Intrinsic value of Tuniu ADR - TOUR

Previous Close

$5.64

  Intrinsic Value

$0.91

stock screener

  Rating & Target

str. sell

-84%

Previous close

$5.64

 
Intrinsic value

$0.91

 
Up/down potential

-84%

 
Rating

str. sell

We calculate the intrinsic value of TOUR 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 0.7

 

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, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  338
  346
  355
  365
  376
  388
  401
  415
  431
  447
  465
  484
  504
  525
  548
  572
  597
  624
  653
  683
  714
  748
  783
  820
  859
  900
  943
  989
  1,037
  1,087
Variable operating expenses, $m
  402
  411
  421
  433
  446
  460
  475
  492
  510
  529
  540
  562
  586
  610
  637
  665
  694
  725
  758
  793
  830
  869
  910
  953
  998
  1,046
  1,096
  1,149
  1,205
  1,263
Fixed operating expenses, $m
  75
  76
  78
  80
  81
  83
  85
  87
  89
  91
  93
  95
  97
  99
  101
  103
  106
  108
  110
  113
  115
  118
  120
  123
  126
  129
  131
  134
  137
  140
Total operating expenses, $m
  477
  487
  499
  513
  527
  543
  560
  579
  599
  620
  633
  657
  683
  709
  738
  768
  800
  833
  868
  906
  945
  987
  1,030
  1,076
  1,124
  1,175
  1,227
  1,283
  1,342
  1,403
Operating income, $m
  -139
  -142
  -145
  -148
  -152
  -155
  -159
  -163
  -168
  -173
  -168
  -173
  -179
  -184
  -190
  -196
  -203
  -209
  -216
  -224
  -231
  -239
  -247
  -256
  -265
  -275
  -284
  -295
  -305
  -317
EBITDA, $m
  -114
  -117
  -120
  -123
  -126
  -129
  -132
  -136
  -140
  -143
  -148
  -152
  -156
  -161
  -166
  -171
  -176
  -182
  -187
  -193
  -199
  -206
  -213
  -220
  -227
  -235
  -243
  -251
  -259
  -268
Interest expense (income), $m
  0
  0
  1
  1
  2
  3
  3
  4
  5
  6
  8
  9
  10
  12
  13
  15
  16
  18
  20
  22
  24
  27
  29
  31
  34
  37
  40
  43
  46
  50
  53
Earnings before tax, $m
  -139
  -142
  -146
  -150
  -154
  -159
  -164
  -169
  -174
  -180
  -177
  -183
  -190
  -197
  -205
  -213
  -221
  -229
  -238
  -248
  -258
  -268
  -279
  -290
  -302
  -314
  -327
  -341
  -355
  -370
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
Net income, $m
  -139
  -142
  -146
  -150
  -154
  -159
  -164
  -169
  -174
  -180
  -177
  -183
  -190
  -197
  -205
  -213
  -221
  -229
  -238
  -248
  -258
  -268
  -279
  -290
  -302
  -314
  -327
  -341
  -355
  -370

