Intrinsic value of China Yuchai International - CYD

Previous Close

$26.87

  Intrinsic Value

$54.81

stock screener

  Rating & Target

str. buy

+104%

Previous close

$26.87

 
Intrinsic value

$54.81

 
Up/down potential

+104%

 
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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  31.40
  28.76
  26.38
  24.25
  22.32
  20.59
  19.03
  17.63
  16.36
  15.23
  14.21
  13.28
  12.46
  11.71
  11.04
  10.44
  9.89
  9.40
  8.96
  8.57
  8.21
  7.89
  7.60
  7.34
  7.11
  6.90
  6.71
  6.54
  6.38
  6.24
Revenue, $m
  1,977
  2,598
  3,345
  4,227
  5,252
  6,425
  7,748
  9,222
  10,847
  12,623
  14,545
  16,611
  18,818
  21,161
  23,640
  26,249
  28,989
  31,856
  34,851
  37,975
  41,228
  44,613
  48,132
  51,790
  55,591
  59,541
  63,647
  67,915
  72,353
  76,971
  81,776
Variable operating expenses, $m
 
  2,444
  3,145
  3,974
  4,937
  6,039
  7,281
  8,666
  10,194
  11,861
  13,667
  15,605
  17,678
  19,880
  22,208
  24,659
  27,233
  29,927
  32,741
  35,675
  38,731
  41,911
  45,217
  48,653
  52,224
  55,935
  59,792
  63,801
  67,971
  72,309
  76,823
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
  2,444
  3,145
  3,974
  4,937
  6,039
  7,281
  8,666
  10,194
  11,861
  13,667
  15,605
  17,678
  19,880
  22,208
  24,659
  27,233
  29,927
  32,741
  35,675
  38,731
  41,911
  45,217
  48,653
  52,224
  55,935
  59,792
  63,801
  67,971
  72,309
  76,823
Operating income, $m
  140
  154
  199
  253
  315
  386
  466
  555
  654
  761
  878
  1,006
  1,140
  1,282
  1,432
  1,590
  1,756
  1,929
  2,111
  2,300
  2,497
  2,702
  2,915
  3,137
  3,367
  3,606
  3,855
  4,113
  4,382
  4,662
  4,953
EBITDA, $m
  209
  243
  314
  396
  492
  602
  726
  864
  1,017
  1,183
  1,363
  1,557
  1,764
  1,983
  2,216
  2,460
  2,717
  2,986
  3,266
  3,559
  3,864
  4,181
  4,511
  4,854
  5,210
  5,581
  5,965
  6,365
  6,781
  7,214
  7,665
Interest expense (income), $m
  16
  0
  30
  66
  109
  159
  215
  279
  351
  429
  515
  608
  708
  815
  929
  1,048
  1,175
  1,307
  1,446
  1,591
  1,742
  1,900
  2,063
  2,234
  2,411
  2,595
  2,786
  2,984
  3,191
  3,406
  3,629
Earnings before tax, $m
  128
  154
  169
  187
  206
  227
  251
  276
  303
  332
  362
  398
  431
  467
  503
  541
  581
  622
  665
  709
  755
  802
  852
  903
  956
  1,012
  1,069
  1,129
  1,191
  1,256
  1,324
Tax expense, $m
  23
  42
  46
  50
  56
  61
  68
  75
  82
  90
  98
  107
  116
  126
  136
  146
  157
  168
  179
  191
  204
  217
  230
  244
  258
  273
  289
  305
  322
  339
  357
Net income, $m
  75
  112
  124
  136
  150
  166
  183
  201
  221
  242
  265
  290
  315
  341
  367
  395
  424
  454
  485
  518
  551
  586
  622
  659
  698
  739
  780
  824
  870
  917
  966

