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CYD - China Yuchai: Lower Gross Margin And Higher Costs Draw Attention
China Yuchai International Limited
China Yuchai's earnings per share fell by -17% YoY in 1H 2021, in tandem with a -190 basis points contraction in the company's gross profit margin over the same period.
Higher-than-expected R&D and SG&A costs were also a drag on the company's bottom line in the first half of this year.
China Yuchai is valued by the market at consensus forward FY 2021 and FY 2022 normalized P/E multiples of 5.6 times and 5.9 times, respectively.