Intrinsic value of Secoo Holding ADR - SECO

Previous Close

$9.80

  Intrinsic Value

$65.52

stock screener

  Rating & Target

str. buy

+569%

Previous close

$9.80

 
Intrinsic value

$65.52

 
Up/down potential

+569%

 
Rating

str. buy

We calculate the intrinsic value of SECO 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 0001), $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 0.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  51.40
  46.76
  42.58
  38.83
  35.44
  32.40
  29.66
  27.19
  24.97
  22.98
  21.18
  19.56
  18.10
  16.79
  15.61
  14.55
  13.60
  12.74
  11.96
  11.27
  10.64
  10.08
  9.57
  9.11
  8.70
  8.33
  8.00
  7.70
  7.43
  7.19
Revenue, $m
  856
  1,256
  1,791
  2,487
  3,368
  4,459
  5,782
  7,354
  9,190
  11,302
  13,695
  16,374
  19,339
  22,587
  26,114
  29,914
  33,982
  38,310
  42,894
  47,727
  52,806
  58,127
  63,690
  69,493
  75,540
  81,833
  88,378
  95,182
  102,252
  109,599
Variable operating expenses, $m
  774
  1,136
  1,619
  2,248
  3,045
  4,031
  5,227
  6,648
  8,308
  10,217
  12,381
  14,802
  17,482
  20,418
  23,607
  27,042
  30,719
  34,633
  38,776
  43,145
  47,737
  52,547
  57,575
  62,822
  68,288
  73,977
  79,894
  86,044
  92,436
  99,078
Fixed operating expenses, $m
  42
  43
  44
  45
  46
  47
  48
  49
  50
  51
  52
  53
  54
  56
  57
  58
  59
  61
  62
  63
  65
  66
  68
  69
  71
  72
  74
  75
  77
  79
Total operating expenses, $m
  816
  1,179
  1,663
  2,293
  3,091
  4,078
  5,275
  6,697
  8,358
  10,268
  12,433
  14,855
  17,536
  20,474
  23,664
  27,100
  30,778
  34,694
  38,838
  43,208
  47,802
  52,613
  57,643
  62,891
  68,359
  74,049
  79,968
  86,119
  92,513
  99,157
Operating income, $m
  40
  78
  128
  194
  278
  381
  507
  657
  832
  1,034
  1,263
  1,519
  1,802
  2,113
  2,450
  2,814
  3,203
  3,617
  4,056
  4,518
  5,005
  5,514
  6,047
  6,602
  7,181
  7,784
  8,411
  9,062
  9,739
  10,443
EBITDA, $m
  42
  80
  132
  199
  284
  390
  519
  672
  851
  1,057
  1,290
  1,551
  1,841
  2,158
  2,502
  2,873
  3,271
  3,694
  4,142
  4,614
  5,110
  5,630
  6,174
  6,741
  7,332
  7,947
  8,587
  9,252
  9,944
  10,662
Interest expense (income), $m
  0
  1
  6
  12
  20
  31
  44
  61
  81
  105
  133
  165
  201
  242
  287
  337
  391
  448
  510
  576
  646
  720
  797
  878
  963
  1,051
  1,143
  1,239
  1,339
  1,443
  1,550
Earnings before tax, $m
  39
  72
  116
  174
  247
  337
  447
  576
  728
  901
  1,098
  1,317
  1,560
  1,825
  2,113
  2,423
  2,754
  3,107
  3,479
  3,872
  4,285
  4,717
  5,168
  5,639
  6,130
  6,640
  7,171
  7,723
  8,297
  8,893
Tax expense, $m
  10
  19
  31
  47
  67
  91
  121
  156
  196
  243
  296
  356
  421
  493
  571
  654
  744
  839
  939
  1,046
  1,157
  1,274
  1,395
  1,523
  1,655
  1,793
  1,936
  2,085
  2,240
  2,401
Net income, $m
  28
  52
  85
  127
  180
  246
  326
  421
  531
  658
  801
  962
  1,139
  1,332
  1,543
  1,769
  2,011
  2,268
  2,540
  2,827
  3,128
  3,443
  3,773
  4,117
  4,475
  4,848
  5,235
  5,638
  6,057
  6,492

