Intrinsic value of China Yuchai International - CYD

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$17.99

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$17.99

 
Intrinsic value

$54.44

 
Up/down potential

+203%

 
Rating

str. buy

 
Value-price divergence* premium content

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*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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 0.7

 

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
  27.70
  25.43
  23.39
  21.55
  19.89
  18.40
  17.06
  15.86
  14.77
  13.79
  12.92
  12.12
  11.41
  10.77
  10.19
  9.67
  9.21
  8.79
  8.41
  8.07
  7.76
  7.48
  7.24
  7.01
  6.81
  6.63
  6.47
  6.32
  6.19
  6.07
Revenue, $m
  1,977
  2,525
  3,167
  3,907
  4,749
  5,694
  6,742
  7,892
  9,144
  10,494
  11,942
  13,484
  15,119
  16,844
  18,659
  20,561
  22,550
  24,625
  26,789
  29,041
  31,384
  33,819
  36,350
  38,980
  41,713
  44,554
  47,508
  50,580
  53,777
  57,105
  60,571
Variable operating expenses, $m
 
  2,375
  2,978
  3,674
  4,465
  5,352
  6,337
  7,417
  8,593
  9,862
  11,222
  12,668
  14,203
  15,824
  17,529
  19,315
  21,184
  23,134
  25,166
  27,282
  29,483
  31,771
  34,148
  36,619
  39,187
  41,856
  44,631
  47,517
  50,520
  53,646
  56,902
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
  2,375
  2,978
  3,674
  4,465
  5,352
  6,337
  7,417
  8,593
  9,862
  11,222
  12,668
  14,203
  15,824
  17,529
  19,315
  21,184
  23,134
  25,166
  27,282
  29,483
  31,771
  34,148
  36,619
  39,187
  41,856
  44,631
  47,517
  50,520
  53,646
  56,902
Operating income, $m
  140
  150
  189
  234
  285
  342
  405
  475
  551
  633
  720
  817
  916
  1,020
  1,130
  1,245
  1,366
  1,492
  1,623
  1,759
  1,901
  2,048
  2,202
  2,361
  2,526
  2,699
  2,877
  3,064
  3,257
  3,459
  3,669
EBITDA, $m
  209
  237
  297
  366
  445
  534
  632
  740
  857
  984
  1,119
  1,264
  1,417
  1,579
  1,749
  1,927
  2,113
  2,308
  2,511
  2,722
  2,941
  3,170
  3,407
  3,653
  3,910
  4,176
  4,453
  4,741
  5,040
  5,352
  5,677
Interest expense (income), $m
  16
  0
  27
  58
  94
  134
  180
  231
  286
  347
  412
  482
  557
  636
  720
  807
  900
  996
  1,096
  1,201
  1,310
  1,423
  1,541
  1,664
  1,791
  1,923
  2,061
  2,204
  2,352
  2,507
  2,668
Earnings before tax, $m
  128
  150
  162
  176
  191
  207
  225
  244
  264
  285
  308
  334
  359
  384
  410
  438
  466
  496
  526
  558
  591
  625
  661
  697
  736
  775
  817
  860
  905
  952
  1,001
Tax expense, $m
  23
  40
  44
  47
  52
  56
  61
  66
  71
  77
  83
  90
  97
  104
  111
  118
  126
  134
  142
  151
  160
  169
  178
  188
  199
  209
  221
  232
  244
  257
  270
Net income, $m
  75
  109
  118
  128
  139
  151
  164
  178
  193
  208
  225
  244
  262
  280
  300
  320
  340
  362
  384
  407
  431
  456
  482
  509
  537
  566
  596
  628
  661
  695
  731

