Piper Jaffray Downgrades China Yuchai Intl To Neutral

According to Piper Jaffray, China Yuchai Intl

is downgraded to Neutral. Piper Jaffray said that CYD announced this morning that its President, Mr. Boo Guan Saw, will not be seeking re-election as a board member or president of CYD. “After a long career in the engine industry spanning multiple decades, Mr. Saw has decided that he would prefer to spend time with his family. While we understand this decision, we do not believe CYD shares are likely to react well to this news. We regarded Mr. Saw's unique experience as a key differentiator for CYD; he was the company's operational leader and will be difficult to replace. We are downgrading to Neutral.” China Yuchai Intl closed yesterday at $24.50.