Intrinsic value of China Yuchai International - CYD

Previous Close

$24.13

  Intrinsic Value

$39.46

stock screener

  Rating & Target

str. buy

+64%

Previous close

$24.13

 
Intrinsic value

$39.46

 
Up/down potential

+64%

 
Rating

str. buy

We calculate the intrinsic value of CYD 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 1.0

 

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, %
  -0.50
  11.70
  11.03
  10.43
  9.88
  9.40
  8.96
  8.56
  8.20
  7.88
  7.60
  7.34
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.12
  6.01
  5.91
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.32
Revenue, $m
  1,977
  2,208
  2,452
  2,708
  2,975
  3,255
  3,546
  3,850
  4,166
  4,494
  4,835
  5,190
  5,559
  5,942
  6,340
  6,754
  7,185
  7,634
  8,101
  8,587
  9,094
  9,623
  10,175
  10,751
  11,352
  11,980
  12,637
  13,324
  14,042
  14,793
  15,579
Variable operating expenses, $m
 
  2,078
  2,306
  2,547
  2,798
  3,061
  3,335
  3,620
  3,916
  4,225
  4,546
  4,876
  5,222
  5,582
  5,956
  6,345
  6,750
  7,171
  7,610
  8,067
  8,544
  9,040
  9,559
  10,100
  10,665
  11,255
  11,872
  12,517
  13,191
  13,897
  14,636
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
  1,837
  2,078
  2,306
  2,547
  2,798
  3,061
  3,335
  3,620
  3,916
  4,225
  4,546
  4,876
  5,222
  5,582
  5,956
  6,345
  6,750
  7,171
  7,610
  8,067
  8,544
  9,040
  9,559
  10,100
  10,665
  11,255
  11,872
  12,517
  13,191
  13,897
  14,636
Operating income, $m
  140
  131
  145
  161
  177
  194
  212
  230
  249
  269
  290
  314
  337
  360
  384
  409
  435
  462
  491
  520
  551
  583
  616
  651
  688
  726
  765
  807
  850
  896
  944
EBITDA, $m
  209
  207
  230
  254
  279
  305
  332
  361
  390
  421
  453
  486
  521
  557
  594
  633
  673
  715
  759
  805
  852
  902
  954
  1,008
  1,064
  1,123
  1,184
  1,249
  1,316
  1,386
  1,460
Interest expense (income), $m
  16
  0
  11
  23
  36
  49
  62
  76
  91
  106
  122
  139
  156
  174
  192
  211
  231
  252
  274
  297
  320
  345
  370
  397
  425
  454
  484
  516
  549
  584
  620
Earnings before tax, $m
  128
  130
  134
  138
  142
  145
  150
  154
  158
  163
  168
  176
  181
  186
  192
  198
  204
  210
  217
  224
  231
  238
  246
  254
  263
  272
  281
  291
  301
  312
  323
Tax expense, $m
  23
  35
  36
  37
  38
  39
  40
  42
  43
  44
  45
  47
  49
  50
  52
  53
  55
  57
  59
  60
  62
  64
  66
  69
  71
  73
  76
  79
  81
  84
  87
Net income, $m
  75
  95
  98
  101
  103
  106
  109
  112
  116
  119
  122
  128
  132
  136
  140
  144
  149
  153
  158
  163
  168
  174
  180
  186
  192
  198
  205
  212
  220
  228
  236