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
  2,694
  3,380
  4,170
  5,068
  6,077
  7,195
  8,423
  9,759
  11,200
  12,745
  14,391
  16,136
  17,977
  19,913
  21,943
  24,066
  26,281
  28,590
  30,994
  33,494
  36,093
  38,794
  41,601
  44,518
  47,550
  50,702
  53,981
  57,393
  60,944
  64,643
Adjusted assets (=assets-cash), $m
  2,109
  2,694
  3,380
  4,170
  5,068
  6,077
  7,195
  8,423
  9,759
  11,200
  12,745
  14,391
  16,136
  17,977
  19,913
  21,943
  24,066
  26,281
  28,590
  30,994
  33,494
  36,093
  38,794
  41,601
  44,518
  47,550
  50,702
  53,981
  57,393
  60,944
  64,643
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
  795
  997
  1,231
  1,496
  1,794
  2,124
  2,486
  2,880
  3,306
  3,762
  4,248
  4,763
  5,306
  5,877
  6,477
  7,103
  7,757
  8,439
  9,148
  9,886
  10,653
  11,450
  12,279
  13,140
  14,035
  14,965
  15,933
  16,940
  17,988
  19,080
Working capital, $m
  763
  396
  497
  613
  746
  894
  1,058
  1,239
  1,436
  1,648
  1,875
  2,117
  2,374
  2,645
  2,929
  3,228
  3,540
  3,866
  4,206
  4,559
  4,927
  5,310
  5,707
  6,120
  6,549
  6,995
  7,459
  7,941
  8,443
  8,965
  9,510
Total debt, $m
  132
  405
  876
  1,419
  2,036
  2,729
  3,497
  4,341
  5,258
  6,248
  7,310
  8,441
  9,639
  10,904
  12,234
  13,629
  15,087
  16,609
  18,195
  19,847
  21,564
  23,350
  25,206
  27,134
  29,138
  31,221
  33,387
  35,639
  37,983
  40,423
  42,964
Total liabilities, $m
  1,579
  1,851
  2,322
  2,865
  3,482
  4,175
  4,943
  5,787
  6,704
  7,694
  8,756
  9,887
  11,085
  12,350
  13,680
  15,075
  16,533
  18,055
  19,641
  21,293
  23,010
  24,796
  26,652
  28,580
  30,584
  32,667
  34,833
  37,085
  39,429
  41,869
  44,410
Total equity, $m
  1,112
  843
  1,058
  1,305
  1,586
  1,902
  2,252
  2,636
  3,054
  3,506
  3,989
  4,504
  5,050
  5,627
  6,233
  6,868
  7,533
  8,226
  8,949
  9,701
  10,484
  11,297
  12,143
  13,021
  13,934
  14,883
  15,870
  16,896
  17,964
  19,076
  20,233
Total liabilities and equity, $m
  2,691
  2,694
  3,380
  4,170
  5,068
  6,077
  7,195
  8,423
  9,758
  11,200
  12,745
  14,391
  16,135
  17,977
  19,913
  21,943
  24,066
  26,281
  28,590
  30,994
  33,494
  36,093
  38,795
  41,601
  44,518
  47,550
  50,703
  53,981
  57,393
  60,945
  64,643
Debt-to-equity ratio
  0.119
  0.480
  0.830
  1.090
  1.280
  1.430
  1.550
  1.650
  1.720
  1.780
  1.830
  1.870
  1.910
  1.940
  1.960
  1.980
  2.000
  2.020
  2.030
  2.050
  2.060
  2.070
  2.080
  2.080
  2.090
  2.100
  2.100
  2.110
  2.110
  2.120
  2.120
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
  109
  118
  128
  139
  151
  164
  178
  193
  208
  225
  244
  262
  280
  300
  320
  340
  362
  384
  407
  431
  456
  482
  509
  537
  566
  596
  628
  661
  695
  731
Depreciation, amort., depletion, $m
  69
  87
  108
  133
  161
  192
  227
  265
  306
  351
  399
  447
  501
  559
  619
  682
  748
  817
  888
  963
  1,041
  1,121
  1,205
  1,293
  1,383
  1,477
  1,575
  1,677
  1,783
  1,893
  2,008
Funds from operations, $m
  447
  196
  226
  261
  300
  343
  391
  443
  499
  559
  624
  691
  763
  839
  918
  1,001
  1,088
  1,178
  1,273
  1,370
  1,472
  1,578
  1,688
  1,802
  1,920
  2,043
  2,172
  2,305
  2,444
  2,588
  2,739
Change in working capital, $m
  118
  86
  101
  116
  132
  148
  165
  181
  196
  212
  227
  242
  257
  271
  285
  299
  312
  326
  340
  354
  368
  382
  397
  413
  429
  446
  464
  482
  502
  522
  544
Cash from operations, $m
  329
  96
  126
  145
  168
  195
  226
  262
  303
  347
  396
  449
  506
  568
  633
  703
  776
  853
  933
  1,017
  1,104
  1,195
  1,290
  1,389
  1,491
  1,597
  1,708
  1,823
  1,942
  2,066
  2,195
Maintenance CAPEX, $m
  0
  -66
  -84
  -105
  -130
  -157
  -189
  -224
  -262
  -303
  -348
  -396
  -447
  -501
  -559
  -619
  -682
  -748
  -817
  -888
  -963
  -1,041
  -1,121
  -1,205
  -1,293
  -1,383
  -1,477
  -1,575
  -1,677
  -1,783
  -1,893
New CAPEX, $m
  -51
  -172
  -202
  -233
  -265
  -298
  -330
  -362
  -394
  -425
  -456
  -486
  -515
  -543
  -571
  -599
  -627
  -654
  -682
  -709
  -738
  -767
  -797
  -828
  -861
  -895
  -930
  -968
  -1,007
  -1,048
  -1,092
Cash from investing activities, $m
  -83
  -238
  -286
  -338
  -395
  -455
  -519
  -586
  -656
  -728
  -804
  -882
  -962
  -1,044
  -1,130
  -1,218
  -1,309
  -1,402
  -1,499
  -1,597
  -1,701
  -1,808
  -1,918
  -2,033
  -2,154
  -2,278
  -2,407
  -2,543
  -2,684
  -2,831
  -2,985
Free cash flow, $m
  246
  -142
  -160
  -194
  -227
  -260
  -292
  -324
  -353
  -381
  -407
  -433
  -456
  -477
  -497
  -515
  -532
  -549
  -565
  -581
  -597
  -612
  -628
  -645
  -662
  -681
  -700
  -720
  -742
  -765
  -790
Issuance/(repayment) of debt, $m
  -222
  402
  471
  543
  617
  693
  768
  843
  918
  990
  1,061
  1,131
  1,199
  1,265
  1,330
  1,394
  1,458
  1,522
  1,586
  1,651
  1,718
  1,786
  1,856
  1,928
  2,004
  2,083
  2,166
  2,253
  2,344
  2,440
  2,541
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
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -208
  402
  471
  543
  617
  693
  768
  843
  918
  990
  1,061
  1,131
  1,199
  1,265
  1,330
  1,394
  1,458
  1,522
  1,586
  1,651
  1,718
  1,786
  1,856
  1,928
  2,004
  2,083
  2,166
  2,253
  2,344
  2,440
  2,541
Total cash flow (excl. dividends), $m
  43
  260
  310
  349
  390
  433
  476
  520
  564
  609
  654
  698
  743
  788
  834
  879
  926
  973
  1,021
  1,070
  1,121
  1,173
  1,227
  1,283
  1,342
  1,402
  1,466
  1,532
  1,602
  1,674
  1,751
Retained Cash Flow (-), $m
  -65
  -183
  -214
  -247
  -281
  -316
  -350
  -384
  -418
  -451
  -484
  -515
  -546
  -576
  -606
  -635
  -664
  -693
  -723
  -752
  -783
  -814
  -845
  -879
  -913
  -949
  -987
  -1,026
  -1,068
  -1,112
  -1,158
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
 
