Intrinsic value of China Zenix Auto International ADR - ZX

Previous Close

$1.23

  Intrinsic Value

$2.04

stock screener

  Rating & Target

str. buy

+66%

  Value-price divergence*

-128%

Previous close

$1.23

 
Intrinsic value

$2.04

 
Up/down potential

+66%

 
Rating

str. buy

 
Value-price divergence*

-128%

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

We calculate the intrinsic value of ZX 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, %
  -8.19
  27.60
  25.34
  23.31
  21.48
  19.83
  18.35
  17.01
  15.81
  14.73
  13.76
  12.88
  12.09
  11.38
  10.74
  10.17
  9.65
  9.19
  8.77
  8.39
  8.05
  7.75
  7.47
  7.23
  7.00
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
Revenue, $m
  325
  415
  520
  641
  779
  933
  1,104
  1,292
  1,496
  1,717
  1,953
  2,204
  2,471
  2,752
  3,048
  3,357
  3,682
  4,020
  4,372
  4,739
  5,121
  5,518
  5,930
  6,359
  6,804
  7,267
  7,748
  8,248
  8,769
  9,311
  9,876
Variable operating expenses, $m
 
  415
  520
  641
  779
  933
  1,104
  1,292
  1,496
  1,717
  1,953
  2,204
  2,471
  2,752
  3,048
  3,357
  3,682
  4,020
  4,372
  4,739
  5,121
  5,518
  5,930
  6,359
  6,804
  7,267
  7,748
  8,248
  8,769
  9,311
  9,876
Fixed operating expenses, $m
 
  4
  4
  4
  4
  5
  5
  5
  5
  5
  5
  5
  5
  6
  6
  6
  6
  6
  6
  6
  7
  7
  7
  7
  7
  7
  8
  8
  8
  8
  8
Total operating expenses, $m
  329
  419
  524
  645
  783
  938
  1,109
  1,297
  1,501
  1,722
  1,958
  2,209
  2,476
  2,758
  3,054
  3,363
  3,688
  4,026
  4,378
  4,745
  5,128
  5,525
  5,937
  6,366
  6,811
  7,274
  7,756
  8,256
  8,777
  9,319
  9,884
Operating income, $m
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -8
  -8
EBITDA, $m
  18
  24
  31
  39
  48
  59
  70
  83
  96
  111
  127
  144
  162
  181
  200
  221
  243
  266
  289
  314
  340
  366
  394
  423
  453
  484
  516
  550
  585
  621
  659
Interest expense (income), $m
  4
  0
  1
  3
  5
  8
  10
  13
  16
  19
  23
  27
  31
  36
  40
  45
  50
  56
  61
  67
  73
  80
  86
  93
  100
  107
  115
  123
  131
  140
  149
Earnings before tax, $m
  -4
  -4
  -6
  -8
  -10
  -12
  -15
  -18
  -21
  -24
  -28
  -32
  -37
  -41
  -46
  -51
  -56
  -62
  -68
  -74
  -80
  -86
  -93
  -100
  -107
  -115
  -123
  -131
  -139
  -148
  -157
Tax expense, $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
Net income, $m
  -4
  -4
  -6
  -8
  -10
  -12
  -15
  -18
  -21
  -24
  -28
  -32
  -37
  -41
  -46
  -51
  -56
  -62
  -68
  -74
  -80
  -86
  -93
  -100
  -107
  -115
  -123
  -131
  -139
  -148
  -157