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  581
  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
  2,690
  2,357
  2,617
  2,890
  3,175
  3,474
  3,785
  4,109
  4,446
  4,796
  5,161
  5,539
  5,933
  6,341
  6,767
  7,209
  7,668
  8,147
  8,645
  9,165
  9,706
  10,270
  10,859
  11,474
  12,115
  12,786
  13,487
  14,219
  14,986
  15,788
  16,627
Adjusted assets (=assets-cash), $m
  2,109
  2,357
  2,617
  2,890
  3,175
  3,474
  3,785
  4,109
  4,446
  4,796
  5,161
  5,539
  5,933
  6,341
  6,767
  7,209
  7,668
  8,147
  8,645
  9,165
  9,706
  10,270
  10,859
  11,474
  12,115
  12,786
  13,487
  14,219
  14,986
  15,788
  16,627
Revenue / Adjusted assets
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
Average production assets, $m
  624
  696
  772
  853
  937
  1,025
  1,117
  1,213
  1,312
  1,416
  1,523
  1,635
  1,751
  1,872
  1,997
  2,128
  2,263
  2,405
  2,552
  2,705
  2,865
  3,031
  3,205
  3,386
  3,576
  3,774
  3,981
  4,197
  4,423
  4,660
  4,907
Working capital, $m
  763
  347
  385
  425
  467
  511
  557
  604
  654
  706
  759
  815
  873
  933
  995
  1,060
  1,128
  1,199
  1,272
  1,348
  1,428
  1,511
  1,597
  1,688
  1,782
  1,881
  1,984
  2,092
  2,205
  2,322
  2,446
Total debt, $m
  132
  173
  352
  539
  735
  940
  1,154
  1,377
  1,608
  1,849
  2,099
  2,359
  2,630
  2,911
  3,203
  3,506
  3,822
  4,151
  4,493
  4,850
  5,222
  5,610
  6,014
  6,436
  6,877
  7,338
  7,819
  8,323
  8,849
  9,400
  9,977
Total liabilities, $m
  1,579
  1,619
  1,798
  1,985
  2,181
  2,386
  2,600
  2,823
  3,054
  3,295
  3,545
  3,805
  4,076
  4,357
  4,649
  4,952
  5,268
  5,597
  5,939
  6,296
  6,668
  7,056
  7,460
  7,882
  8,323
  8,784
  9,265
  9,769
  10,295
  10,846
  11,423
Total equity, $m
  1,112
  738
  819
  904
  994
  1,087
  1,185
  1,286
  1,392
  1,501
  1,615
  1,734
  1,857
  1,985
  2,118
  2,256
  2,400
  2,550
  2,706
  2,869
  3,038
  3,215
  3,399
  3,591
  3,792
  4,002
  4,221
  4,451
  4,691
  4,942
  5,204
Total liabilities and equity, $m
  2,691
  2,357
  2,617
  2,889
  3,175
  3,473
  3,785
  4,109
  4,446
  4,796
  5,160
  5,539
  5,933
  6,342
  6,767
  7,208
  7,668
  8,147
  8,645
  9,165
  9,706
  10,271
  10,859
  11,473
  12,115
  12,786
  13,486
  14,220
  14,986
  15,788
  16,627
Debt-to-equity ratio
  0.119
  0.230
  0.430
  0.600
  0.740
  0.860
  0.970
  1.070
  1.160
  1.230
  1.300
  1.360
  1.420
  1.470
  1.510
  1.550
  1.590
  1.630
  1.660
  1.690
  1.720
  1.750
  1.770
  1.790
  1.810
  1.830
  1.850
  1.870
  1.890
  1.900
  1.920
Adjusted equity ratio
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  75
  95
  98
  101
  103
  106
  109
  112
  116
  119
  122
  128
  132
  136
  140
  144
  149
  153
  158
  163
  168
  174
  180
  186
  192
  198
  205
  212
  220
  228
  236
Depreciation, amort., depletion, $m
  69
  76
  84
  93
  102
  111
  121
  131
  141
  152
  163
  172
  184
  197
  210
  224
  238
  253
  269
  285
  302
  319
  337
  356
  376
  397
  419
  442
  466
  491
  517
Funds from operations, $m
  447
  172
  182
  193
  205
  217
  230
  243
  257
  271
  286
  300
  316
  333
  350
  368
  387
  406
  427
  448
  470
  493
  517
  542
  568
  596
  624
  654
  685
  718
  753
Change in working capital, $m
  118
  36
  38
  40
  42
  44
  46
  48
  50
  52
  54
  56
  58
  60
  63
  65
  68
  70
  73
  76
  80
  83
  87
  90
  94
  99
  103
  108
  113
  118
  123
Cash from operations, $m
  329
  135
  144
  153
  163
  173
  184
  195
  207
  220
  232
  245
  259
  273
  288
  303
  319
  336
  353
  372
  390
  410
  430
  452
  474
  497
  521
  546
  573
  600
  629
Maintenance CAPEX, $m
  0
  -66
  -73
  -81
  -90
  -99
  -108
  -118
  -128
  -138
  -149
  -160
  -172
  -184
  -197
  -210
  -224
  -238
  -253
  -269
  -285
  -302
  -319
  -337
  -356
  -376
  -397
  -419
  -442
  -466
  -491
New CAPEX, $m
  -51
  -72
  -77
  -81
  -84
  -88
  -92
  -96
  -99
  -103
  -108
  -112
  -116
  -121
  -125
  -130
  -136
  -141
  -147
  -153
  -160
  -167
  -174
  -181
  -189
  -198
  -207
  -216
  -226
  -237
  -248
Cash from investing activities, $m
  -83
  -138
  -150
  -162
  -174
  -187
  -200
  -214
  -227
  -241
  -257
  -272
  -288
  -305
  -322
  -340
  -360
  -379
  -400
  -422
  -445
  -469
  -493
  -518
  -545
  -574
  -604
  -635
  -668
  -703
  -739
Free cash flow, $m
  246
  -3
  -6
  -9
  -11
  -13
  -16
  -18
  -20
  -22
  -24
  -27
  -30
  -32
  -35
  -37
  -40
  -43
  -47
  -50
  -54
  -58
  -63
  -67
  -72
  -77
  -83
  -89
  -95
  -102
  -109
Issuance/(repayment) of debt, $m
  -222
  170
  179
  187
  196
  205
  214
  223
  232
  241
  250
  260
  270
  281
  292
  304
  316
  329
  342
  357
  372
  388
  405
  422
  441
  461
  481
  503
  526
  551
  577
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  3
  5
  7
  9
  12
  14
  17
  20
  23
  27
Cash from financing (excl. dividends), $m  
  -208
  170
  179
  187
  196
  205
  214
  223
  232
  241
  250
  260
  270
  281
  292
  304
  316
  329
  342
  357
  373
  391
  410
  429
  450
  473
  495
  520
  546
  574
  604
Total cash flow (excl. dividends), $m
  43
  168
  173
  179
  185
  192
  198
  205
  212
  219
  226
  233
  241
  249
  257
  266
  276
  285
  296
  306
  319
  332
  347
  362
  378
  395
  413
  431
  451
  472
  494
Retained Cash Flow (-), $m
  -65
  -78
  -81
  -85
  -89
  -93
  -97
  -101
  -106
  -110
  -114
  -118
  -123
  -128
  -133
  -138
  -144
  -150
  -156
  -163
  -169
  -177
  -184
  -192
  -201
  -210
  -219
  -229
  -240
  -251
  -263
Prev. year cash balance distribution, $m
 
