399
  -2,663
  -2,941
  -3,232
  -3,536
  -3,853
  -4,183
  -4,527
  -4,884
  -5,255
  -5,641
  -6,042
  -6,458
  -6,891
  -7,342
  -7,810
  -8,298
Total debt, $m
  401
  89
  196
  323
  470
  638
  828
  1,040
  1,273
  1,528
  1,804
  2,101
  2,418
  2,754
  3,110
  3,485
  3,878
  4,290
  4,720
  5,168
  5,635
  6,121
  6,627
  7,152
  7,698
  8,265
  8,854
  9,467
  10,104
  10,767
  11,457
Total liabilities, $m
  684
  373
  480
  607
  754
  922
  1,112
  1,324
  1,557
  1,812
  2,088
  2,385
  2,702
  3,038
  3,394
  3,769
  4,162
  4,574
  5,004
  5,452
  5,919
  6,405
  6,911
  7,436
  7,982
  8,549
  9,138
  9,751
  10,388
  11,051
  11,741
Total equity, $m
  731
  475
  611
  772
  960
  1,174
  1,416
  1,685
  1,982
  2,307
  2,658
  3,035
  3,439
  3,867
  4,320
  4,797
  5,297
  5,821
  6,368
  6,939
  7,534
  8,152
  8,795
  9,464
  10,158
  10,880
  11,630
  12,410
  13,221
  14,065
  14,943
Total liabilities and equity, $m
  1,415
  848
  1,091
  1,379
  1,714
  2,096
  2,528
  3,009
  3,539
  4,119
  4,746
  5,420
  6,141
  6,905
  7,714
  8,566
  9,459
  10,395
  11,372
  12,391
  13,453
  14,557
  15,706
  16,900
  18,140
  19,429
  20,768
  22,161
  23,609
  25,116
  26,684
Debt-to-equity ratio
  0.549
  0.190
  0.320
  0.420
  0.490
  0.540
  0.590
  0.620
  0.640
  0.660
  0.680
  0.690
  0.700
  0.710
  0.720
  0.730
  0.730
  0.740
  0.740
  0.740
  0.750
  0.750
  0.750
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.770
  0.770
Adjusted equity ratio
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  220
  257
  340
  439
  553
  684
  831
  996
  1,178
  1,376
  1,591
  1,822
  2,068
  2,330
  2,607
  2,898
  3,205
  3,525
  3,860
  4,209
  4,572
  4,950
  5,344
  5,752
  6,177
  6,619
  7,078
  7,555
  8,051
  8,567
  9,104
Depreciation, amort., depletion, $m
  40
  40
  51
  64
  80
  97
  117
  140
  164
  191
  220
  251
  285
  320
  358
  397
  439
  482
  527
  575
  624
  675
  728
  784
  841
  901
  963
  1,028
  1,095
  1,165
  1,237
Funds from operations, $m
  419
  297
  391
  503
  633
  781
  949
  1,136
  1,342
  1,567
  1,811
  2,073
  2,353
  2,650
  2,965
  3,296
  3,643
  4,007
  4,387
  4,783
  5,196
  5,625
  6,072
  6,536
  7,018
  7,520
  8,041
  8,582
  9,146
  9,732
  10,342
Change in working capital, $m
  69
  -63
  -76
  -90
  -104
  -119
  -134
  -150
  -165
  -180
  -195
  -210
  -224
  -238
  -251
  -265
  -278
  -291
  -304
  -317
  -330
  -343
  -357
  -371
  -386
  -401
  -417
  -433
  -450
  -469
  -488
Cash from operations, $m
  350
  360
  467
  592
  737
  900
  1,083
  1,285
  1,507
  1,747
  2,006
  2,283
  2,577
  2,888
  3,216
  3,560
  3,921
  4,298
  4,691
  5,100
  5,526
  5,969
  6,429
  6,907
  7,404
  7,920
  8,457
  9,015
  9,596
  10,200
  10,829
Maintenance CAPEX, $m
  0
  -30
  -39
  -51
  -64
  -79
  -97
  -117
  -140
  -164
  -191
  -220
  -251
  -285
  -320
  -358
  -397
  -439
  -482
  -527
  -575
  -624
  -675
  -728
  -784
  -841
  -901
  -963
  -1,028
  -1,095
  -1,165
New CAPEX, $m
  -34
  -47
  -57
  -67
  -78
  -89
  -100
  -112
  -123
  -134
  -145
  -156
  -167
  -177
  -187
  -197
  -207
  -217
  -227
  -236
  -246
  -256
  -266
  -277
  -288
  -299
  -311
  -323
  -336
  -349
  -364
Cash from investing activities, $m
  -258
  -77
  -96
  -118
  -142
  -168
  -197
  -229
  -263
  -298
  -336
  -376
  -418
  -462
  -507
  -555
  -604
  -656
  -709
  -763
  -821
  -880
  -941
  -1,005
  -1,072
  -1,140
  -1,212
  -1,286
  -1,364
  -1,444
  -1,529
Free cash flow, $m
  92
  283
  371
  475
  595
  732
  886
  1,057
  1,244
  1,449
  1,670
  1,906
  2,159
  2,426
  2,708
  3,005
  3,317
  3,642
  3,982
  4,337
  4,705
  5,089
  5,488
  5,902
  6,333
  6,781
  7,246
  7,730
  8,233
  8,756
  9,301
Issuance/(repayment) of debt, $m
  0
  89
  107
  127
  147
  168
  190
  212
  233
  255
  276
  297
  317
  337
  356
  375
  393
  412
  430
  448
  467
  486
  505
  525
  546
  567
  589
  613
  637
  663
  690
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  2
  89
  107
  127
  147
  168
  190
  212
  233
  255
  276
  297
  317
  337
  356
  375
  393
  412
  430
  448
  467
  486
  505
  525
  546
  567
  589
  613
  637
  663
  690
Total cash flow (excl. dividends), $m
  94
  372
  478
  602
  742
  900
  1,076
  1,268
  1,478
  1,704
  1,946
  2,203
  2,475
  2,763
  3,064
  3,380
  3,710
  4,054
  4,412
  4,785
  5,172
  5,575
  5,993
  6,427
  6,879
  7,348
  7,835
  8,342
  8,870
  9,419
  9,991
Retained Cash Flow (-), $m
  -253
  -114
  -137
  -161
  -187
  -214
  -242
  -269
  -297
  -324
  -351
  -378
  -403
  -428
  -453
  -477
  -501
  -524
  -547
  -571
  -594
  -618
  -643
  -668
  -695
  -722
  -750
  -780
  -811
  -844
  -878
Prev. year cash balance distribution, $m
 