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  172
  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
  558
  493
  617
  761
  925
  1,108
  1,311
  1,534
  1,777
  2,039
  2,319
  2,618
  2,934
  3,268
  3,619
  3,988
  4,372
  4,774
  5,193
  5,629
  6,082
  6,553
  7,043
  7,552
  8,081
  8,630
  9,202
  9,796
  10,415
  11,059
  11,729
Adjusted assets (=assets-cash), $m
  386
  493
  617
  761
  925
  1,108
  1,311
  1,534
  1,777
  2,039
  2,319
  2,618
  2,934
  3,268
  3,619
  3,988
  4,372
  4,774
  5,193
  5,629
  6,082
  6,553
  7,043
  7,552
  8,081
  8,630
  9,202
  9,796
  10,415
  11,059
  11,729
Revenue / Adjusted assets
  0.842
  0.842
  0.843
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
Average production assets, $m
  211
  269
  337
  416
  505
  605
  717
  838
  971
  1,114
  1,267
  1,430
  1,603
  1,786
  1,978
  2,179
  2,389
  2,609
  2,838
  3,076
  3,323
  3,581
  3,849
  4,127
  4,416
  4,716
  5,028
  5,353
  5,691
  6,043
  6,410
Working capital, $m
  120
  37
  46
  57
  69
  83
  98
  115
  133
  153
  174
  196
  220
  245
  271
  299
  328
  358
  389
  422
  456
  491
  528
  566
  606
  647
  690
  734
  780
  829
  879
Total debt, $m
  81
  30
  66
  107
  154
  206
  264
  327
  396
  471
  551
  636
  726
  821
  922
  1,026
  1,136
  1,251
  1,370
  1,494
  1,623
  1,758
  1,897
  2,042
  2,193
  2,350
  2,513
  2,682
  2,858
  3,042
  3,233
Total liabilities, $m
  191
  140
  176
  217
  264
  316
  374
  437
  506
  581
  661
  746
  836
  931
  1,032
  1,136
  1,246
  1,361
  1,480
  1,604
  1,733
  1,868
  2,007
  2,152
  2,303
  2,460
  2,623
  2,792
  2,968
  3,152
  3,343
Total equity, $m
  367
  352
  441
  544
  661
  792
  938
  1,097
  1,270
  1,458
  1,658
  1,872
  2,098
  2,337
  2,588
  2,851
  3,126
  3,414
  3,713
  4,024
  4,349
  4,685
  5,036
  5,399
  5,778
  6,171
  6,579
  7,004
  7,447
  7,907
  8,386
Total liabilities and equity, $m
  558
  492
  617
  761
  925
  1,108
  1,312
  1,534
  1,776
  2,039
  2,319
  2,618
  2,934
  3,268
  3,620
  3,987
  4,372
  4,775
  5,193
  5,628
  6,082
  6,553
  7,043
  7,551
  8,081
  8,631
  9,202
  9,796
  10,415
  11,059
  11,729
Debt-to-equity ratio
  0.221
  0.090
  0.150
  0.200
  0.230
  0.260
  0.280
  0.300
  0.310
  0.320
  0.330
  0.340
  0.350
  0.350
  0.360
  0.360
  0.360
  0.370
  0.370
  0.370
  0.370
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.390
Adjusted equity ratio
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -4
  -4
  -6
  -8
  -10
  -12
  -15
  -18
  -21
  -24
  -28
  -32
  -37
  -41
  -46
  -51
  -56
  -62
  -68
  -74
  -80
  -86
  -93
  -100
  -107
  -115
  -123
  -131
  -139
  -148
  -157
Depreciation, amort., depletion, $m
  22
  28
  35
  43
  53
  63
  75
  87
  101
  116
  132
  149
  167
  186
  206
  227
  249
  272
  296
  320
  346
  373
  401
  430
  460
  491
  524
  558
  593
  629
  668
Funds from operations, $m
  30
  24
  29
  36
  43
  51
  60
  70
  80
  92
  104
  117
  130
  145
  160
  176
  193
  210
  228
  247
  266
  287
  308
  330
  353
  376
  401
  427
  453
  481
  510
Change in working capital, $m
  4
  8
  9
  11
  12
  14
  15
  17
  18
  20
  21
  22
  24
  25
  26
  28
  29
  30
  31
  33
  34
  35
  37
  38
  40
  41
  43
  45
  46
  48
  50
Cash from operations, $m
  26
  16
  20
  25
  31
  37
  45
  53
  62
  72
  83
  94
  107
  120
  134
  148
  164
  180
  197
  214
  232
  251
  271
  292
  313
  335
  358
  382
  407
  433
  460
Maintenance CAPEX, $m
  0
  -22
  -28
  -35
  -43
  -53
  -63
  -75
  -87
  -101
  -116
  -132
  -149
  -167
  -186
  -206
  -227
  -249
  -272
  -296
  -320
  -346
  -373
  -401
  -430
  -460
  -491
  -524
  -558
  -593
  -629
New CAPEX, $m
  -4
  -58
  -68
  -79
  -89
  -100
  -111
  -122
  -133
  -143
  -153
  -163
  -173
  -183
  -192
  -201
  -210
  -220
  -229
  -238
  -248
  -257
  -268
  -278
  -289
  -300
  -312
  -325
  -338
  -352
  -366
Cash from investing activities, $m
  -9
  -80
  -96
  -114
  -132
  -153
  -174
  -197
  -220
  -244
  -269
  -295
  -322
  -350
  -378
  -407
  -437
  -469
  -501
  -534
  -568
  -603
  -641
  -679
  -719
  -760
  -803
  -849
  -896
  -945
  -995
Free cash flow, $m
  17
  -64
  -76
  -89
  -102
  -116
  -129
  -144
  -158
  -172
  -186
  -201
  -215
  -230
  -244
  -259
  -274
  -289
  -304
  -320
  -336
  -352
  -369
  -387
  -406
  -425
  -445
  -466
  -489
  -512
  -536
Issuance/(repayment) of debt, $m
  0
  30
  36
  41
  47
  52
  58
  64
  69
  75
  80
  85
  90
  95
  100
  105
  110
  114
  119
  124
  129
  134
  140
  145
  151
  157
  163
  169
  176
  184
  191
Issuance/(repurchase) of shares, $m
  -2
  80
  95
  110
  127
  143
  160
  177
  194
  212
  229
  246
  263
  280
  297
  314
  331
  349
  367
  385
  404
  423
  443
  464
  485
  508
  531
  556
  582
  609
  637
Cash from financing (excl. dividends), $m  
  -5
  110
  131
  151
  174
  195
  218
  241
  263
  287
  309
  331
  353
  375
  397
  419
  441
  463
  486
  509
  533
  557
  583
  609
  636
  665
  694
  725
  758
  793
  828
Total cash flow (excl. dividends), $m
  12
  46
  54
  63
  71
  80
  89
  97
  106
  114
  122
  130
  138
  145
  153
  160
  168
  175
  182
  190
  197
  205
  213
  222
  230
  239
  249
  259
  269
  280
  292
Retained Cash Flow (-), $m
  4
  -80
  -95
  -110
  -127
  -143
  -160
  -177
  -194
  -212
  -229
  -246
  -263
  -280
  -297
  -314
  -331
  -349
  -367
  -385
  -404
  -423
  -443
  -464
  -485
  -508
  -531
  -556
  -582
  -609
  -637
Prev. year cash balance distribution, $m
 