  452
  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
 
  542
  91
  93
  96
  98
  101
  103
  106
  109
  112
  114
  117
  121
  124
  128
  132
  136
  140
  144
  149
  156
  162
  170
  177
  185
  193
  202
  211
  221
  231
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
 
  520
  84
  81
  79
  76
  73
  70
  66
  63
  59
  54
  50
  46
  42
  38
  33
  29
  26
  22
  19
  16
  13
  11
  9
  7
  6
  4
  3
  2
  2
Current shareholders' claim on cash, %
  100
  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
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  99.9
  99.7
  99.5
  99.2
  98.8
  98.5
  98.0
  97.5
  97.0
  96.4

China Yuchai International Limited is a holding company. The Company holds interest in Guangxi Yuchai Machinery Company Limited (Yuchai), which manufactures, assembles and sells diesel engines in the People's Republic of China (the PRC). It holds interest in HL Global Enterprises Limited (HLGE) and Thakral Corporation Ltd (TCL). It operates through two segments: Yuchai and HLGE. Its Yuchai segment is engaged in the manufacture, assembly and sale of a range of light-, medium- and heavy-duty engines for trucks, buses, passenger vehicles, construction equipment, and marine and agriculture applications in China. The HLGE segment is engaged in hospitality and property development activities conducted in the PRC and Malaysia. Its HLGE also owns a Copthorne hotel in Qingdao (PRC), Elite residences in Shanghai and a Copthorne hotel in Cameron Highlands, Malaysia. TCL is engaged in the distribution of lifestyle products, including beauty and health, and enviro-care products.

