Ong’s lower TP comes off the back of China Yuchai’s 1HFY2022 net profit coming in below expectations at RMB94 million ($19.13 million), a 63% decrease year-on-year (y-o-y). China Yuchai is now trading below cash.
CGS-CIMB analyst Ong Khang Chuen has maintained his “add” call for China Yuchai International with a reduced target price (TP) of US$13.60 ($18.98), down from his previous target of US$15.80.
China Yuchai is a subsidiary of SGX-listed Hong Leong Asia.