  91
  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
 
  57
  -41
  -48
  -55
  -63
  -72
  -80
  -89
  -98
  -107
  -116
  -125
  -134
  -144
  -154
  -164
  -174
  -185
  -195
  -206
  -218
  -230
  -242
  -255
  -268
  -282
  -297
  -312
  -328
  -345
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
 
  55
  -37
  -42
  -46
  -49
  -52
  -54
  -55
  -56
  -56
  -55
  -53
  -51
  -48
  -45
  -42
  -38
  -34
  -30
  -26
  -23
  -19
  -16
  -13
  -10
  -8
  -6
  -5
  -4
  -3
Current shareholders' claim on cash, %
  100
  70.7
  51.0
  37.6
  28.2
  21.5
  16.7
  13.2
  10.5
  8.5
  6.9
  5.7
  4.8
  4.0
  3.4
  2.9
  2.5
  2.1
  1.9
  1.6
  1.4
  1.2
  1.1
  1.0
  0.9
  0.8
  0.7
  0.6
  0.5
  0.5
  0.4

China Zenix Auto International Limited is a commercial vehicle wheel manufacturer in both the aftermarket and original equipment manufacturer (OEM) markets in People's Republic of China (PRC). The Company designs, manufactures and sells steel wheels. It operates in three segments: PRC OEM sales, which include production and sales of steel and aluminum wheels to vehicle manufacturers in the PRC; PRC aftermarket sales, which include production and sales of steel and aluminum wheels to distributors in the PRC, and international sales, which includes the production and sales of steel wheels to distributors and vehicle manufacturers outside the PRC. It offers over 710 series of tubed steel wheels (which are used for commercial vehicles using tires that contain a rubber inner tube), tubeless steel wheels (which are used for commercial vehicles using tubeless tires) and off-road steel wheels (which are used for construction and other types of off-road vehicles).