FINANCIAL RATIOS  of  China Yuchai International (CYD)

Valuation Ratios
P/E Ratio 13.1
Price to Sales 0.5
Price to Book 0.9
Price to Tangible Book
Price to Cash Flow 3
Price to Free Cash Flow 3.5
Growth Rates
Sales Growth Rate -0.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -12.1%
Cap. Spend. - 3 Yr. Gr. Rate -4.7%
Financial Strength
Quick Ratio 5
Current Ratio 0
LT Debt to Equity 0.3%
Total Debt to Equity 11.9%
Interest Coverage 9
Management Effectiveness
Return On Assets 3.3%
Ret/ On Assets - 3 Yr. Avg. 3.3%
Return On Total Capital 5.7%
Ret/ On T. Cap. - 3 Yr. Avg. 5.8%
Return On Equity 6.9%
Return On Equity - 3 Yr. Avg. 7.6%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 21.7%
Gross Margin - 3 Yr. Avg. 20.7%
EBITDA Margin 10.8%
EBITDA Margin - 3 Yr. Avg. 10.3%
Operating Margin 7.1%
Oper. Margin - 3 Yr. Avg. 7.1%
Pre-Tax Margin 6.5%
Pre-Tax Margin - 3 Yr. Avg. 6.3%
Net Profit Margin 3.8%
Net Profit Margin - 3 Yr. Avg. 3.6%
Effective Tax Rate 18%
Eff/ Tax Rate - 3 Yr. Avg. 19.4%
Payout Ratio 22.7%

CYD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CYD stock intrinsic value calculation we used $1977 million for the last fiscal year's total revenue generated by China Yuchai International. The default revenue input number comes from 2016 income statement of China Yuchai International. 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 CYD stock valuation model: a) initial revenue growth rate of 11.7% 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 CYD is calculated based on our internal credit rating of China Yuchai International, 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 Yuchai International.
    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 CYD stock the variable cost ratio is equal to 94.1%.

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 CYD 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 6.6% for China Yuchai International.

Corporate tax rate of 27% is the nominal tax rate for China Yuchai International. 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 CYD 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 CYD are equal to 31.5%.

Life of production assets of 9.5 years is the average useful life of capital assets used in China Yuchai International 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 CYD is equal to 15.7%. 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 - $1112 million for China Yuchai International - 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 40.712 million for China Yuchai International 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 Yuchai International at the current share price and the inputted number of shares is $1.0 billion.

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COMPANY NEWS

▶ China Yuchai posts 3Q profit   [Nov-13-17 06:09AM  Associated Press]
▶ China Yuchai Announces Disposal of Associated Company   [Nov-09-17 06:00AM  PR Newswire]
▶ 5 Billion-Dollar Baby Stocks With Big Potential   [Oct-23-17 11:17AM  Forbes]
▶ China Yuchai posts 2Q profit   [Aug-10-17 09:11PM  Associated Press]
▶ China Yuchai Enters Cambodian Bus Market   [Jul-07-17 06:00AM  PR Newswire]
▶ Results of Annual General Meeting Held on June 13, 2017   [Jun-13-17 06:00AM  PR Newswire]
▶ NOTICE OF ANNUAL GENERAL MEETING   [06:00AM  PR Newswire]
▶ China Yuchai posts 1Q profit   [06:14AM  Associated Press]
▶ China YUCHAI Announces Ownership Changes in Subsidiaries   [Apr-19-17 06:00AM  PR Newswire]
▶ MTU YUCHAI POWER JOINT VENTURE ESTABLISHED   [Mar-29-17 06:00AM  PR Newswire]
▶ China Yuchai Supplies Bus Engines to Saudi Arabia   [Feb-24-17 05:00AM  PR Newswire]
▶ China Yuchai posts 4Q profit   [06:53AM  Associated Press]
▶ China Yuchai Signs Strategic Partnership with Zoomlion   [Feb-17-17 06:00AM  PR Newswire]
▶ Results of Annual General Meeting Held on August 8, 2016   [Aug-08-16 06:00AM  PR Newswire]
▶ Shah Capitals Newest Stock Picks and Old Favorites   [Jul-17-16 08:13PM  at Insider Monkey]
▶ CHINA YUCHAI NOTICE OF ANNUAL GENERAL MEETING   [Jul-08-16 07:56AM  PR Newswire]
Financial statements of CYD
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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