China Yuchai International Ltd. - CYD STOCK NEWS

China Yuchai International (NYSE: CYD) has announced the commencement of operations at its Yuchai Thailand factory, marking a significant step in its globalization efforts. The factory's first K08 engine has been delivered to a customer, with senior executives from major companies attending the event. Yuchai Thailand will produce a range of diesel engines, natural gas engines, and new energy power products, starting with an annual capacity of 5,000 units, expandable based on market demand.

This expansion is part of Yuchai's accelerating globalization strategy, driven by growing cooperation between China and ASEAN countries. Yuchai's exports to ASEAN countries have reached over 20,000 units annually, representing a significant portion of its overseas sales. The Thailand factory is expected to strengthen partnerships, enhance product competitiveness, and increase market penetration in Southeast Asia.

Yuchai Power System (Thailand) Co., , the first overseas factory of Guangxi Yuchai Machinery Co., (NYSE:CYD), officially opened in Samut Prakan on August 20, 2024. This marks a significant milestone in Yuchai's globalization strategy, aiming to boost growth in the Southeast Asian market. The factory will produce diesel, gas, and clean-energy engines, initially focusing on K08, S06, and S04 series.

Yuchai has been exporting to Southeast Asia since the 1970s, with recent annual exports exceeding 20,000 units. The company now has 21 overseas institutions and 495 service agents, with over 680,000 engines globally. Yuchai plans to expand further, including building new factories in Vietnam and advancing negotiations in Europe and the Middle East.

Yuchai Power System (Thailand) Co., , the first overseas factory of Guangxi Yuchai Machinery Co., (Yuchai), officially opened in Samut Prakan on August 20, 2024. This milestone marks Yuchai's significant step in its globalization strategy, particularly in the Southeast Asian market. The factory will produce diesel, gas, and clean-energy engines, initially focusing on K08, S06, and S04 series.

Yuchai has been exporting to Southeast Asia since the 1970s, with exports growing from 400 units in 2004 to over 20,000 units annually in recent years. The company now has 21 overseas institutions and 495 service agents, with over 680,000 engines globally. Yuchai plans to expand further, including building new factories in Vietnam and exploring opportunities in Europe and the Middle East.

China Yuchai International (NYSE: CYD) has provided an update on its share buyback plan initiated on June 7, 2024. The plan allows for repurchases of up to US$40 million or 4 million shares, whichever occurs first. As of August 12, 2024, the company has repurchased 3,226,159 shares for approximately US$38.5 million. The repurchased shares will be held as treasury shares, and the buyback process is ongoing. This significant progress in the buyback plan demonstrates China Yuchai's commitment to enhancing shareholder value and confidence in its future prospects.

China Yuchai International (NYSE: CYD) has announced an expansion of its joint venture, MTU Yuchai Power, with Rolls-Royce Power Systems. The second phase of cooperation will extend production and localization of the mtu Series 4000 for Power Generation and Oil & Gas segments. Additionally, the joint venture will produce and sell the mtu Series 2000 and Yuchai branded VC series diesel engines.

This expansion aims to address rapid growth in domestic and overseas power generation markets. Mass production for the second phase is scheduled to begin in the second half of 2025. Since its establishment in 2017, MTU Yuchai Power has sold over 2,000 units of mtu Series 4000 engines, primarily to data centers and semiconductor fabrication plants.

China Yuchai International (NYSE: CYD) reported strong financial results for the first half of 2024. Revenue increased by 12.4% to RMB 10.3 billion (US$1.4 billion), while gross profit rose 16.8% to RMB 1.7 billion (US$242.9 million). The company saw a 16.3% increase in total engine sales to 192,743 units, driven by growth in truck, bus, and industrial applications. Operating profit grew by 12.7% to RMB 436.9 million (US$61.3 million), and earnings per share increased by 34.6% to RMB 5.88 (US$0.83). The company maintained a strong balance sheet with RMB 6.3 billion in cash and bank balances. China Yuchai also announced a cash dividend of US$0.38 per ordinary share and implemented a share buyback program of up to US$40 million.

China Yuchai International (NYSE: CYD) has announced that all resolutions proposed in its Notice of Annual General Meeting dated July 8, 2024, were successfully passed at the Annual General Meeting held in Singapore on August 7, 2024. This brief statement indicates that shareholders have approved the company's proposed actions, which typically include matters such as financial statements approval, director elections, and appointment of auditors. However, the press release does not provide specific details about the resolutions or any other business discussions that may have taken place during the meeting.

China Yuchai International (NYSE: CYD) has announced a cash dividend of US$0.38 per ordinary share for the fiscal year 2023. The dividend was declared by the company's Board of Directors and will be paid on August 28, 2024 to shareholders of record as of the close of business on August 19, 2024. This announcement demonstrates China Yuchai's commitment to returning value to its shareholders and may be seen as a positive signal regarding the company's financial health and confidence in its future prospects.

China Yuchai International (NYSE: CYD) has announced that it will release its unaudited 2024 first-half year financial results on Monday, August 12, 2024, before the market opens. The company will host a conference call and audio webcast for the investment community at 8:00 A.M. Eastern Daylight Time on the same day.

The call will be hosted by Mr. Weng Ming Hoh, President, and Mr. Choon Sen Loo, Chief Financial Officer, who will present and discuss the financial results, followed by a Q&A session. Analysts and institutional investors can register for the call, while other interested parties can access a simultaneous webcast on the company's website.