Intrinsic value of Guangshen Railway ADR - GSH

Previous Close

$26.15

  Intrinsic Value

$0.14

stock screener

  Rating & Target

str. sell

-99%

Previous close

$26.15

 
Intrinsic value

$0.14

 
Up/down potential

-99%

 
Rating

str. sell

We calculate the intrinsic value of GSH 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 185.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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, %
  2.70
  2.93
  3.14
  3.32
  3.49
  3.64
  3.78
  3.90
  4.01
  4.11
  4.20
  4.28
  4.35
  4.42
  4.47
  4.53
  4.57
  4.62
  4.65
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.83
  4.85
  4.87
  4.88
  4.89
Revenue, $m
  2,555
  2,630
  2,713
  2,803
  2,901
  3,006
  3,120
  3,241
  3,371
  3,510
  3,657
  3,814
  3,980
  4,155
  4,341
  4,538
  4,745
  4,964
  5,195
  5,439
  5,696
  5,966
  6,251
  6,551
  6,866
  7,198
  7,548
  7,915
  8,301
  8,707
Variable operating expenses, $m
  2,317
  2,385
  2,460
  2,542
  2,630
  2,726
  2,829
  2,939
  3,056
  3,182
  3,311
  3,453
  3,603
  3,762
  3,931
  4,108
  4,296
  4,495
  4,704
  4,924
  5,157
  5,402
  5,660
  5,931
  6,217
  6,517
  6,834
  7,166
  7,516
  7,883
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  2,317
  2,385
  2,460
  2,542
  2,630
  2,726
  2,829
  2,939
  3,056
  3,182
  3,311
  3,453
  3,603
  3,762
  3,931
  4,108
  4,296
  4,495
  4,704
  4,924
  5,157
  5,402
  5,660
  5,931
  6,217
  6,517
  6,834
  7,166
  7,516
  7,883
Operating income, $m
  238
  245
  253
  261
  270
  280
  291
  303
  315
  328
  346
  361
  377
  393
  411
  429
  449
  470
  492
  515
  539
  564
  591
  620
  650
  681
  714
  749
  785
  824
EBITDA, $m
  627
  645
  666
  688
  712
  738
  766
  795
  827
  861
  898
  936
  977
  1,020
  1,065
  1,114
  1,165
  1,218
  1,275
  1,335
  1,398
  1,464
  1,534
  1,608
  1,685
  1,767
  1,852
  1,942
  2,037
  2,137
Interest expense (income), $m
  0
  0
  1
  2
  3
  5
  6
  8
  10
  11
  13
  15
  18
  20
  23
  25
  28
  31
  34
  37
  41
  45
  48
  53
  57
  61
  66
  71
  76
  82
  88
Earnings before tax, $m
  238
  244
  250
  258
  266
  274
  283
  293
  304
  315
  331
  343
  356
  371
  385
  401
  418
  436
  454
  474
  494
  516
  539
  563
  588
  615
  643
  672
  703
  736
Tax expense, $m
  64
  66
  68
  70
  72
  74
  76
  79
  82
  85
  89
  93
  96
  100
  104
  108
  113
  118
  123
  128
  133
  139
  145
  152
  159
  166
  174
  182
  190
  199
Net income, $m
  174
  178
  183
  188
  194
  200
  207
  214
  222
  230
  241
  250
  260
  270
  281
  293
  305
  318
  331
  346
  361
  377
  393
  411
  429
  449
  469
  491
  513
  537

