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CYD - China Yuchai: Mixed Outlook Implying Both Margin Improvement And Revenue Decline
China Yuchai International Limited
China Yuchai's revenue declined by -19% YoY in 2H 2021, and the company is expected to witness another -16% YoY contraction in its 2022 top line.
On the flip side, CYD's 2H 2021 gross margin improved by +250 basis points HoH, and a +180 basis points YoY gross margin expansion is expected this year.
My rating for China Yuchai's shares is a Hold in view of the mixed outlook for the company.