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
  2,772
  3,570
  4,512
  5,606
  6,857
  8,268
  9,842
  11,577
  13,471
  15,523
  17,728
  20,083
  22,584
  25,229
  28,014
  30,938
  33,998
  37,195
  40,528
  44,000
  47,612
  51,368
  55,272
  59,329
  63,545
  67,926
  72,481
  77,218
  82,146
  87,275
Adjusted assets (=assets-cash), $m
  2,109
  2,772
  3,570
  4,512
  5,606
  6,857
  8,268
  9,842
  11,577
  13,471
  15,523
  17,728
  20,083
  22,584
  25,229
  28,014
  30,938
  33,998
  37,195
  40,528
  44,000
  47,612
  51,368
  55,272
  59,329
  63,545
  67,926
  72,481
  77,218
  82,146
  87,275
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
  818
  1,054
  1,332
  1,654
  2,024
  2,440
  2,905
  3,417
  3,976
  4,582
  5,232
  5,928
  6,666
  7,446
  8,269
  9,131
  10,035
  10,978
  11,962
  12,987
  14,053
  15,162
  16,314
  17,511
  18,756
  20,049
  21,393
  22,791
  24,246
  25,760
Working capital, $m
  763
  408
  525
  664
  825
  1,009
  1,216
  1,448
  1,703
  1,982
  2,284
  2,608
  2,954
  3,322
  3,711
  4,121
  4,551
  5,001
  5,472
  5,962
  6,473
  7,004
  7,557
  8,131
  8,728
  9,348
  9,993
  10,663
  11,359
  12,084
  12,839
Total debt, $m
  132
  459
  1,006
  1,654
  2,405
  3,265
  4,234
  5,315
  6,507
  7,809
  9,218
  10,733
  12,351
  14,069
  15,886
  17,800
  19,808
  21,911
  24,107
  26,397
  28,782
  31,264
  33,844
  36,526
  39,313
  42,209
  45,219
  48,349
  51,603
  54,988
  58,512
Total liabilities, $m
  1,579
  1,905
  2,452
  3,100
  3,851
  4,711
  5,680
  6,761
  7,953
  9,255
  10,664
  12,179
  13,797
  15,515
  17,332
  19,246
  21,254
  23,357
  25,553
  27,843
  30,228
  32,710
  35,290
  37,972
  40,759
  43,655
  46,665
  49,795
  53,049
  56,434
  59,958
Total equity, $m
  1,112
  868
  1,117
  1,412
  1,755
  2,146
  2,588
  3,081
  3,624
  4,217
  4,859
  5,549
  6,286
  7,069
  7,897
  8,768
  9,683
  10,641
  11,642
  12,685
  13,772
  14,903
  16,078
  17,300
  18,570
  19,890
  21,261
  22,687
  24,169
  25,712
  27,317
Total liabilities and equity, $m
  2,691
  2,773
  3,569
  4,512
  5,606
  6,857
  8,268
  9,842
  11,577
  13,472
  15,523
  17,728
  20,083
  22,584
  25,229
  28,014
  30,937
  33,998
  37,195
  40,528
  44,000
  47,613
  51,368
  55,272
  59,329
  63,545
  67,926
  72,482
  77,218
  82,146
  87,275
Debt-to-equity ratio
  0.119
  0.530
  0.900
  1.170
  1.370
  1.520
  1.640
  1.730
  1.800
  1.850
  1.900
  1.930
  1.960
  1.990
  2.010
  2.030
  2.050
  2.060
  2.070
  2.080
  2.090
  2.100
  2.100
  2.110
  2.120
  2.120
  2.130
  2.130
  2.140
  2.140
  2.140
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
  112
  124
  136
  150
  166
  183
  201
  221
  242
  265
  290
  315
  341
  367
  395
  424
  454
  485
  518
  551
  586
  622
  659
  698
  739
  780
  824
  870
  917
  966
Depreciation, amort., depletion, $m
  69
  89
  114
  143
  177
  216
  260
  309
  363
  422
  485
  551
  624
  702
  784
  870
  961
  1,056
  1,156
  1,259
  1,367
  1,479
  1,596
  1,717
  1,843
  1,974
  2,110
  2,252
  2,399
  2,552
  2,712
Funds from operations, $m
  447
  202
  238
  279
  328
  382
  443
  510
  584
  664
  750
  841
  939
  1,042
  1,151
  1,266
  1,385
  1,510
  1,641
  1,777
  1,918
  2,065
  2,218
  2,377
  2,541
  2,713
  2,891
  3,076
  3,269
  3,469
  3,678
Change in working capital, $m
  118
  97
  117
  139
  161
  184
  208
  231
  255
  279
  302
  324
  346
  368
  389
  410
  430
  450
  470
  490
  511
  531
  553
  574
  597
  620
  645
  670
  697
  725
  754
Cash from operations, $m
  329
  104
  120
  141
  167
  198
  235
  279
  329
  385
  448
  517
  592
  674
  762
  856
  955
  1,060
  1,171
  1,286
  1,407
  1,534
  1,665
  1,802
  1,945
  2,093
  2,246
  2,406
  2,572
  2,744
  2,923
Maintenance CAPEX, $m
  0
  -66
  -86
  -111
  -140
  -174
  -213
  -257
  -306
  -360
  -419
  -482
  -551
  -624
  -702
  -784
  -870
  -961
  -1,056
  -1,156
  -1,259
  -1,367
  -1,479
  -1,596
  -1,717
  -1,843
  -1,974
  -2,110
  -2,252
  -2,399
  -2,552
New CAPEX, $m
  -51
  -195
  -235
  -278
  -323
  -369
  -417
  -464
  -512
  -559
  -605
  -651
  -695
  -738
  -781
  -822
  -863
  -903
  -944
  -984
  -1,025
  -1,066
  -1,109
  -1,152
  -1,197
  -1,244
  -1,293
  -1,344
  -1,398
  -1,454
  -1,514
Cash from investing activities, $m
  -83
  -261
  -321
  -389
  -463
  -543
  -630
  -721
  -818
  -919
  -1,024
  -1,133
  -1,246
  -1,362
  -1,483
  -1,606
  -1,733
  -1,864
  -2,000
  -2,140
  -2,284
  -2,433
  -2,588
  -2,748
  -2,914
  -3,087
  -3,267
  -3,454
  -3,650
  -3,853
  -4,066
Free cash flow, $m
  246
  -156
  -201
  -248
  -296
  -345
  -394
  -442
  -489
  -534
  -576
  -616
  -653
  -688
  -720
  -750
  -778
  -804
  -829
  -853
  -876
  -900
  -923
  -946
  -970
  -995
  -1,021
  -1,049
  -1,078
  -1,109
  -1,143
Issuance/(repayment) of debt, $m
  -222
  456
  548
  647
  751
  860
  970
  1,081
  1,192
  1,301
  1,409
  1,515
  1,618
  1,719
  1,817
  1,913
  2,008
  2,102
  2,196
  2,290
  2,385
  2,482
  2,580
  2,682
  2,787
  2,896
  3,010
  3,129
  3,254
  3,385
  3,523
Issuance/(repurchase) of shares, $m
  0
  95
  126
  159
  192
  226
  259
  291
  322
  351
  377
  400
  422
  442
  460
  477
  491
  504
  515
  526
  536
  545
  554
  563
  572
  581
  591
  602
  613
  625
  639
Cash from financing (excl. dividends), $m  
  -208
  551
  674
  806
  943
  1,086
  1,229
  1,372
  1,514
  1,652
  1,786
  1,915
  2,040
  2,161
  2,277
  2,390
  2,499
  2,606
  2,711
  2,816
  2,921
  3,027
  3,134
  3,245
  3,359
  3,477
  3,601
  3,731
  3,867
  4,010
  4,162
Total cash flow (excl. dividends), $m
  43
  395
  473
  558
  647
  740
  834
  930
  1,025
  1,119
  1,211
  1,298
  1,387
  1,473
  1,557
  1,640
  1,721
  1,802
  1,882
  1,963
  2,044
  2,127
  2,212
  2,299
  2,389
  2,482
  2,580
  2,682
  2,789
  2,901
  3,020
Retained Cash Flow (-), $m
  -65
  -208
  -250
  -295
  -342
  -392
  -442
  -493
  -543
  -593
  -642
  -690
  -737
  -783
  -828
  -872
  -915
  -958
  -1,001
  -1,043
  -1,087
  -1,131
  -1,176
  -1,222
  -1,270
  -1,320
  -1,371
  -1,426
  -1,483
  -1,542
  -1,605
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
 