  370
  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
 
  628
  342
  440
  555
  686
  834
  999
  1,181
  1,379
  1,594
  1,825
  2,072
  2,334
  2,611
  2,903
  3,209
  3,530
  3,865
  4,214
  4,578
  4,956
  5,350
  5,759
  6,184
  6,626
  7,085
  7,562
  8,059
  8,575
  9,113
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
 
  603
  313
  383
  457
  532
  605
  675
  738
  792
  836
  867
  884
  888
  877
  852
  816
  768
  712
  649
  582
  513
  444
  377
  315
  258
  207
  162
  125
  94
  69
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

YY Inc. (YY) is a social platform that engages users in real-time online group activities through voice, video and text on personal computers and mobile devices. The Company's segments include YY IVAS and others, Huya broadcasting, and 100 Education. YY enables users to create and organize groups of varying sizes to discover and participate in a range of online activities, including music shows, online games, dating shows, live game broadcasting and e-learning. YY offers users an entertainment experience through its social community. It owns the domain names of YY.com, Duowan.com, 100.com, Huya.com, Edu24ol.com and Zhiniu8.com. The Company's YY platform, including YY.com, is jointly operated by personnel from Guangzhou Huaduo and Zhuhai Duowan. Its product, YY Client, enables users to engage in live interactions online. Its Web-based YY enables users to conduct real-time interactions through Web browsers without requiring any downloads or installations.