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
  535
  786
  1,120
  1,555
  2,106
  2,789
  3,616
  4,599
  5,747
  7,068
  8,565
  10,240
  12,094
  14,126
  16,331
  18,708
  21,252
  23,959
  26,825
  29,848
  33,024
  36,352
  39,831
  43,460
  47,242
  51,178
  55,271
  59,526
  63,948
  68,542
Adjusted assets (=assets-cash), $m
  535
  786
  1,120
  1,555
  2,106
  2,789
  3,616
  4,599
  5,747
  7,068
  8,565
  10,240
  12,094
  14,126
  16,331
  18,708
  21,252
  23,959
  26,825
  29,848
  33,024
  36,352
  39,831
  43,460
  47,242
  51,178
  55,271
  59,526
  63,948
  68,542
Revenue / Adjusted assets
  1.600
  1.598
  1.599
  1.599
  1.599
  1.599
  1.599
  1.599
  1.599
  1.599
  1.599
  1.599
  1.599
  1.599
  1.599
  1.599
  1.599
  1.599
  1.599
  1.599
  1.599
  1.599
  1.599
  1.599
  1.599
  1.599
  1.599
  1.599
  1.599
  1.599
Average production assets, $m
  9
  13
  18
  25
  34
  45
  58
  74
  92
  113
  137
  164
  193
  226
  261
  299
  340
  383
  429
  477
  528
  581
  637
  695
  755
  818
  884
  952
  1,023
  1,096
Working capital, $m
  91
  133
  190
  264
  357
  473
  613
  779
  974
  1,198
  1,452
  1,736
  2,050
  2,394
  2,768
  3,171
  3,602
  4,061
  4,547
  5,059
  5,597
  6,161
  6,751
  7,366
  8,007
  8,674
  9,368
  10,089
  10,839
  11,618
Total debt, $m
  109
  222
  373
  569
  817
  1,125
  1,498
  1,942
  2,460
  3,055
  3,730
  4,486
  5,322
  6,238
  7,233
  8,305
  9,452
  10,673
  11,966
  13,329
  14,761
  16,262
  17,831
  19,468
  21,174
  22,949
  24,795
  26,713
  28,708
  30,780
Total liabilities, $m
  241
  354
  505
  701
  950
  1,258
  1,631
  2,074
  2,592
  3,188
  3,863
  4,618
  5,455
  6,371
  7,365
  8,437
  9,585
  10,805
  12,098
  13,462
  14,894
  16,395
  17,964
  19,601
  21,306
  23,081
  24,927
  26,846
  28,840
  30,913
Total equity, $m
  294
  431
  615
  854
  1,156
  1,531
  1,985
  2,525
  3,155
  3,880
  4,702
  5,622
  6,640
  7,755
  8,966
  10,271
  11,667
  13,153
  14,727
  16,387
  18,130
  19,957
  21,867
  23,860
  25,936
  28,097
  30,344
  32,680
  35,107
  37,630
Total liabilities and equity, $m
  535
  785
  1,120
  1,555
  2,106
  2,789
  3,616
  4,599
  5,747
  7,068
  8,565
  10,240
  12,095
  14,126
  16,331
  18,708
  21,252
  23,958
  26,825
  29,849
  33,024
  36,352
  39,831
  43,461
  47,242
  51,178
  55,271
  59,526
  63,947
  68,543
Debt-to-equity ratio
  0.370
  0.510
  0.610
  0.670
  0.710
  0.730
  0.750
  0.770
  0.780
  0.790
  0.790
  0.800
  0.800
  0.800
  0.810
  0.810
  0.810
  0.810
  0.810
  0.810
  0.810
  0.810
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
Adjusted equity ratio
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  28
  52
  85
  127
  180
  246
  326
  421
  531
  658
  801
  962
  1,139
  1,332
  1,543
  1,769
  2,011
  2,268
  2,540
  2,827
  3,128
  3,443
  3,773
  4,117
  4,475
  4,848
  5,235
  5,638
  6,057
  6,492
Depreciation, amort., depletion, $m
  2
  3
  4
  5
  7
  9
  12
  15
  18
  23
  27
  33
  39
  45
  52
  60
  68
  77
  86
  95
  106
  116
  127
  139
  151
  164
  177
  190
  205
  219
Funds from operations, $m
  30
  55
  88
  132
  187
  255
  338
  435
  549
  680
  829
  994
  1,177
  1,378
  1,595
  1,829
  2,079
  2,345
