Corporate News Blog - China Yuchai Enters Cambodian Bus Market; Announces New Orders for its Main Operating Subsidiary, GYMCL
Research Desk Line-up: AZZ Inc. Post Earnings Coverage
LONDON, UK / ACCESSWIRE / July 10, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for China Yuchai International Ltd (NYSE: CYD), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=CYD. The Company announced on July 07, 2017, that through the engines produced by its main operating subsidiary, Guangxi Yuchai Machinery Company Limited ("GYMCL"), it has, for the first time, entered the Cambodian bus market, through a batch order. Founded in the year 1951, GYMCL holds a significant brand reputation, strong research and development team and significant market share in China with high-quality products and reliable after-sales support, where it sold about 320,424 engines in 2016. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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The Announcement
China Yuchai announced that it has exported 98 buses powered by GYMCL's YC6G240-30 and YC4G180-30 engines to Cambodia's capital Phnom Penh. These new buses are set to enhance the government's public transportation plans for the capital city. The GYMCL's YC6G240-30 is a 7.8 liter, 6-cylinder diesel engine rated at 177 kW at 2200 rpm, where its main application is in buses and coaches of 11 to 12 meters in length. Also, the YC4G180-30 engine is a 5.2 liter, 4-cylinder diesel variation of the YC6G engine platform, rated at 132 kW at 2300 rpm. Its main applications are for buses and coaches in the length range of 7.8 to 9 meters.
The Company recently announced on May 09, 2017, its results for the quarter (Q1 FY17) ended March 31, 2017, where it reported an EPS of RMB 6.12 ($ 0.89) against RMB 2.27, in Q1 FY16, representing a 169.9% surge YOY. China Yuchai views this agreement as an extended market penetration into the Cambodian market. The Company believes that the neighboring Southeast Asian markets are important avenues for export of its advanced engines, where the reliability and advanced performance, along with superior after-sales service, offers an attractive package for the customers. Phnom Penh is the capital and most populous city of Cambodia. Also known as the "Pearl of Asia", the city has become a significant global and domestic tourist destination.
GYMCL New Orders
According to the recent Q1 FY17 release, GYMCL sold about 120,010 units in the quarter, which was 32.2% higher than the sale of 90,771 units for Q1 FY16. Recently, on June 22, 2017, the Company announced that engines produced by GYMCL have won new orders for the supply of bus engines to Myanmar and Saudi Arabia. GYMCL received an initial order for 2,000 of its YC6G250N heavy-duty natural gas engines to power buses that could be used in the Rangoon, Myanmar's upgraded public transportation system. Additionally, a further 1,000 engines are expected to be ordered during the second phase of the upgrade. The YC6G260N engine has a displacement of 7.8 liters and is compliant with Euro V emission standards.
GYMCL also announced on June 22, that it has won an order for the supply of 600 YC6MK engines to equip the Ankai A9 high-end buses for the Saudi Arabian market. The YC6MK heavy-duty engine has a displacement of 10.3 liters and is designed to propel larger buses and is compliant with Euro IV and Euro V emission standards. GYMCL currently holds an approximate 66% of the market share of the Saudi Arabian bus engine market.
Last Close Stock Review
China Yuchai International's share price finished last Friday's trading session at $19.87, jumping 7.81%. A total volume of 249.88 thousand shares has exchanged hands, which was higher than the 3-month average volume of 81.22 thousand shares. The Company's stock price skyrocketed 6.54% in the last three months, 39.63% in the past six months, and 81.96% in the previous twelve months. Additionally, the stock soared 43.88% since the start of the year. Shares of the Company have a PE ratio of 8.08 and have a dividend yield of 4.53%. The stock currently has a market cap of $812.29 million.
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