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  4,858
  5,000
  5,157
  5,328
  5,514
  5,715
  5,931
  6,162
  6,409
  6,673
  6,953
  7,250
  7,566
  7,900
  8,253
  8,627
  9,021
  9,438
  9,877
  10,340
  10,829
  11,343
  11,884
  12,454
  13,054
  13,685
  14,349
  15,047
  15,782
  16,554
Adjusted assets (=assets-cash), $m
  4,858
  5,000
  5,157
  5,328
  5,514
  5,715
  5,931
  6,162
  6,409
  6,673
  6,953
  7,250
  7,566
  7,900
  8,253
  8,627
  9,021
  9,438
  9,877
  10,340
  10,829
  11,343
  11,884
  12,454
  13,054
  13,685
  14,349
  15,047
  15,782
  16,554
Revenue / Adjusted assets
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
Average production assets, $m
  3,853
  3,966
  4,091
  4,226
  4,374
  4,533
  4,705
  4,888
  5,084
  5,293
  5,515
  5,751
  6,001
  6,266
  6,547
  6,843
  7,156
  7,486
  7,835
  8,202
  8,589
  8,997
  9,427
  9,879
  10,355
  10,855
  11,382
  11,936
  12,518
  13,130
Working capital, $m
  -623
  -642
  -662
  -684
  -708
  -734
  -761
  -791
  -823
  -856
  -892
  -931
  -971
  -1,014
  -1,059
  -1,107
  -1,158
  -1,211
  -1,268
  -1,327
  -1,390
  -1,456
  -1,525
  -1,598
  -1,675
  -1,756
  -1,842
  -1,931
  -2,025
  -2,125
Total debt, $m
  20
  41
  64
  89
  117
  146
  178
  212
  248
  287
  328
  372
  418
  467
  519
  574
  632
  693
  758
  826
  898
  973
  1,053
  1,137
  1,225
  1,318
  1,415
  1,518
  1,626
  1,739
Total liabilities, $m
  714
  735
  758
  783
  811
  840
  872
  906
  942
  981
  1,022
  1,066
  1,112
  1,161
  1,213
  1,268
  1,326
  1,387
  1,452
  1,520
  1,592
  1,667
  1,747
  1,831
  1,919
  2,012
  2,109
  2,212
  2,320
  2,433
Total equity, $m
  4,144
  4,265
  4,399
  4,545
  4,704
  4,875
  5,059
  5,256
  5,467
  5,692
  5,931
  6,185
  6,454
  6,739
  7,040
  7,359
  7,695
  8,051
  8,425
  8,820
  9,237
  9,675
  10,137
  10,623
  11,135
  11,673
  12,240
  12,835
  13,462
  14,120
Total liabilities and equity, $m
  4,858
  5,000
  5,157
  5,328
  5,515
  5,715
  5,931
  6,162
  6,409
  6,673
  6,953
  7,251
  7,566
  7,900
  8,253
  8,627
  9,021
  9,438
  9,877
  10,340
  10,829
  11,342
  11,884
  12,454
  13,054
  13,685
  14,349
  15,047
  15,782
  16,553
Debt-to-equity ratio
  0.000
  0.010
  0.010
  0.020
  0.020
  0.030
  0.040
  0.040
  0.050
  0.050
  0.060
  0.060
  0.060
  0.070
  0.070
  0.080
  0.080
  0.090
  0.090
  0.090
  0.100
  0.100
  0.100
  0.110
  0.110
  0.110
  0.120
  0.120
  0.120
  0.120
Adjusted equity ratio
  0.853
  0.853
  0.853
  0.853
  0.853
  0.853
  0.853
  0.853
  0.853
  0.853
  0.853
  0.853
  0.853
  0.853
  0.853
  0.853
  0.853
  0.853
  0.853
  0.853
  0.853
  0.853
  0.853
  0.853
  0.853
  0.853
  0.853
  0.853
  0.853
  0.853