  639
  223
  263
  305
  348
  392
  437
  482
  526
  569
  608
  650
  690
  729
  768
  806
  844
  882
  919
  958
  996
  1,036
  1,077
  1,119
  1,163
  1,208
  1,256
  1,306
  1,359
  1,415
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
 
  613
  204
  229
  251
  270
  285
  295
  301
  302
  298
  289
  277
  262
  245
  226
  205
  184
  162
  142
  122
  103
  86
  71
  57
  45
  35
  27
  20
  15
  11
Current shareholders' claim on cash, %
  100
  87.5
  76.4
  67.0
  59.0
  52.3
  46.7
  42.0
  38.1
  34.7
  31.9
  29.5
  27.4
  25.6
  24.1
  22.7
  21.5
  20.5
  19.5
  18.7
  17.9
  17.3
  16.6
  16.1
  15.6
  15.1
  14.7
  14.3
  13.9
  13.5
  13.2

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 14.6
Price to Sales 0.6
Price to Book 1
Price to Tangible Book
Price to Cash Flow 3.3
Price to Free Cash Flow 3.9
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 31.4% 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 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 41.667 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 $1.1 billion.

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COMPANY NEWS

▶ Best NYSE Industrial Dividend Picks For The Day   [Dec-23-17 11:02AM  Simply Wall St.]
▶ 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]
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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