  2,626
  2,922
  3,234
  3,560
  3,900
  4,256
  4,626
  5,011
  5,412
  5,828
  6,261
  6,711
Change in working capital, $m
  31
  42
  57
  74
  93
  116
  140
  167
  195
  224
  254
  284
  314
  344
  374
  403
  431
  459
  486
  512
  538
  564
  590
  615
  641
  667
  694
  721
  749
  779
Cash from operations, $m
  -1
  13
  32
  58
  94
  139
  197
  269
  355
  457
  575
  710
  863
  1,033
  1,221
  1,426
  1,648
  1,886
  2,140
  2,410
  2,695
  2,996
  3,311
  3,641
  3,985
  4,344
  4,718
  5,107
  5,512
  5,932
Maintenance CAPEX, $m
  -1
  -2
  -3
  -4
  -5
  -7
  -9
  -12
  -15
  -18
  -23
  -27
  -33
  -39
  -45
  -52
  -60
  -68
  -77
  -86
  -95
  -106
  -116
  -127
  -139
  -151
  -164
  -177
  -190
  -205
New CAPEX, $m
  -3
  -4
  -5
  -7
  -9
  -11
  -13
  -16
  -18
  -21
  -24
  -27
  -30
  -32
  -35
  -38
  -41
  -43
  -46
  -48
  -51
  -53
  -56
  -58
  -60
  -63
  -65
  -68
  -71
  -73
Cash from investing activities, $m
  -4
  -6
  -8
  -11
  -14
  -18
  -22
  -28
  -33
  -39
  -47
  -54
  -63
  -71
  -80
  -90
  -101
  -111
  -123
  -134
  -146
  -159
  -172
  -185
  -199
  -214
  -229
  -245
  -261
  -278
Free cash flow, $m
  -5
  7
  24
  48
  80
  122
  175
  241
  322
  417
  528
  656
  801
  962
  1,141
  1,336
  1,547
  1,774
  2,017
  2,276
  2,549
  2,837
  3,139
  3,455
  3,786
  4,130
  4,489
  4,862
  5,250
  5,654
Issuance/(repayment) of debt, $m
  82
  113
  151
  196
  249
  308
  373
  443
  518
  596
  675
  756
  836
  916
  995
  1,072
  1,147
  1,221
  1,293
  1,363
  1,432
  1,501
  1,569
  1,637
  1,705
  1,775
  1,846
  1,919
  1,994
  2,072
Issuance/(repurchase) of shares, $m
  72
  85
  99
  112
  122
  128
  128
  119
  99
  67
  20
  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  
  154
  198
  250
  308
  371
  436
  501
  562
  617
  663
  695
  756
  836
  916
  995
  1,072
  1,147
  1,221
  1,293
  1,363
  1,432
  1,501
  1,569
  1,637
  1,705
  1,775
  1,846
  1,919
  1,994
  2,072
Total cash flow (excl. dividends), $m
  149
  205
  274
  356
  451
  558
  676
  804
  939
  1,080
  1,224
  1,412
  1,637
  1,878
  2,135
  2,408
  2,694
  2,995
  3,310
  3,639
  3,981
  4,338
  4,708
  5,092
  5,491
  5,905
  6,335
  6,781
  7,245
  7,726
Retained Cash Flow (-), $m
  -100
  -137
  -184
  -239
  -303
  -375
  -454
  -540
  -631
  -725
  -822
  -920
  -1,018
  -1,115
  -1,211
  -1,305
  -1,397
  -1,486
  -1,574
  -1,659
  -1,744
  -1,827
  -1,910
  -1,993
  -2,076
  -2,161
  -2,247
  -2,336
  -2,428
  -2,523
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
  49
  67
  90
  117
  148
  183
  222
  264
  309
  355
  402
  492
  619
  763
  924
  1,103
  1,298
  1,509
  1,737
  1,980
  2,238
  2,511
  2,798
  3,099
  3,415
  3,744
  4,088
  4,445
  4,817
  5,204
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
  47
  62
  78
  96
  115
  133
  150
  165
  177
  186
  191
  210
  235
  256
  271
  280
  282
  278
  267
  252
  231
  208
  183
  158
  133
  109
  88
  69
  53
  39
Current shareholders' claim on cash, %
  83.7
  72.6
  64.7
  59.0
  54.9
  51.8
  49.6
  48.1
  47.1
  46.6
  46.5
  46.5
  46.5
  46.5
  46.5
  46.5
  46.5
  46.5
  46.5
  46.5
  46.5
  46.5
  46.5
  46.5
  46.5
  46.5
  46.5
  46.5
  46.5
  46.5

