Intrinsic value of China Zenix Auto International ADR - ZX

Previous Close

$1.64

  Intrinsic Value

premium content

  Rating & Target

premium content

  Value-price divergence*

premium content

Previous close

$1.64

 
Intrinsic value premium content
 
Up/down potential premium content
 
Rating premium content
 
Value-price divergence* premium content

Premium access subscription - $499/yr

please register and log in before paying

*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
  2.90
  3.11
  3.30
  3.47
  3.62
  3.76
  3.88
  4.00
  4.10
  4.19
  4.27
  4.34
  4.41
  4.47
  4.52
  4.57
  4.61
  4.65
  4.68
  4.72
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
Revenue, $m
  325
  2,517
  2,595
  2,681
  2,774
  2,874
  2,982
  3,098
  3,222
  3,354
  3,494
  3,644
  3,802
  3,969
  4,146
  4,334
  4,532
  4,741
  4,961
  5,194
  5,439
  5,697
  5,968
  6,254
  6,556
  6,872
  7,206
  7,556
  7,925
  8,312
  8,720
Variable operating expenses, $m
 
  2,154
  2,222
  2,295
  2,374
  2,460
  2,553
  2,652
  2,758
  2,871
  2,991
  3,119
  3,254
  3,398
  3,549
  3,710
  3,879
  4,058
  4,247
  4,446
  4,655
  4,876
  5,109
  5,354
  5,612
  5,883
  6,168
  6,468
  6,784
  7,115
  7,464
Fixed operating expenses, $m
 
  403
  413
  423
  434
  445
  456
  467
  479
  491
  503
  516
  529
  542
  555
  569
  583
  598
  613
  628
  644
  660
  677
  693
  711
  729
  747
  765
  785
  804
  824
Total operating expenses, $m
  329
  2,557
  2,635
  2,718
  2,808
  2,905
  3,009
  3,119
  3,237
  3,362
  3,494
  3,635
  3,783
  3,940
  4,104
  4,279
  4,462
  4,656
  4,860
  5,074
  5,299
  5,536
  5,786
  6,047
  6,323
  6,612
  6,915
  7,233
  7,569
  7,919
  8,288
Operating income, $m
  -4
  -40
  -39
  -37
  -34
  -31
  -26
  -21
  -15
  -8
  0
  9
  19
  30
  42
  55
  69
  85
  101
  120
  139
  160
  183
  207
  233
  261
  291
  323
  357
  393
  431
EBITDA, $m
  18
  94
  100
  106
  114
  123
  134
  145
  158
  172
  187
  204
  223
  243
  264
  287
  312
  339
  367
  398
  431
  466
  503
  542
  584
  629
  677
  728
  781
  838
  899
Interest expense (income), $m
  4
  0
  1
  3
  4
  6
  7
  9
  11
  13
  15
  18
  20
  23
  26
  29
  32
  35
  39
  43
  47
  51
  55
  60
  65
  70
  75
  81
  87
  93
  99
Earnings before tax, $m
  -4
  -40
  -40
  -40
  -38
  -36
  -34
  -30
  -26
  -21
  -15
  -9
  -1
  7
  16
  26
  37
  49
  63
  77
  93
  110
  128
  147
  169
  191
  216
  242
  270
  300
  332
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  2
  4
  7
  10
  13
  17
  21
  25
  30
  35
  40
  46
  52
  58
  65
  73
  81
  90
Net income, $m
  -4
  -40
  -40
  -40
  -38
  -36
  -34
  -30
  -26
  -21
  -15
  -9
  -1
  5
  12
  19
  27
  36
  46
  56
  68
  80
  93
  108
  123
  140
  158
  177
  197
  219
  242

