Intrinsic value of China Yuchai International - CYD

Previous Close

$13.29

  Intrinsic Value

$329.21

stock screener

  Rating & Target

str. buy

+999%

Previous close

$13.29

 
Intrinsic value

$329.21

 
Up/down potential

+999%

 
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 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 0.5

 

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, %
  24.60
  22.64
  20.88
  19.29
  17.86
  16.57
  15.42
  14.37
  13.44
  12.59
  11.83
  11.15
  10.54
  9.98
  9.48
  9.04
  8.63
  8.27
  7.94
  7.65
  7.38
  7.14
  6.93
  6.74
  6.56
  6.41
  6.27
  6.14
  6.03
  5.92
Revenue, $m
  3,055
  3,747
  4,529
  5,403
  6,368
  7,423
  8,567
  9,799
  11,115
  12,515
  13,996
  15,557
  17,196
  18,913
  20,706
  22,577
  24,526
  26,554
  28,663
  30,855
  33,133
  35,500
  37,960
  40,518
  43,177
  45,943
  48,822
  51,820
  54,942
  58,197
Variable operating expenses, $m
  2,297
  2,816
  3,403
  4,059
  4,783
  5,575
  6,434
  7,359
  8,347
  9,398
  10,506
  11,677
  12,908
  14,196
  15,543
  16,947
  18,410
  19,932
  21,515
  23,160
  24,870
  26,647
  28,494
  30,414
  32,410
  34,486
  36,647
  38,897
  41,241
  43,684
Fixed operating expenses, $m
  364
  372
  380
  388
  397
  406
  415
  424
  433
  443
  452
  462
  472
  483
  493
  504
  515
  527
  538
  550
  562
  575
  587
  600
  613
  627
  641
  655
  669
  684
Total operating expenses, $m
  2,661
  3,188
  3,783
  4,447
  5,180
  5,981
  6,849
  7,783
  8,780
  9,841
  10,958
  12,139
  13,380
  14,679
  16,036
  17,451
  18,925
  20,459
  22,053
  23,710
  25,432
  27,222
  29,081
  31,014
  33,023
  35,113
  37,288
  39,552
  41,910
  44,368
Operating income, $m
  395
  559
  746
  956
  1,188
  1,442
  1,718
  2,016
  2,336
  2,675
  3,038
  3,417
  3,816
  4,233
  4,670
  5,126
  5,601
  6,095
  6,609
  7,144
  7,700
  8,278
  8,879
  9,504
  10,154
  10,830
  11,534
  12,268
  13,032
  13,829
EBITDA, $m
  477
  659
  866
  1,098
  1,355
  1,636
  1,942
  2,272
  2,625
  3,000
  3,398
  3,818
  4,258
  4,720
  5,203
  5,707
  6,232
  6,778
  7,347
  7,938
  8,553
  9,192
  9,856
  10,546
  11,265
  12,012
  12,790
  13,601
  14,446
  15,326
Interest expense (income), $m
  16
  20
  58
  102
  151
  207
  268
  334
  407
  485
  568
  657
  750
  849
  953
  1,061
  1,175
  1,293
  1,417
  1,545
  1,678
  1,817
  1,961
  2,111
  2,266
  2,428
  2,597
  2,772
  2,954
  3,143
  3,341
Earnings before tax, $m
  375
  501
  644
  804
  981
  1,174
  1,384
  1,610
  1,851
  2,107
  2,381
  2,667
  2,967
  3,281
  3,609
  3,951
  4,308
  4,679
  5,065
  5,466
  5,883
  6,317
  6,768
  7,237
  7,726
  8,234
  8,763
  9,314
  9,889
  10,488
Tax expense, $m
  101
  135
  174
  217
  265
  317
  374
  435
  500
  569
  643
  720
  801
  886
  974
  1,067
  1,163
  1,263
  1,367
  1,476
  1,588
  1,706
  1,827
  1,954
  2,086
  2,223
  2,366
  2,515
  2,670
  2,832
Net income, $m
  274
  366
  470
  587
  716
  857
  1,010
  1,175
  1,351
  1,538
  1,738
  1,947
  2,166
  2,395
  2,634
  2,884
  3,144
  3,415
  3,697
  3,990
  4,295
  4,611
  4,941
  5,283
  5,640
  6,011
  6,397
  6,799
  7,219
  7,656