FINANCIAL RATIOS  of  YY ADR (YY)

Valuation Ratios
P/E Ratio 467.9
Price to Sales 86.7
Price to Book 140.8
Price to Tangible Book
Price to Cash Flow 294.1
Price to Free Cash Flow 325.8
Growth Rates
Sales Growth Rate 39.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -89.3%
Cap. Spend. - 3 Yr. Gr. Rate 27.7%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 54.9%
Interest Coverage 0
Management Effectiveness
Return On Assets 17.8%
Ret/ On Assets - 3 Yr. Avg. 18.3%
Return On Total Capital 22.2%
Ret/ On T. Cap. - 3 Yr. Avg. 23%
Return On Equity 36.4%
Return On Equity - 3 Yr. Avg. 37.1%
Asset Turnover 1
Profitability Ratios
Gross Margin 37.8%
Gross Margin - 3 Yr. Avg. 42.3%
EBITDA Margin 25.1%
EBITDA Margin - 3 Yr. Avg. 27.8%
Operating Margin 21.6%
Oper. Margin - 3 Yr. Avg. 23.5%
Pre-Tax Margin 21.7%
Pre-Tax Margin - 3 Yr. Avg. 24.8%
Net Profit Margin 18.5%
Net Profit Margin - 3 Yr. Avg. 21.6%
Effective Tax Rate 15.9%
Eff/ Tax Rate - 3 Yr. Avg. 14.8%
Payout Ratio 0%

YY stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the YY stock intrinsic value calculation we used $1187 million for the last fiscal year's total revenue generated by YY ADR. The default revenue input number comes from 2016 income statement of YY 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 YY stock valuation model: a) initial revenue growth rate of 31.4% 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 YY is calculated based on our internal credit rating of YY 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 YY 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 YY stock the variable cost ratio is equal to 73.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $58 million in the base year in the intrinsic value calculation for YY 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 YY ADR.

Corporate tax rate of 27% is the nominal tax rate for YY 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 YY 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 YY are equal to 12.6%.

Life of production assets of 4.1 years is the average useful life of capital assets used in YY 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 YY is equal to -16.9%. 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 - $731 million for YY ADR - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 59.344 million for YY 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 YY ADR at the current share price and the inputted number of shares is $5.5 billion.

RELATED COMPANIES Price Int.Val. Rating
BIDU Baidu ADR 264.52 214.24  hold
CYOU Changyou.com A 39.75 44.84  hold
NTES Netease ADR 276.71 2,535.34  str.buy
SOHU Sohu.com 66.60 102.26  str.buy