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  174
  178
  183
  188
  194
  200
  207
  214
  222
  230
  241
  250
  260
  270
  281
  293
  305
  318
  331
  346
  361
  377
  393
  411
  429
  449
  469
  491
  513
  537
Depreciation, amort., depletion, $m
  389
  401
  413
  427
  441
  457
  474
  493
  512
  533
  552
  575
  600
  627
  655
  684
  716
  749
  783
  820
  859
  900
  943
  988
  1,035
  1,086
  1,138
  1,194
  1,252
  1,313
Funds from operations, $m
  563
  579
  596
  615
  635
  657
  681
  707
  734
  763
  793
  826
  860
  897
  936
  977
  1,021
  1,067
  1,115
  1,166
  1,220
  1,276
  1,336
  1,399
  1,465
  1,534
  1,607
  1,684
  1,765
  1,850
Change in working capital, $m
  -16
  -18
  -20
  -22
  -24
  -26
  -28
  -30
  -32
  -34
  -36
  -38
  -40
  -43
  -45
  -48
  -51
  -53
  -56
  -59
  -63
  -66
  -69
  -73
  -77
  -81
  -85
  -90
  -94
  -99
Cash from operations, $m
  579
  597
  616
  637
  659
  683
  709
  736
  766
  797
  829
  864
  901
  940
  981
  1,025
  1,071
  1,120
  1,171
  1,225
  1,282
  1,342
  1,406
  1,472
  1,542
  1,615
  1,693
  1,774
  1,860
  1,949
Maintenance CAPEX, $m
  -375
  -385
  -397
  -409
  -423
  -437
  -453
  -470
  -489
  -508
  -529
  -552
  -575
  -600
  -627
  -655
  -684
  -716
  -749
  -783
  -820
  -859
  -900
  -943
  -988
  -1,035
  -1,086
  -1,138
  -1,194
  -1,252
New CAPEX, $m
  -100
  -113
  -124
  -136
  -148
  -159
  -171
  -183
  -196
  -209
  -222
  -236
  -250
  -265
  -280
  -296
  -313
  -330
  -348
  -367
  -387
  -408
  -429
  -452
  -476
  -501
  -527
  -554
  -582
  -612
Cash from investing activities, $m
  -475
  -498
  -521
  -545
  -571
  -596
  -624
  -653
  -685
  -717
  -751
  -788
  -825
  -865
  -907
  -951
  -997
  -1,046
  -1,097
  -1,150
  -1,207
  -1,267
  -1,329
  -1,395
  -1,464
  -1,536
  -1,613
  -1,692
  -1,776
  -1,864
Free cash flow, $m
  104
  99
  95
  92
  89
  87
  84
  82
  81
  79
  77
  76
  75
  75
  74
  74
  74
  74
  74
  75
  75
  76
  76
  77
  78
  79
  81
  82
  84
  85
Issuance/(repayment) of debt, $m
  20
  21
  23
  25
  27
  30
  32
  34
  36
  39
  41
  44
  46
  49
  52
  55
  58
  61
  65
  68
  72
  76
  80
  84
  88
  93
  98
  103
  108
  113
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  3
  9
  14
  20
  26
  31
  37
  43
  49
  56
  62
  69
  75
  82
  90
  97
  105
  113
  121
Cash from financing (excl. dividends), $m  
  20
  21
  23
  25
  27
  30
  32
  34
  36
  39
  41
  47
  55
  63
  72
  81
  89
  98
  108
  117
  128
  138
  149
  159
  170
  183
  195
  208
  221
  234
Total cash flow (excl. dividends), $m
  124
  120
  118
  117
  116
  116
  116
  116
  117
  118
  118
  123
  131
  138
  146
  155
  164
  173
  182
  192
  202
  213
  224
  236
  249
  262
  275
  289
  304
  320
Retained Cash Flow (-), $m
  -105
  -121
  -134
  -146
  -159
  -171
  -184
  -197
  -211
  -225
  -239
  -254
  -269
  -285
  -301
  -319
  -337
  -355
  -375
  -395
  -416
  -439
  -462
  -486
  -512
  -538
  -566
  -596
  -626
  -659
Prev. year cash balance distribution, $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 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
  19
  -2
  -16
  -29
  -42
  -55
  -68
  -81
  -94
  -106
  -121
  -130
  -138
  -146
  -155
  -164
  -173
  -183
  -193
  -203
  -214
  -225
  -237
  -250
  -263
  -277
  -291
  -306
  -322
  -339
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
  18
  -2
  -14
  -24
  -33
  -40
  -46
  -51
  -54
  -56
  -57
  -56
  -53
  -49
  -46
  -42
  -38
  -34
  -30
  -26
  -22
  -19
  -16
  -13
  -10
  -8
  -6
  -5
  -4
  -3
Current shareholders' claim on cash, %
  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
  99.9
  99.9
  99.8
  99.8
  99.7
  99.7
  99.6
  99.6
  99.5
  99.4
  99.3
  99.3
  99.2
  99.1
  99.0
  98.9