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
  908
  929
  953
  980
  1,010
  1,042
  1,078
  1,116
  1,158
  1,202
  1,250
  1,300
  1,354
  1,412
  1,473
  1,537
  1,606
  1,678
  1,754
  1,835
  1,920
  2,009
  2,104
  2,204
  2,309
  2,419
  2,535
  2,658
  2,786
  2,922
Adjusted assets (=assets-cash), $m
  908
  929
  953
  980
  1,010
  1,042
  1,078
  1,116
  1,158
  1,202
  1,250
  1,300
  1,354
  1,412
  1,473
  1,537
  1,606
  1,678
  1,754
  1,835
  1,920
  2,009
  2,104
  2,204
  2,309
  2,419
  2,535
  2,658
  2,786
  2,922
Revenue / Adjusted assets
  0.372
  0.372
  0.373
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
Average production assets, $m
  75
  77
  79
  81
  83
  86
  89
  92
  96
  99
  103
  107
  112
  117
  122
  127
  133
  139
  145
  152
  159
  166
  174
  182
  191
  200
  209
  219
  230
  241
Working capital, $m
  -235
  -241
  -247
  -254
  -261
  -270
  -279
  -289
  -300
  -311
  -324
  -337
  -351
  -366
  -381
  -398
  -416
  -434
  -454
  -475
  -497
  -520
  -545
  -571
  -598
  -626
  -656
  -688
  -721
  -756
Total debt, $m
  9
  20
  33
  47
  62
  79
  98
  118
  139
  162
  187
  213
  241
  271
  303
  336
  372
  410
  449
  491
  535
  582
  631
  683
  738
  795
  855
  919
  986
  1,056
Total liabilities, $m
  472
  483
  496
  510
  525
  542
  561
  580
  602
  625
  650
  676
  704
  734
  766
  799
  835
  872
  912
  954
  998
  1,045
  1,094
  1,146
  1,200
  1,258
  1,318
  1,382
  1,449
  1,519
Total equity, $m
  436
  446
  458
  470
  485
  500
  517
  536
  556
  577
  600
  624
  650
  678
  707
  738
  771
  805
  842
  881
  922
  965
  1,010
  1,058
  1,108
  1,161
  1,217
  1,276
  1,337
  1,402
Total liabilities and equity, $m
  908
  929
  954
  980
  1,010
  1,042
  1,078
  1,116
  1,158
  1,202
  1,250
  1,300
  1,354
  1,412
  1,473
  1,537
  1,606
  1,677
  1,754
  1,835
  1,920
  2,010
  2,104
  2,204
  2,308
  2,419
  2,535
  2,658
  2,786
  2,921
Debt-to-equity ratio
  0.020
  0.050
  0.070
  0.100
  0.130
  0.160
  0.190
  0.220
  0.250
  0.280
  0.310
  0.340
  0.370
  0.400
  0.430
  0.460
  0.480
  0.510
  0.530
  0.560
  0.580
  0.600
  0.620
  0.650
  0.670
  0.680
  0.700
  0.720
  0.740
  0.750
Adjusted equity ratio
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -139
  -142
  -146
  -150
  -154
  -159
  -164
  -169
  -174
  -180
  -177
  -183
  -190
  -197
  -205
  -213
  -221
  -229
  -238
  -248
  -258
  -268
  -279
  -290
  -302
  -314
  -327
  -341
  -355
  -370
Depreciation, amort., depletion, $m
  24
  25
  25
  25
  26
  26
  27
  28
  28
  29
  21
  21
  22
  23
  24
  25
  27
  28
  29
  30
  32
  33
  35
  36
  38
  40
  42
  44
  46
  48
Funds from operations, $m
  -114
  -118
  -121
  -124
  -128
  -132
  -137
  -141
  -146
  -151
  -156
  -162
  -168
  -174
  -180
  -187
  -194
  -202
  -209
  -218
  -226
  -235
  -244
  -254
  -264
  -274
  -285
  -297
  -309
  -322
Change in working capital, $m
  -5
  -5
  -6
  -7
  -8
  -8
  -9
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -29
  -30
  -32
  -33
  -35
Cash from operations, $m
  -110
  -112
  -115
  -117
  -120
  -124
  -127
  -131
  -135
  -139
  -144
  -149
  -154
  -159
  -165
  -170
  -177
  -183
  -190
  -197
  -204
  -212
  -220
  -228
  -237
  -246
  -255
  -265
  -276
  -287
Maintenance CAPEX, $m
  -15
  -15
  -15
  -16
  -16
  -17
  -17
  -18
  -18
  -19
  -20
  -21
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
New CAPEX, $m
  -1
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
Cash from investing activities, $m
  -16
  -17
  -17
  -18
  -18
  -20
  -20
  -21
  -21
  -23
  -24
  -25
  -25
  -27
  -28
  -29
  -31
  -33
  -34
  -36
  -37
  -39
  -41
  -43
  -45
  -47
  -50
  -52
  -55
  -57
Free cash flow, $m
  -126
  -129
  -132
  -135
  -139
  -143
  -147
  -152
  -157
  -162
  -168
  -174
  -180
  -186
  -193
  -200
  -208
  -215
  -224
  -232
  -241
  -251
  -261
  -271
  -282
  -293
  -305
  -317
  -330
  -344
Issuance/(repayment) of debt, $m
  9
  11
  12
  14
  15
  17
  18
  20
  22
  23
  25
  26
  28
  30
  32
  34
  36
  38
  40
  42
  44
  47
  49
  52
  55
  57
  60
  64
  67
  70
Issuance/(repurchase) of shares, $m
  148
  152
  157
  163
  168
  174
  181
  187
  194
  201
  200
  208
  216
  225
  234
  244
  254
  264
  275
  286
  299
  311
  324
  338
  352
  367
  383
  400
  417
  435
Cash from financing (excl. dividends), $m  
  157
  163
  169
  177
  183
  191
  199
  207
  216
  224
  225
  234
  244
  255
  266
  278
  290
  302
  315
  328
  343
  358
  373
  390
  407
  424
  443
  464
  484
  505
Total cash flow (excl. dividends), $m
  32
  34
  38
  41
  45
  48
  52
  55
  59
  62
  57
  61
  64
  68
  73
  77
  81
  86
  91
  96
  101
  107
  113
  119
  125
  132
  139
  146
  154
  161
Retained Cash Flow (-), $m
  -148
  -152
  -157
  -163
  -168
  -174
  -181
  -187
  -194
  -201
  -200
  -208
  -216
  -225
  -234
  -244
  -254
  -264
  -275
  -286
  -299
  -311
  -324
  -338
  -352
  -367
  -383
  -400
  -417
  -435
Prev. year cash balance distribution, $m
  116
  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
  0
  -118
  -120
  -121
  -124
  -126
  -129
  -132
  -136
  -139
  -143
  -147
  -152
  -156
  -161
  -167
  -172
  -178
  -184
  -190
  -197
  -204
  -211
  -219
  -227
  -236
  -244
  -254
  -263
  -273
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
  0
  -108
  -104
  -100
  -96
  -92
  -87
  -83
  -78
  -73
  -68
  -63
  -58
  -52
  -47
  -42
  -37
  -33
  -28
  -24
  -20
  -17
  -14
  -11
  -9
  -7
  -5
  -4
  -3
  -2
Current shareholders' claim on cash, %
  78.8
  62.0
  48.7
  38.1
  29.8
  23.3
  18.2
  14.2
  11.1
  8.6
  6.8
  5.4
  4.2
  3.3
  2.6
  2.1
  1.6
  1.3
  1.0
  0.8
  0.6
  0.5
  0.4
  0.3
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1

