He writes in his Aug 23 report: “[The] key surprise was strong unit engine sales growth of 16% y-o-y, which outpaced industry growth of 4% y-o-y in 1HFY2024.”
CGS International’s Ong Khang Chuen has maintained his “add” call on NYSE-listed China Yuchai at a raised target price of US$13.20 ($17.20) from US$11.70 previously following the company's healthy 1HFY2024 ended June results. China Yuchai is a subsidiary of SGX-listed Hong Leong Asia (SGX:H22
) .
China Yuchai’s 1HFY2024 profit after tax and minority interests (patmi) of RMB240 million ($43.9 million) formed 71% of Ong’s FY2024 forecast, beating his expectations.