Secoo Holding Limited is an online integrated platform company. The Company offers an integrated online and offline shopping platform, which consists of its Secoo.com Website, mobile applications and offline experience centers. The Company offers a range of products including watches, bags, clothing, footwear, jewelry, accessories, menswear, children's wear, sportswear, cosmetics and skin care, automobile, home goods, lifestyle services, lifestyle services and high-end Chinese original products. The Company’s online platform facilitates easy product selection, order processing and convenient payment methods, such as Secoo Check, which allows customers to make payments for its merchandise products in installments on its online platform directly.

FINANCIAL RATIOS  of  Secoo Holding ADR (SECO)

Valuation Ratios
P/E Ratio -41.9
Price to Sales 0.7
Price to Book 5.8
Price to Tangible Book
Price to Cash Flow -7
Price to Free Cash Flow -6.6
Growth Rates
Sales Growth Rate 48.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 14.9%
Financial Strength
Quick Ratio 0
Current Ratio 0.2
LT Debt to Equity 0%
Total Debt to Equity 67.4%
Interest Coverage 0
Management Effectiveness
Return On Assets -4.1%
Ret/ On Assets - 3 Yr. Avg. -16%
Return On Total Capital -8.4%
Ret/ On T. Cap. - 3 Yr. Avg. -43%
Return On Equity -13.5%
Return On Equity - 3 Yr. Avg. -62.1%
Asset Turnover 2.6
Profitability Ratios
Gross Margin 15.5%
Gross Margin - 3 Yr. Avg. 12.3%
EBITDA Margin -1.1%
EBITDA Margin - 3 Yr. Avg. -7.8%
Operating Margin -1.1%
Oper. Margin - 3 Yr. Avg. -8.1%
Pre-Tax Margin -1.6%
Pre-Tax Margin - 3 Yr. Avg. -8.4%
Net Profit Margin -1.6%
Net Profit Margin - 3 Yr. Avg. -8.4%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

SECO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SECO stock intrinsic value calculation we used $565.365024184 million for the last fiscal year's total revenue generated by Secoo Holding ADR. The default revenue input number comes from 0001 income statement of Secoo Holding 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 SECO stock valuation model: a) initial revenue growth rate of 51.4% 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 SECO is calculated based on our internal credit rating of Secoo Holding 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 Secoo Holding 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 SECO stock the variable cost ratio is equal to 90.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $41 million in the base year in the intrinsic value calculation for SECO 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 Secoo Holding ADR.

Corporate tax rate of 27% is the nominal tax rate for Secoo Holding 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 SECO 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 SECO are equal to 1%.

Life of production assets of 2.8 years is the average useful life of capital assets used in Secoo Holding 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 SECO is equal to 10.6%. 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 - $193.932587666 million for Secoo Holding 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 37.417 million for Secoo Holding 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 Secoo Holding ADR at the current share price and the inputted number of shares is $0.4 billion.

COMPANY NEWS

▶ Secoo Announces Changes in Board of Directors   [Sep-20-18 06:00AM  GlobeNewswire]
▶ Canali to Open an Online Store on Secoo Platform   [Sep-13-18 10:56PM  PR Newswire]
▶ Secoo Announces Strategic Partnership with SASSEUR Group   [Sep-10-18 08:00AM  GlobeNewswire]
▶ Secoo Reports Unaudited Second Quarter 2018 Results   [Sep-06-18 06:16AM  GlobeNewswire]
▶ Secoo Reports Unaudited First Quarter 2018 Results   [Jun-19-18 07:05AM  GlobeNewswire]
▶ Secoo Welcomes Emporio Armani Flagship Store   [Mar-19-18 08:00AM  GlobeNewswire]
▶ Why Secoo Holding Limited Stock Gained 49.4% in January   [Feb-09-18 10:50AM  Motley Fool]
▶ Benzinga Pro's 5 Stocks To Watch Today   [Jan-11-18 08:56AM  Benzinga]
▶ Secoo Holding Limited Appoints New Independent Director   [Dec-20-17 08:05AM  GlobeNewswire]
▶ Secoo Reports Unaudited Third Quarter 2017 Results   [Nov-16-17 06:19AM  GlobeNewswire]
▶ The Chinese are coming. And coming.   [Nov-09-17 07:00AM  CNBC]
▶ Secoo Surges on Strong Preliminary Q3 Numbers   [Nov-03-17 09:54AM  Investopedia]
▶ JD.Com Inc (ADR) Stock Is on the Verge of a Correction   [Oct-31-17 08:44AM  InvestorPlace]
▶ Why Chinese Luxury E-Tailer Secoo Just Tumbled   [Oct-12-17 08:32AM  Investopedia]

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