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
  3,958
  4,853
  5,867
  6,998
  8,248
  9,615
  11,097
  12,693
  14,398
  16,211
  18,130
  20,152
  22,275
  24,498
  26,821
  29,245
  31,769
  34,396
  37,128
  39,967
  42,918
  45,984
  49,171
  52,484
  55,929
  59,512
  63,241
  67,124
  71,169
  75,384
Adjusted assets (=assets-cash), $m
  3,958
  4,853
  5,867
  6,998
  8,248
  9,615
  11,097
  12,693
  14,398
  16,211
  18,130
  20,152
  22,275
  24,498
  26,821
  29,245
  31,769
  34,396
  37,128
  39,967
  42,918
  45,984
  49,171
  52,484
  55,929
  59,512
  63,241
  67,124
  71,169
  75,384
Revenue / Adjusted assets
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
Average production assets, $m
  755
  925
  1,119
  1,334
  1,573
  1,833
  2,116
  2,420
  2,746
  3,091
  3,457
  3,843
  4,247
  4,671
  5,114
  5,577
  6,058
  6,559
  7,080
  7,621
  8,184
  8,768
  9,376
  10,008
  10,665
  11,348
  12,059
  12,800
  13,571
  14,375
Working capital, $m
  422
  517
  625
  746
  879
  1,024
  1,182
  1,352
  1,534
  1,727
  1,931
  2,147
  2,373
  2,610
  2,857
  3,116
  3,385
  3,664
  3,955
  4,258
  4,572
  4,899
  5,239
  5,591
  5,958
  6,340
  6,737
  7,151
  7,582
  8,031
Total debt, $m
  718
  1,258
  1,869
  2,551
  3,305
  4,129
  5,023
  5,985
  7,013
  8,107
  9,263
  10,483
  11,763
  13,103
  14,504
  15,966
  17,488
  19,072
  20,719
  22,431
  24,211
  26,060
  27,981
  29,979
  32,056
  34,217
  36,466
  38,807
  41,246
  43,788
Total liabilities, $m
  2,386
  2,927
  3,538
  4,220
  4,974
  5,798
  6,692
  7,654
  8,682
  9,776
  10,932
  12,151
  13,432
  14,772
  16,173
  17,635
  19,157
  20,741
  22,388
  24,100
  25,880
  27,729
  29,650
  31,648
  33,725
  35,886
  38,135
  40,476
  42,915
  45,457
Total equity, $m
  1,571
  1,927
  2,329
  2,778
  3,275
  3,817
  4,406
  5,039
  5,716
  6,436
  7,198
  8,000
  8,843
  9,726
  10,648
  11,610
  12,612
  13,655
  14,740
  15,867
  17,038
  18,256
  19,521
  20,836
  22,204
  23,626
  25,107
  26,648
  28,254
  29,928
Total liabilities and equity, $m
  3,957
  4,854
  5,867
  6,998
  8,249
  9,615
  11,098
  12,693
  14,398
  16,212
  18,130
  20,151
  22,275
  24,498
  26,821
  29,245
  31,769
  34,396
  37,128
  39,967
  42,918
  45,985
  49,171
  52,484
  55,929
  59,512
  63,242
  67,124
  71,169
  75,385
Debt-to-equity ratio
  0.460
  0.650
  0.800
  0.920
  1.010
  1.080
  1.140
  1.190
  1.230
  1.260
  1.290
  1.310
  1.330
  1.350
  1.360
  1.380
  1.390
  1.400
  1.410
  1.410
  1.420
  1.430
  1.430
  1.440
  1.440
  1.450
  1.450
  1.460
  1.460
  1.460
Adjusted equity ratio
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  274
  366
  470
  587
  716
  857
  1,010
  1,175
  1,351
  1,538
  1,738
  1,947
  2,166
  2,395
  2,634
  2,884
  3,144
  3,415
  3,697
  3,990
  4,295
  4,611
  4,941
  5,283
  5,640
  6,011
  6,397
  6,799
  7,219
  7,656
Depreciation, amort., depletion, $m
  82
  100
  120
  142
  167
  194
  224
  255
  289
  325
  360
  400
  442
  487
  533
  581
  631
  683
  737
  794
  852
  913
  977
  1,042
  1,111
  1,182
  1,256
  1,333
  1,414
  1,497
Funds from operations, $m
  356
  466
  590
  729
  883
  1,052
  1,234
  1,431
  1,640
  1,863
  2,099
  2,347
  2,608
  2,882
  3,167
  3,465
  3,776
  4,099
  4,435
  4,784
  5,147
  5,525
  5,917
  6,326
  6,751
  7,193
  7,653
  8,133
  8,632
  9,154
Change in working capital, $m
  83
  95
  108
  121
  133
  146
  158
  170
  182
  193
  204
  215
  226
  237
  248
  258
  269
  280
  291
  303
  314
  327
  340
  353
  367
  382
  397
  414
  431
  449
Cash from operations, $m
  272
  370
  482
  609
  750
  906
  1,076
  1,261
  1,459
  1,670
  1,894
  2,132
  2,382
  2,645
  2,920
  3,207
  3,507
  3,819
  4,144
  4,482
  4,833
  5,198
  5,578
  5,973
  6,384
  6,811
  7,256
  7,719
  8,201
  8,704
Maintenance CAPEX, $m
  -63
  -79
  -96
  -117
  -139
  -164
  -191
  -220
  -252
  -286
  -322
  -360
  -400
  -442
  -487
  -533
  -581
  -631
  -683
  -737
  -794
  -852
  -913
  -977
  -1,042
  -1,111
  -1,182
  -1,256
  -1,333