  529
  96
  102
  109
  117
  126
  136
  146
  158
  170
  183
  197
  212
  228
  244
  261
  280
  298
  318
  338
  360
  382
  405
  429
  453
  479
  506
  534
  563
  593
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
 
  507
  88
  89
  90
  91
  91
  92
  91
  91
  89
  87
  84
  81
  76
  72
  66
  61
  55
  49
  43
  37
  32
  27
  22
  18
  14
  11
  8
  6
  4
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
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

China Yuchai International Limited, through its subsidiaries, manufactures and sells diesel and natural gas engines in the People’s Republic of China (PRC) and internationally. It operates in two segments, Yuchai and HLGE. The company provides engines for light, medium, and heavy-duty trucks, buses, passenger vehicles, and construction equipment; generator sets; and marine, industrial, and agriculture applications, as well as supplies after-market parts and services. It also offers passenger car diesel engines, natural gas engines, diesel power generators, diesel engine parts, and remanufacturing services. The company distributes its products directly through its regional sales offices and customer service centers to auto original equipment manufacturers, retailers, and agents, as well as provides maintenance and retrofitting services. In addition, it engages in the ownership and operation of hotels and apartments; and property development activities primarily in the PRC and Malaysia. China Yuchai International Limited was founded in 1951 and is based in Singapore.

FINANCIAL RATIOS  of  China Yuchai International (CYD)

Valuation Ratios
P/E Ratio 9.8
Price to Sales 0.4
Price to Book 0.7
Price to Tangible Book
Price to Cash Flow 2.2
Price to Free Cash Flow 2.6
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 27.7% 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 40.041 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 $0.7 billion.


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COMPANY NEWS

▶ 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]
▶ China Yuchai International Announces Management Change   [May-31-16 06:00AM  PR Newswire]
▶ CHINA YUCHAI INTERNATIONAL LTD Financials   [Apr-20-16 01:04PM  EDGAR Online Financials]
▶ Shah Capital Managements Top Stock Picks For 2016   [Feb-21-16 04:36PM  at Insider Monkey]
▶ CYI Announces FY 2015 Sales Unit Numbers   [Jan-22-16 06:59AM  PR Newswire]
▶ China Yuchai Announces Board Change   [Jan-05-16 06:00AM  PR Newswire]
▶ Is TETRA Technologies, Inc. (TTI) A Good Stock To Buy?   [Nov-26  01:02AM  at Insider Monkey]
▶ Shah Capital Managements Top Stock Picks for Q4   [Oct-30  12:34PM  at Insider Monkey]
Stock chart of CYD Financial statements of CYD Annual reports 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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