COMPANY NEWS

▶ Chinese Government Data Reveal The Fuel Propelling Internet Stocks   [Oct-19-17 03:14PM  Investor's Business Daily]
▶ ETFs with exposure to YY, Inc. : October 16, 2017   [Oct-16-17 10:01AM  Capital Cube]
▶ Momo's Slide Presents An Investment Opportunity   [Oct-10-17 01:32PM  Forbes]
▶ ETFs with exposure to YY, Inc. : October 5, 2017   [Oct-05-17 11:27AM  Capital Cube]
▶ Indexes Start Q4 With All-Time Highs; These 2 Stocks Lead Dow   [Oct-02-17 01:33PM  Investor's Business Daily]
▶ Stocks Close Mixed; How The Nasdaq's Big Test Is Faring   [Sep-26-17 04:13PM  Investor's Business Daily]
▶ ETFs with exposure to YY, Inc. : September 25, 2017   [Sep-25-17 10:48AM  Capital Cube]
▶ ETFs with exposure to YY, Inc. : September 14, 2017   [Sep-14-17 07:34PM  Capital Cube]
▶ YY Inc. Announces Full Exercise of Over-Allotment Option   [Aug-17-17 08:00AM  GlobeNewswire]
▶ Stocks Edge Up At Open; Retail Sales, N.Y. Manufacturing Surge   [Aug-15-17 09:37AM  Investor's Business Daily]
▶ YY posts 2Q profit   [Aug-10-17 09:22PM  Associated Press]
▶ Nasdaq Thumped Again In Broad Sell-Off; Small Caps Also Hit   [04:22PM  Investor's Business Daily]
▶ S&P 500 Futures: Watch These Three Sectors This Week   [Aug-07-17 06:29AM  Investor's Business Daily]
▶ ETFs with exposure to YY, Inc. : July 31, 2017   [Jul-31-17 05:24PM  Capital Cube]
▶ YY to Announce Second Quarter 2017 Financial Results   [Jul-26-17 08:00AM  GlobeNewswire]
▶ As Alibaba, YY Climb, This Chinese Stock Nears Buy With EPS Due   [Jul-24-17 12:53PM  Investor's Business Daily]
▶ U.S Stocks Quiet, But One Foreign Group Is Rising   [12:04PM  Investor's Business Daily]
▶ Stocks Finish Flat But Small Caps Rise; Netflix Surges Late   [Jul-17-17 04:19PM  Investor's Business Daily]
▶ Story Stocks from Briefing.com   [11:50AM  Briefing.com]
▶ China's YY Follows Through After Friday's Breakout   [05:41AM  Investor's Business Daily]
▶ Which 7 Chinese Stocks Are Top Fund Managers Buying?   [Jul-14-17 04:43PM  Investor's Business Daily]
▶ S&P, Dow Reach Record Highs; 4 Top-Rated Stocks Hit Buy Points   [01:35PM  Investor's Business Daily]
▶ ETFs with exposure to YY, Inc. : July 11, 2017   [Jul-11-17 03:14PM  Capital Cube]
▶ Top Funds Are Banking Gains With BofA, Morgan Stanley   [Jul-07-17 03:50PM  Investor's Business Daily]
▶ Put These 4 IBD 50 Chinese Plays On Your Stocks To Watch   [Jul-02-17 10:30AM  Investor's Business Daily]
▶ Stocks Up Mildly; China Name Resilient, Sits In Buy Range   [Jun-30-17 01:29PM  Investor's Business Daily]
▶ ETFs with exposure to YY, Inc. : June 27, 2017   [Jun-27-17 04:03PM  Capital Cube]
▶ Best Chinese Stocks To Buy And Watch   [Jun-20-17 04:41PM  Investor's Business Daily]
▶ Tech Slide Makes These 5 Value Stocks Must-Buys   [Jun-13-17 02:14PM  Zacks]
▶ This Smaller Chinese Internet Stock Is At The Top Of The Charts   [Jun-09-17 10:46AM  Investor's Business Daily]
▶ Stocks End Off Lightly; Can These 5 Growth Leaders Keep Winning?   [Jun-05-17 05:00PM  Investor's Business Daily]
▶ Stocks To Buy And Watch: Top IPOs, Big And Small Caps, Growth Stocks   [Jun-02-17 04:18PM  Investor's Business Daily]
▶ Top Ranked Momentum Stocks to Buy for June 1st   [Jun-01-17 10:29AM  Zacks]
▶ Top Ranked Momentum Stocks to Buy for May 30th   [May-30-17 11:53AM  Zacks]
▶ Top Ranked Momentum Stocks to Buy for May 25th   [May-25-17 12:30PM  Zacks]
▶ Can The Uptrend Continue for YY (YY)?   [May-12-17 07:21AM  Zacks]
▶ Analysts React To Snap's Face-Plant; Nvidia PT Hiked, Caterpillar Upgraded   [May-11-17 04:36PM  Investor's Business Daily]
▶ NetEase Handily Beats Earnings Views, Stock Jumps After Hours   [May-10-17 08:46PM  Investor's Business Daily]
▶ Top Chinese Internets Autohome, YY Earnings Top Views   [08:51AM  Investor's Business Daily]
▶ YY posts 1Q profit   [06:26AM  Associated Press]
▶ YY Inc. Appoints New Chief Financial Officer   [06:00AM  GlobeNewswire]
▶ ETFs with exposure to YY, Inc. : May 9, 2017   [May-09-17 05:13PM  Capital Cube]
▶ ETFs with exposure to YY, Inc. : April 26, 2017   [Apr-26-17 03:43PM  Capital Cube]
▶ YY Filed 2016 Annual Report on Form 20-F   [Apr-20-17 04:30PM  GlobeNewswire]
▶ Create an Efficient Portfolio with 5 Top Stocks   [Apr-19-17 07:42AM  Zacks]
▶ Is YY Inc. a Great Stock for Value Investors?   [Apr-06-17 09:40AM  Zacks]
▶ Chinese Internet Stocks Lead Market: This One Hit A Buy Point   [Mar-16-17 04:35PM  Investor's Business Daily]
▶ China's YY Earnings Beat On Video Growth; But Outlook Short   [04:12PM  Investor's Business Daily]
▶ YY posts 4Q profit   [06:26AM  Associated Press]
▶ Alibaba Breaks Out As Yahoo Details Holding Company   [Mar-13-17 04:33PM  Investor's Business Daily]
Financial statements of YY
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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