  -1,414
New CAPEX, $m
  -149
  -171
  -193
  -216
  -238
  -261
  -283
  -304
  -325
  -346
  -366
  -385
  -405
  -424
  -443
  -462
  -481
  -501
  -521
  -541
  -563
  -585
  -608
  -632
  -657
  -683
  -711
  -740
  -771
  -804
Cash from investing activities, $m
  -212
  -250
  -289
  -333
  -377
  -425
  -474
  -524
  -577
  -632
  -688
  -745
  -805
  -866
  -930
  -995
  -1,062
  -1,132
  -1,204
  -1,278
  -1,357
  -1,437
  -1,521
  -1,609
  -1,699
  -1,794
  -1,893
  -1,996
  -2,104
  -2,218
Free cash flow, $m
  60
  121
  193
  277
  373
  482
  603
  736
  881
  1,039
  1,206
  1,386
  1,577
  1,778
  1,990
  2,212
  2,444
  2,687
  2,939
  3,203
  3,476
  3,761
  4,057
  4,364
  4,684
  5,017
  5,362
  5,722
  6,097
  6,487
Issuance/(repayment) of debt, $m
  472
  540
  611
  682
  754
  824
  894
  962
  1,028
  1,093
  1,157
  1,219
  1,280
  1,341
  1,401
  1,461
  1,522
  1,584
  1,647
  1,712
  1,779
  1,849
  1,922
  1,998
  2,077
  2,161
  2,249
  2,341
  2,439
  2,542
Issuance/(repurchase) of shares, $m
  36
  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  
  508
  540
  611
  682
  754
  824
  894
  962
  1,028
  1,093
  1,157
  1,219
  1,280
  1,341
  1,401
  1,461
  1,522
  1,584
  1,647
  1,712
  1,779
  1,849
  1,922
  1,998
  2,077
  2,161
  2,249
  2,341
  2,439
  2,542
Total cash flow (excl. dividends), $m
  567
  661
  804
  959
  1,126
  1,306
  1,496
  1,698
  1,910
  2,132
  2,363
  2,605
  2,857
  3,119
  3,391
  3,673
  3,967
  4,271
  4,587
  4,915
  5,256
  5,610
  5,979
  6,362
  6,761
  7,177
  7,611
  8,064
  8,536
  9,029
Retained Cash Flow (-), $m
  -309
  -356
  -402
  -449
  -496
  -543
  -588
  -633
  -677
  -720
  -762
  -803
  -843
  -883
  -922
  -962
  -1,002
  -1,043
  -1,084
  -1,127
  -1,171
  -1,217
  -1,265
  -1,315
  -1,368
  -1,423
  -1,481
  -1,541
  -1,606
  -1,674
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
  258
  305
  401
  510
  630
  763
  908
  1,065
  1,233
  1,412
  1,602
  1,803
  2,014
  2,236
  2,469
  2,711
  2,964
  3,228
  3,502
  3,788
  4,084
  4,393
  4,713
  5,047
  5,394
  5,755
  6,131
  6,522
  6,930
  7,355
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
  247
  279
  349
  420
  489
  554
  613
  665
  708
  740
  761
  769
  766
  751
  725
  689
  645
  594
  539
  481
  422
  364
  309
  257
  210
  168
  132
  101
  76
  55
Current shareholders' claim on cash, %
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1

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 7.2
Price to Sales 0.3
Price to Book 0.5
Price to Tangible Book
Price to Cash Flow 1.6
Price to Free Cash Flow 1.9
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 $2452.00151149 million for the last fiscal year's total revenue generated by China Yuchai International. The default revenue input number comes from 0001 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 24.6% 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 75.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $356 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 8.1% 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 24.7%.

Life of production assets of 9.6 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 13.8%. 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 - $1261.72339782 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 40.858 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 $0.5 billion.

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COMPANY NEWS

▶ China Yuchai: 3Q Earnings Snapshot   [08:31AM  Associated Press]
▶ China Yuchai: 2Q Earnings Snapshot   [06:14AM  Associated Press]
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▶ China Yuchai: 1Q Earnings Snapshot   [May-10-18 06:46AM  Associated Press]
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▶ China Yuchai posts 4Q profit   [Feb-27-18 08:41AM  Associated Press]
▶ China Yuchai Achieves Record Export Sales in 2017   [Jan-23-18 06:00AM  PR Newswire]
▶ 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]

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