Guangshen Railway Company Limited is engaged in the provision of passenger and freight transportation on railroads. The Company also operates certain other businesses, which include services offered in railway stations, and sales of food, beverages and merchandises on board the trains and in the railway stations. Its segments include The Railway Transportation Business and All other segments. The railroad and related business is conducted by the Company (the Railway Transportation Business). Other segments include on-board catering services, leasing, sales of materials, sale of goods and other businesses related to railway transportation provided by the subsidiaries of the Company. The Company is engaged in the provision of integrated services in relation to railway facilities and technology, commercial trading and other industrial businesses. It also operates with other railway companies in the People's Republic of China (PRC) for the provision of freight transportation services.

FINANCIAL RATIOS  of  Guangshen Railway ADR (GSH)

Valuation Ratios
P/E Ratio 879.8
Price to Sales 59.1
Price to Book 36.4
Price to Tangible Book
Price to Cash Flow 623.7
Price to Free Cash Flow -3016.5
Growth Rates
Sales Growth Rate 9.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 52.9%
Cap. Spend. - 3 Yr. Gr. Rate 7.5%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 3.6%
Ret/ On Assets - 3 Yr. Avg. 3.2%
Return On Total Capital 4.2%
Ret/ On T. Cap. - 3 Yr. Avg. 3.5%
Return On Equity 4.2%
Return On Equity - 3 Yr. Avg. 3.5%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 43.4%
Gross Margin - 3 Yr. Avg. 43.7%
EBITDA Margin 17.7%
EBITDA Margin - 3 Yr. Avg. 14.3%
Operating Margin 8.9%
Oper. Margin - 3 Yr. Avg. 8.4%
Pre-Tax Margin 8.9%
Pre-Tax Margin - 3 Yr. Avg. 8%
Net Profit Margin 6.7%
Net Profit Margin - 3 Yr. Avg. 6%
Effective Tax Rate 25.1%
Eff/ Tax Rate - 3 Yr. Avg. 25.4%
Payout Ratio 48.8%

GSH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GSH stock intrinsic value calculation we used $2488 million for the last fiscal year's total revenue generated by Guangshen Railway ADR. The default revenue input number comes from 2016 income statement of Guangshen Railway 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 GSH stock valuation model: a) initial revenue growth rate of 2.7% 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 GSH is calculated based on our internal credit rating of Guangshen Railway 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 Guangshen Railway 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 GSH stock the variable cost ratio is equal to 90.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for GSH 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 5.4% for Guangshen Railway ADR.

Corporate tax rate of 27% is the nominal tax rate for Guangshen Railway 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 GSH 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 GSH are equal to 150.8%.

Life of production assets of 10 years is the average useful life of capital assets used in Guangshen Railway 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 GSH is equal to -24.4%. 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 - $4039 million for Guangshen Railway 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 7084 million for Guangshen Railway 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 Guangshen Railway ADR at the current share price and the inputted number of shares is $185.2 billion.