FINANCIAL RATIOS  of  China Zenix Auto International ADR (ZX)

Valuation Ratios
P/E Ratio -63.5
Price to Sales 0.8
Price to Book 0.7
Price to Tangible Book
Price to Cash Flow 9.8
Price to Free Cash Flow 11.5
Growth Rates
Sales Growth Rate -8.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -69.2%
Cap. Spend. - 3 Yr. Gr. Rate -30.7%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 22.1%
Interest Coverage 0
Management Effectiveness
Return On Assets 0%
Ret/ On Assets - 3 Yr. Avg. 0.9%
Return On Total Capital -0.9%
Ret/ On T. Cap. - 3 Yr. Avg. 0.2%
Return On Equity -1.1%
Return On Equity - 3 Yr. Avg. 0.3%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 17.2%
Gross Margin - 3 Yr. Avg. 16.6%
EBITDA Margin 6.8%
EBITDA Margin - 3 Yr. Avg. 6.8%
Operating Margin -1.2%
Oper. Margin - 3 Yr. Avg. 0.2%
Pre-Tax Margin -1.2%
Pre-Tax Margin - 3 Yr. Avg. 0.2%
Net Profit Margin -1.2%
Net Profit Margin - 3 Yr. Avg. -0%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 7.1%
Payout Ratio 0%

ZX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ZX stock intrinsic value calculation we used $325 million for the last fiscal year's total revenue generated by China Zenix Auto International ADR. The default revenue input number comes from 2016 income statement of China Zenix Auto International 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 ZX stock valuation model: a) initial revenue growth rate of 27.6% 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 ZX is calculated based on our internal credit rating of China Zenix Auto International 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 China Zenix Auto International 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 ZX stock the variable cost ratio is equal to 100%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $4 million in the base year in the intrinsic value calculation for ZX 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 4.9% for China Zenix Auto International ADR.

Corporate tax rate of 27% is the nominal tax rate for China Zenix Auto International 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 ZX 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 ZX are equal to 64.9%.

Life of production assets of 9.6 years is the average useful life of capital assets used in China Zenix Auto International 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 ZX is equal to 8.9%. 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 - $367 million for China Zenix Auto International 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 45.02 million for China Zenix Auto International 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 China Zenix Auto International ADR at the current share price and the inputted number of shares is $0.1 billion.

RELATED COMPANIES Price Int.Val. Rating
SORL SORL Auto Part 5.13 16.26  str.buy
CVGI Commercial Veh 8.37 5.67  hold
TTM Tata Motors AD 32.95 79.99  str.buy

COMPANY NEWS

▶ China Zenix Files Annual Report on Form 20-F for 2016   [May-12-17 06:00AM  PR Newswire]
▶ China Zenix Files Annual Report on Form 20-F for 2015   [Jun-29-16 06:00AM  PR Newswire]
▶ CHINA ZENIX AUTO INTERNATIONAL LTD Financials   [01:04PM  EDGAR Online Financials]
▶ China Zenix Announces 2015 Annual Shareholders Meeting   [Oct-20  06:00AM  PR Newswire]
▶ China Zenix Files Annual Report on Form 20-F for 2014   [Aug-25  05:30AM  PR Newswire]
▶ China Zenix Auto Wins Supply Contract With Cargotec   [Jan-27  07:40AM  at noodls]
▶ China Zenix Auto Wins Supply Contract With FAW   [Jan-05  05:21AM  at noodls]
▶ China Zenix Appoints New Director   [Nov-24  05:40AM  at noodls]
▶ China Zenix Appoints New Director   [05:30AM  PR Newswire]
▶ China Zenix Announces 2014 annual Shareholders Meeting   [Nov-10  08:20AM  PR Newswire]
▶ China Zenix's Special Committee Appoints Advisors   [Apr-30  06:00AM  PR Newswire]
▶ China Zenix Filed Annual Report on Form 20-F for 2013   [Apr-28  06:00AM  PR Newswire]
▶ China Zenix Announces New Legal Counsel   [Mar-12  06:00AM  PR Newswire]
▶ China Zenix Auto appoints Martin Cheung as CFO   [Mar-06  06:14AM  theflyonthewall.com]
▶ China Zenix Auto announces resignation of CFO Yifan Li   [Feb-24  06:36AM  at theflyonthewall.com]
▶ My Favorite Chinese 'Car' Company   [Jan-15  06:14AM  at Seeking Alpha]
Financial statements of ZX
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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