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Singapore industrial group making diesel engines in China (Yuchai) and producing building materials like ready-mix concrete.
Singapore industrial group making diesel engines in China (Yuchai) and producing building materials like ready-mix concrete.
Yuchai carries the group: it sells diesel engines to Chinese truck and machinery makers, so earnings follow China's vehicle and equipment cycle. Hong Leong Asia controls Yuchai without owning all of it, and the concrete and building-materials arm adds a smaller stream tied to construction. It belongs to the Hong Leong group.
In one line: A Singapore diversified industrials group (building materials & diesel engines).
Moat: narrow (scale, installed base). Yuchai's established diesel-engine manufacturing scale in China and a regional concrete production network.
Headquarters: Singapore · Founded: 1968 · Employees: 10,522
Size Hong Leong Asia (H22.SI) is a Singapore Consumer Discretionary company (Auto Parts: OEM) with a market value of $1.26B, the 63rd largest of 186 Singapore companies the cockpit tracks. Shares closed at S$2.02 on 6 Nov 2026.
Performance Over six months the shares fell 40.4%, against -16.4% for the median peer and -1.2% for the Singapore market (cap-weighted) — lowest of 20 in its peer set.
Growth Revenue grew 17.1% over the last twelve months (peer median +12.2%); the operating margin is 8.6% (peer median 4.8%).
Valuation It trades at 9.5× forward earnings against a peer median of 20.3× (4th cheapest of 14).
Price implies For today's price to make sense, revenue must grow about -13% a year for seven years (Req g). Recent delivered growth is +3%, so the hurdle is -16 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.9 points above its cost of capital (7.8% WACC).
Next results Next results expected around 19 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | S$5.65B | S$5.18B | S$4.25B | S$4.08B | S$3.88B |
| Revenue growth | — | +22% | +4% | +5% | — |
| Gross profit | S$1.12B | S$947M | S$731M | S$755M | S$682M |
| EBITDA | S$657M | S$348M | S$229M | S$249M | S$226M |
| Net income | S$149M | S$113M | S$87.8M | S$64.9M | S$54.5M |
| Free cash flow | S$370M | S$513M | S$211M | S$295M | -S$73.6M |
| Capital expenditure | S$143M | S$144M | S$119M | S$100M | S$150M |
| Total debt | n/a | S$806M | S$921M | S$930M | S$915M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Hong Leong Asia H22.SI | $1.26B | -40% | +17% | 9% | 9.5× | -12.9% |
| Weichai Power 2338.HK | $24.0B | -50% | +14% | 7% | 11.0× | -7.0% |
| China Yuchai International CYD | $750M | -57% | +21% | 4% | 5.6× | n/a |
| Cummins CMI | $62.0B | -34% | +3% | 11% | 13.8× | 11.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | H22.SI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -21.7% | -3.6% | lowest of 21 |
| 6-month return | -40.4% | -16.4% | lowest of 20 |
| Distance from 52-week high | -47.9% | -44.7% | 8th lowest of 21 |
| Revenue growth (TTM) | +17.1% | +12.2% | 7th highest of 20 |
| Operating margin | 8.6% | 4.8% | 8th highest of 21 |
| Forward P/E | 9.5× | 20.3× | 4th cheapest of 14 |
| Growth the price implies (Req g, 7 yrs) | -12.9% | 20.8% | 2nd least demanding of 10 |
| Growth delivered (Del g) | +2.9% | +13.7% | 2nd lowest of 9 |
| Hurdle (Req g minus delivered) | -15.8 pp | -8.7 pp | 3rd least demanding of 9 |
| ROIC minus cost of capital | +2.9 pp | +0.4 pp | 6th highest of 20 |
| EV / EBITDA | 3.5× | 19.0× | cheapest of 8 |
| Net debt / EBITDA | -1.6× | 0.8× | 3rd least indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hong Leong Asia H22.SI | Singapore | $1.26B | -40% | +17% | 9% | 9.5× | -12.9% | +2.9% |
| Jiangsu Yunyi Electric 300304.SZ | China | $1.27B | -19% | +14% | 17% | 16.9× | 17.1% | +23.4% |
| Adient ADNT | United States | $1.26B | -28% | +4% | 3% | 6.1× | -17.6% | +2.1% |
| Varroc Engineering VARROC.NS | India | $1.28B | +40% | +22% | 6% | 31.5× | 29.9% | +15.1% |
| ASK Automotive ASKAUTOLTD.NS | India | $1.28B | +35% | +39% | 9% | 34.3× | n/a | n/a |
| JBM Auto JBMA.NS | India | $1.24B | -21% | +16% | 9% | n/a | n/a | n/a |
| Longhorn Auto 301488.SZ | China | $1.29B | -32% | +34% | 2% | 82.0× | n/a | n/a |
| Zhejiang Shibao 002703.SZ | China | $1.29B | -20% | +16% | 4% | n/a | 41.6% | +26.5% |
| SKF India (Industrial) SKFINDUS.NS | India | $1.23B | +9% | n/a | 11% | 33.3× | 36.9% | n/a |
| Zhejiang Fenglong Electric 002931.SZ | China | $1.30B | -31% | +2% | 0% | n/a | n/a | n/a |
| Xiangyang Automobile Bearing 000678.SZ | China | $1.22B | +53% | -3% | -3% | n/a | n/a | n/a |
| Ruifeng Power 2025.HK | Hong Kong | $1.22B | +29% | +4% | 1% | n/a | n/a | n/a |
| NASN Intelligent Tech (Zhejiang) 2261.HK | Hong Kong | $1.21B | n/a | +57% | -12% | n/a | n/a | n/a |
| Wuxi Best Precision Machinery 300580.SZ | China | $1.32B | -40% | +12% | 16% | 29.4× | 20.8% | +10.1% |
| Kunshan Huguang Auto Harness 605333.SS | China | $1.32B | -16% | -2% | 2% | 31.8× | n/a | n/a |
| Sichuan Chengfei Integration Technology 002190.SZ | China | $1.20B | -24% | +9% | -1% | n/a | n/a | n/a |
| F.C.C.Co 7296.T | Japan | $1.20B | +20% | +10% | 8% | 9.0× | -7.1% | +12.3% |
| Zhejiang Wanliyang 002434.SZ | China | $1.19B | -13% | -30% | -10% | 15.5× | n/a | n/a |
| Jiangsu Bojun Industrial Technology 300926.SZ | China | $1.35B | -31% | +54% | 13% | 9.0× | n/a | n/a |
| Zhejiang EV-Tech 301607.SZ | China | $1.18B | -7% | +60% | 6% | 20.3× | 24.2% | +35.3% |
| Tong Yang Industry 1319.TW | Taiwan | $1.35B | -1% | -12% | 15% | 10.9× | -5.9% | +7.7% |