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
  2,838
  2,926
  3,022
  3,127
  3,240
  3,362
  3,493
  3,632
  3,781
  3,940
  4,108
  4,286
  4,475
  4,675
  4,886
  5,109
  5,345
  5,593
  5,855
  6,131
  6,422
  6,729
  7,051
  7,391
  7,748
  8,124
  8,519
  8,934
  9,371
  9,830
Adjusted assets (=assets-cash), $m
  386
  2,838
  2,926
  3,022
  3,127
  3,240
  3,362
  3,493
  3,632
  3,781
  3,940
  4,108
  4,286
  4,475
  4,675
  4,886
  5,109
  5,345
  5,593
  5,855
  6,131
  6,422
  6,729
  7,051
  7,391
  7,748
  8,124
  8,519
  8,934
  9,371
  9,830
Revenue / Adjusted assets
  0.842
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
Average production assets, $m
  211
  1,578
  1,627
  1,681
  1,739
  1,802
  1,870
  1,943
  2,020
  2,103
  2,191
  2,284
  2,384
  2,489
  2,600
  2,717
  2,841
  2,972
  3,111
  3,256
  3,410
  3,572
  3,742
  3,922
  4,110
  4,309
  4,518
  4,738
  4,969
  5,212
  5,467
Working capital, $m
  120
  219
  226
  233
  241
  250
  259
  270
  280
  292
  304
  317
  331
  345
  361
  377
  394
  412
  432
  452
  473
  496
  519
  544
  570
  598
  627
  657
  689
  723
  759
Total debt, $m
  81
  21
  44
  69
  96
  125
  157
  191
  227
  265
  306
  350
  396
  445
  497
  551
  609
  670
  735
  803
  874
  949
  1,029
  1,112
  1,200
  1,293
  1,390
  1,492
  1,600
  1,713
  1,832
Total liabilities, $m
  191
  735
  758
  783
  810
  839
  871
  905
  941
  979
  1,020
  1,064
  1,110
  1,159
  1,211
  1,265
  1,323
  1,384
  1,449
  1,517
  1,588
  1,663
  1,743
  1,826
  1,914
  2,007
  2,104
  2,206
  2,314
  2,427
  2,546
Total equity, $m
  367
  2,103
  2,168
  2,240
  2,317
  2,401
  2,491
  2,588
  2,692
  2,802
  2,919
  3,044
  3,176
  3,316
  3,464
  3,621
  3,786
  3,960
  4,145
  4,339
  4,543
  4,759
  4,986
  5,225
  5,477
  5,741
  6,020
  6,312
  6,620
  6,944
  7,284
Total liabilities and equity, $m
  558
  2,838
  2,926
  3,023
  3,127
  3,240
  3,362
  3,493
  3,633
  3,781
  3,939
  4,108
  4,286
  4,475
  4,675
  4,886
  5,109
  5,344
  5,594
  5,856
  6,131
  6,422
  6,729
  7,051
  7,391
  7,748
  8,124
  8,518
  8,934
  9,371
  9,830
Debt-to-equity ratio
  0.221
  0.010
  0.020
  0.030
  0.040
  0.050
  0.060
  0.070
  0.080
  0.090
  0.100
  0.110
  0.120
  0.130
  0.140
  0.150
  0.160
  0.170
  0.180
  0.180
  0.190
  0.200
  0.210
  0.210
  0.220
  0.230
  0.230
  0.240
  0.240
  0.250
  0.250
Adjusted equity ratio
  0.715
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -4
  -40
  -40
  -40
  -38
  -36
  -34
  -30
  -26
  -21
  -15
  -9
  -1
  5
  12
  19
  27
  36
  46
  56
  68
  80
  93
  108
  123
  140
  158
  177
  197
  219
  242
Depreciation, amort., depletion, $m
  22
  135
  139
  144
  149
  154
  160
  166
  173
  180
  187
  195
  204
  213
  222
  232
  243
  254
  266
  278
  291
  305
  320
  335
  351
  368
  386
  405
  425
  445
  467
Funds from operations, $m
  30
  94
  99
  104
  110
  118
  126
  136
  147
  159
  172
  187
  202
  218
  234
  251
  270
  290
  312
  335
  359
  385
  413
  443
  474
  508
  544
  582
  622
  664
  710
Change in working capital, $m
  4
  6
  7
  7
  8
  9
  9
  10
  11
  11
  12
  13
  14
  15
  15
  16
  17
  18
  19
  20
  21
  22
  24
  25
  26
  28
  29
  30
  32
  34
  35
Cash from operations, $m
  26
  79
  92
  96
  102
  109
  117
  126
  136
  147
  160
  174
  189
  203
  218
  235
  253
  272
  292
  314
  338
  363
  390
  418
  448
  480
  515
  551
  590
  631
  674
Maintenance CAPEX, $m
  0
  -131
  -135
  -139
  -144
  -149
  -154
  -160
  -166
  -173
  -180
  -187
  -195
  -204
  -213
  -222
  -232
  -243
  -254
  -266
  -278
  -291
  -305
  -320
  -335
  -351
  -368
  -386
  -405
  -425
  -445
New CAPEX, $m
  -4
  -46
  -49
  -54
  -58
  -63
  -68
  -73
  -78
  -83
  -88
  -94
  -99
  -105
  -111
  -118
  -124
  -131
  -138
  -146
  -154
  -162
  -170
  -179
  -189
  -199
  -209
  -220
  -231
  -243
  -255
Cash from investing activities, $m
  -9
  -177
  -184
  -193
  -202
  -212
  -222
  -233
  -244
  -256
  -268
  -281
  -294
  -309
  -324
  -340
  -356
  -374
  -392
  -412
  -432
  -453
  -475
  -499
  -524
  -550
  -577
  -606
  -636
  -668
  -700
Free cash flow, $m
  17
  -98
  -92
  -96
  -100
  -103
  -105
  -107
  -108
  -108
  -108
  -107
  -106
  -106
  -105
  -105
  -104
  -102
  -100
  -97
  -94
  -90
  -86
  -81
  -76
  -69
  -63
  -55
  -46
  -37
  -27
Issuance/(repayment) of debt, $m
  0
  21
  23
  25
  27
  29
  32
  34
  36
  39
  41
  44
  46
  49
  52
  55
  58
  61
  64
  68
  72
  75
  79
  84
  88
  93
  97
  102
  108
  113
  119
Issuance/(repurchase) of shares, $m
  -2
  0
  135
  143
  150
  157
  164
  170
  175
  180
  184
  188
  192
  197
  202
  207
  211
  216
  220
  224
  227
  231
  234
  237
  239
  242
  244
  245
  247
  248
  248
Cash from financing (excl. dividends), $m  
  -5
  21
  158
  168
  177
  186
  196
  204
  211
  219
  225
  232
  238
  246
  254
  262
  269
  277
  284
  292
  299
  306
  313
  321
  327
  335
  341
  347
  355
  361
  367
Total cash flow (excl. dividends), $m
  12
  -77
  -69
  -71
  -73
  -73
  -73
  -73
  -72
  -70
  -67
  -64
  -60
  -57
  -54
  -50
  -46
  -41
  -36
  -29
  -23
  -15
  -7
  2
  12
  23
  35
  48
  61
  76
  92
Retained Cash Flow (-), $m
  4
  -59
  -65
  -72
  -78
  -84
  -90
  -97
  -103
  -110
  -117
  -125
  -132
  -140
  -148
  -157
  -165
  -175
  -184
  -194
  -205
  -216
  -227
  -239
  -252
  -265
  -278
  -293
  -308
  -324
  -340
Prev. year cash balance distribution, $m
 