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COMPANY NEWS

▶ Guangshen Railway Filed 2017 Annual Report on Form 20-F   [May-03-18 08:48AM  PR Newswire]
▶ Guangshen Railway Filed 2015 Annual Report on Form 20-F   [Jul-07-16 06:25AM  PR Newswire]
▶ GUANGSHEN RAILWAY CO LTD Financials   [01:04PM  EDGAR Online Financials]
▶ POSITIVE PROFIT ALERT   [Jan-28-16 04:08AM  at noodls]
▶ Cross-listed Chinese shares slide in New York   [Jul-07  10:41AM  at MarketWatch]
▶ 5 Foreign Stocks to Buy for Gains at Home   [Oct-07  08:31AM  at TheStreet]
▶ Guangshen Railway Announces 2014 Interim Results   [Aug-21  10:40AM  PR Newswire]
▶ Why I Bought Guangshen Railway   [May-28  11:43AM  at Seeking Alpha]
▶ Guangshen Railway Announces 2013 Annual Results   [Mar-27  08:44AM  PR Newswire]
▶ [video] What happened to the rally?   [Jan-06  11:35AM  at CNBC]
▶ Guangshen Railway Enters Oversold Territory (GSH)   [Dec-09  11:58AM  at Forbes]
▶ Guangshen Railway Announces 2013 Interim Results   [Aug-22  09:40AM  PR Newswire]
▶ 3 Ways to Profit From China   [Apr-17  08:52AM  at Motley Fool]
▶ Guangshen Railway Announces 2012 Annual Results   [Mar-26  11:28AM  PR Newswire]
▶ Why Guangshen Railway Is Poised to Keep Chuggin'   [Mar-25  10:54AM  at Motley Fool]
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▶ Following Buffett Down the China Expressway   [Jan-03  05:52PM  at Motley Fool]
▶ Transportation Outpaces the Dow on Low-Cost Services   [Oct-10-12 09:30PM  at Motley Fool]
▶ 3 Stocks Near 52-Week Lows Worth Buying   [Sep-18-12 12:48PM  at Motley Fool]
▶ 5-Star Stocks Poised to Pop: Guangshen Railway   [Sep-06-12 02:08PM  at Motley Fool]
▶ 6 High Yield Stocks Undervalued By Levered Free Cash Flow   [Aug-28-12 01:05PM  at Seeking Alpha]
▶ The Most Promising Dividends in Railroads   [Aug-16-12 03:20PM  at Motley Fool]
▶ Biggest Transportation Sector Movers, Including KSU   [Jul-30-12 12:34PM  at Investopedia]
▶ Analysts Love These 5 Dirt-Cheap Dividend Stocks   [Jul-18-12 06:43AM  at Seeking Alpha]
▶ Transportation Sector's Biggest Movers for July 10, 2012   [Jul-10-12 01:03PM  at Investopedia]
▶ Transportation Sector Wrap   [Jul-05-12 05:47PM  at Fox Business]
▶ The Best Dividends On May 22, 2012   [May-21-12 11:33AM  at Seeking Alpha]
▶ Guangshen Railway Files Form 20-F   [Apr-27-12 06:15AM  PR Newswire]
▶ Transportation Sector Wrap   [Apr-19-12 05:14PM  at Fox Business]
▶ 3 Stocks on Our Radar   [Apr-14-12 06:19AM  at Motley Fool]
▶ 5-Star Stocks Poised to Pop: Guangshen Railway   [Apr-04-12 12:49PM  at Motley Fool]
▶ Ride the Rails in China   [Mar-29-12 01:47PM  at Motley Fool]
▶ Guangshen Railway Announces 2011 Annual Results   [Mar-27-12 12:14PM  PR Newswire]
▶ A Smarter Way to Invest in Emerging Markets: Dividends   [Feb-07-12 12:10PM  at Motley Fool]
▶ 5 BRIC Stocks Undervalued By Levered Free Cash Flows   [Jan-27-12 01:48AM  at Seeking Alpha]
▶ 7 Relatively Undervalued Companies By Book Value And Earnings   [Jan-26-12 09:50AM  at Seeking Alpha]
▶ 3 Deeply Undervalued Chinese Stocks To Buy Now   [Jan-16-12 02:27PM  at Motley Fool]
▶ The 10 Worst Road and Rail Stocks of 2011   [Dec-30-11 12:47PM  at Motley Fool]
▶ Four Stocks On Sale Right Now   [Dec-29-11 05:14PM  at Investopedia]
▶ 6 Chinese Stocks Undervalued By Levered Free Cash Flows   [Dec-22-11 01:32AM  at Seeking Alpha]
▶ 14 BRIC Stocks Undervalued By Levered Free Cash Flows   [Dec-08-11 08:02AM  at Seeking Alpha]
▶ Railroad Stocks: Bill Ackman Thinks They're Undervalued   [Nov-01-11 03:46PM  at Motley Fool]
▶ Guangshen Railway Announces 3Q 2011 Results   [Oct-25-11 10:59AM  PR Newswire]
▶ China Questions Big Four Auditors   [Oct-21-11 04:33PM  at Motley Fool]
▶ The Highest-Growth Road and Rail Stocks   [Oct-07-11 11:09AM  at Motley Fool]
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