Tuniu Corporation is an online leisure travel company. The Company offers a selection of packaged tours, including organized tours and self-guided tours, as well as travel-related services for leisure travelers. Its online platform, which consists of its tuniu.com Website and mobile platform, provides product and travel information to enable leisure travelers to plan their travels. Its organized tours offer pre-arranged itineraries, transportation, accommodations, entertainment, meals and tour guide services. Its self-guided tours consist of combinations of flights and hotel bookings and other optional add-ons, such as airport pick-ups. Its other travel-related services include sales of tourist attraction tickets, visa processing services, financial services, hotel booking services and air ticketing services. Its online platform contains travel guides featuring photos, information and recommendations for all destinations it covers.

FINANCIAL RATIOS  of  Tuniu ADR (TOUR)

Valuation Ratios
P/E Ratio -6.1
Price to Sales 1.4
Price to Book 3.3
Price to Tangible Book
Price to Cash Flow -6.6
Price to Free Cash Flow -6.3
Growth Rates
Sales Growth Rate 38%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -22.7%
Cap. Spend. - 3 Yr. Gr. Rate 76.2%
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 -29.7%
Ret/ On Assets - 3 Yr. Avg. -27.8%
Return On Total Capital -62%
Ret/ On T. Cap. - 3 Yr. Avg. -58.8%
Return On Equity -62%
Return On Equity - 3 Yr. Avg. -58.8%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 6%
Gross Margin - 3 Yr. Avg. 5.8%
EBITDA Margin -21.2%
EBITDA Margin - 3 Yr. Avg. -17.2%
Operating Margin -23.9%
Oper. Margin - 3 Yr. Avg. -18.8%
Pre-Tax Margin -23.2%
Pre-Tax Margin - 3 Yr. Avg. -18.4%
Net Profit Margin -23%
Net Profit Margin - 3 Yr. Avg. -18.3%
Effective Tax Rate 0.3%
Eff/ Tax Rate - 3 Yr. Avg. 0.1%
Payout Ratio 0%