  519
  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
 
  384
  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
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
 
  368
  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
Current shareholders' claim on cash, %
  100
  100.0
  91.6
  83.7
  76.4
  69.7
  63.5
  57.9
  52.8
  48.2
  44.0
  40.3
  37.0
  34.0
  31.3
  28.8
  26.6
  24.6
  22.8
  21.2
  19.7
  18.4
  17.1
  16.1
  15.1
  14.2
  13.4
  12.6
  12.0
  11.4
  10.8

China Zenix Auto International Limited designs, manufactures, and sells commercial vehicle wheels to aftermarket and original equipment manufacturers in the People’s Republic of China and internationally. The company offers tubed steel wheels, tubeless steel wheels, and off-road steel wheels; aluminum wheels; and wheel components, such as wheel discs. It sells its products directly and through a network of distributors under the Zhengxing, Zhengxing Prince, Haixia, Zhengchang, Lianxing, and CZX brands. The company was formerly known as Richwheel Limited and changed its name to China Zenix Auto International Limited in November 2010. China Zenix Auto International Limited was founded in 2003 and is headquartered in Zhangzhou, the People’s Republic of China. China Zenix Auto International Limited is a subsidiary of Newrace Limited.

FINANCIAL RATIOS  of  China Zenix Auto International ADR (ZX)

Valuation Ratios
P/E Ratio -84.7
Price to Sales 1
Price to Book 0.9
Price to Tangible Book
Price to Cash Flow 13
Price to Free Cash Flow 15.4
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 $2446 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 2.9% 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 85.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $393 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 5.8% 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 62.7%.

Life of production assets of 11.7 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 8.7%. 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 - $2563 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 51.267 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.


Premium access subscription - $499/yr

please register and log in before paying
RELATED COMPANIES Price Int.Val. Rating
SORL SORL Auto Part 7.00 prem.  prem.
CVGI Commercial Veh 8.23 prem.  prem.
TTM Tata Motors AD 34.14 prem.  prem.

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]
▶ China Zenix: The Bears Are Not Done Yet   [Dec-02  09:30AM  at Seeking Alpha]
Stock chart of ZX Financial statements of ZX Annual reports 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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.