CYD - China Yuchai: A Mixed View (Rating Downgrade)
2024-03-30 07:59:30 ET
Summary
- A review of the management commentary provided by China Yuchai and its peer suggests that there is a risk that CYD's 2024 financial performance doesn't meet the market's expectations.
- On the flip side, CYD's valuations are undemanding and there is the chance that policy tailwinds for the Chinese heavy-duty truck market might materialize.
- I have a mixed view of China Yuchai after considering multiple factors, and this translates into a Hold rating for CYD.
Elevator Pitch
I rate China Yuchai International Limited ( CYD ) as a Hold. My earlier January 15, 2024 update drew attention to the Mainland Chinese HDT (Heavy Duty Truck) industry's actual December 2023 sales data and 2024 growth outlook....
China Yuchai: A Mixed View (Rating Downgrade)