CYD - China Yuchai International: Leading Chinese Engine Manufacturer

• China Yuchai's valuation discount to peers is justified to a certain extent, considering geographic concentration risks and a lack of focus on specific products or end-markets.
• COVID-19 has had a negative impact on China Yuchai's export sales this year, but the company's long-term strategy of expanding export sales by exploring new markets remains unchanged.
• Investors will likely view China Yuchai as a proxy for the growth in demand for HDT truck engines in China over time, thanks to the implementation of the new emissions standard.

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