TOUR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TOUR stock intrinsic value calculation we used $331.333131802 million for the last fiscal year's total revenue generated by Tuniu ADR. The default revenue input number comes from 0001 income statement of Tuniu 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 TOUR stock valuation model: a) initial revenue growth rate of 2% 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 TOUR is calculated based on our internal credit rating of Tuniu 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 Tuniu 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 TOUR stock the variable cost ratio is equal to 119%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $73 million in the base year in the intrinsic value calculation for TOUR 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 Tuniu ADR.

Corporate tax rate of 27% is the nominal tax rate for Tuniu 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 TOUR 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 TOUR are equal to 22.2%.

Life of production assets of 3.8 years is the average useful life of capital assets used in Tuniu 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 TOUR is equal to -69.6%. 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 - $543.39646312 million for Tuniu 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 123.917 million for Tuniu 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 Tuniu ADR at the current share price and the inputted number of shares is $0.7 billion.

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COMPANY NEWS

▶ Tuniu Announces New Initiatives for Difeng Cloud   [Oct-23-18 08:52AM  PR Newswire]
▶ Tuniu: 2Q Earnings Snapshot   [Aug-29-18 06:25AM  Associated Press]
▶ Tuniu: 1Q Earnings Snapshot   [07:05AM  Associated Press]
▶ Tuniu Corporation Files Its Annual Report on Form 20-F   [Apr-27-18 06:00AM  PR Newswire]
▶ Tuniu reports 4Q loss   [Mar-14-18 06:16AM  Associated Press]
▶ Is It The Right Time To Buy Tuniu Corporation (NASDAQ:TOUR)?   [Mar-05-18 06:03AM  Simply Wall St.]
▶ Company News For Jan 16, 2018   [Jan-16-18 09:58AM  Zacks]
▶ ETFs with exposure to Tuniu Corp. : December 18, 2017   [Dec-18-17 04:33PM  Capital Cube]
▶ ETFs with exposure to Tuniu Corp. : December 7, 2017   [Dec-07-17 02:34PM  Capital Cube]
▶ 3 Stocks Under $10 That Soared Today (Revised)   [Nov-22-17 11:46AM  Zacks]
▶ 3 Stocks Under $10 That Soared Today   [Nov-21-17 03:31PM  Zacks]
▶ Tuniu reports 2Q loss   [Aug-16-17 11:16PM  Associated Press]
▶ ETFs with exposure to Tuniu Corp. : July 10, 2017   [Jul-10-17 03:21PM  Capital Cube]
▶ ETFs with exposure to Tuniu Corp. : June 6, 2017   [Jun-06-17 11:49AM  Capital Cube]
▶ Tuniu reports 1Q loss   [06:36AM  Associated Press]
▶ Tuniu Corporation Files Its Annual Report on Form 20-F   [Apr-17-17 06:00AM  PR Newswire]
▶ Tuniu reports 4Q loss   [06:17AM  Associated Press]
▶ Tuniu CFO: Online Travel Is Growing Fast   [Jan-23-17 08:41PM  Bloomberg Video]
▶ [$$] Chinese travel platform Tuniu banking on JD.com tie-up   [Dec-22-16 09:14AM  at Financial Times]
▶ Do Hedge Funds Love Tuniu Corp (TOUR)?   [Dec-15-16 10:00AM  Insider Monkey]
▶ Do Hedge Funds Love Tuniu Corp (TOUR)?   [10:00AM  at Insider Monkey]
▶ Tuniu is tapping into Chinese demand for outbound travel   [Nov-30-16 08:59PM  CNBC Videos]
▶ TUNIU CORP Financials   [01:04PM  EDGAR Online Financials]
▶ Tuniu Corporation Files Its Annual Report on Form 20-F   [Apr-28-16 09:30AM  PR Newswire]

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