Sign in

    Don Espey

    Research Analyst at Shah Capital

    Don Espey is Director of Research at Shah Capital, where he has overseen comprehensive bottom-up research on the firm’s concentrated portfolio since joining in 2006. Specializing in deep financial analysis, Espey focuses on a select group of portfolio companies, including notable investments like China Yuchai International, and supports high-conviction strategies favored by the firm. With nearly two decades of experience at Shah Capital, Espey plays a crucial role in evaluating opportunities considered speculative by traditional standards, and brings significant expertise in due diligence and management evaluation throughout protracted diligence cycles. While his public regulatory credentials and external recognition are not widely published, his sustained tenure and leadership in research reflect a high degree of trust and responsibility within the asset management industry.

    Don Espey's questions to CHINA YUCHAI INTERNATIONAL (CYD) leadership

    Don Espey's questions to CHINA YUCHAI INTERNATIONAL (CYD) leadership • H1 2025

    Question

    Don Espey from Shah Capital asked if Yuchai holds a market share of 10% or higher in large-bore engines for data centers and whether this share is sustainable. He also questioned the timeline and initiatives for improving net return on sales to over 5%.

    Answer

    Kelvin Lai, General Manager of Operations, confirmed that Yuchai's market share in large-bore data center engines is 'well ahead of 10%' globally and expressed confidence in maintaining this position. Weng Ming Hoh, President & Director, declined to provide a target date for reaching a 5% net return on sales, citing the complexity of factors involved and the company's policy against issuing guidance.

    Ask Fintool Equity Research AI

    Don Espey's questions to CHINA YUCHAI INTERNATIONAL (CYD) leadership • H1 2025

    Question

    Don Espey from Shah Capital asked if Yuchai's market share in large-bore engines for data centers exceeds 10% and if this is sustainable. He also questioned when the company's net return on sales might surpass 5% and what initiatives are planned to achieve this.

    Answer

    Kelvin Lai, General Manager of Operations, confirmed that their data center engine market share is 'well ahead of 10%' globally and they expect to maintain it. Weng Ming Hoh, President & Director, declined to provide a target date for the 5% net return, citing market variables and the company's no-guidance policy.

    Ask Fintool Equity Research AI

    Don Espey's questions to CHINA YUCHAI INTERNATIONAL (CYD) leadership • H1 2025

    Question

    Don Espey from Shah Capital asked about China Yuchai's market share in large-bore engines for data centers and its future outlook, as well as when the company's net return on sales might exceed 5% and the initiatives to achieve this.

    Answer

    Kelvin Lai, General Manager of Operations, confirmed that the company's data center engine market share is 'well ahead of 10% of the global market' and expects to maintain it. Weng Ming Hoh, President & Director, declined to provide a target date for profitability metrics, citing the company's no-guidance policy.

    Ask Fintool Equity Research AI

    Don Espey's questions to VEON (VEON) leadership

    Don Espey's questions to VEON (VEON) leadership • Q2 2025

    Question

    Don Espey from Shah Capital asked about the strategy to monetize fintech assets like JazzCash, the path to achieving a $3 monthly ARPU, plans for branded smartphones, and the timeline for removing the 'going concern' language from financial filings.

    Answer

    Group CEO Kaan Terzioğlu indicated patience on monetizing fintech to maximize value from its high growth. CDO Anand Ramachandran outlined the multi-pronged ARPU growth strategy. Group CFO Burak Ozer expressed optimism that the 'going concern' language could be removed by year-end, possibly in Q3, as key risks like capital access have been mitigated.

    Ask Fintool Equity Research AI

    Don Espey's questions to VEON (VEON) leadership • Q2 2025

    Question

    Don Espey from Shah Capital asked about the strategy to monetize fintech assets like JazzCash, the timeline for reaching a $3 monthly ARPU, plans for VEON-branded smartphones, and when the 'going concern' language might be removed from financial filings.

    Answer

    Group CEO Kaan Terzioğlu said he is being patient with fintech monetization to allow more value to build. CDO Anand Ramachandran noted multiplay ARPU is already $3.4, and the goal is to increase user penetration. Group CFO Burak Ozer expressed optimism that the 'going concern' language would be removed by year-end, possibly in Q3, as key risks have been resolved.

    Ask Fintool Equity Research AI

    Don Espey's questions to VEON (VEON) leadership • Q2 2025

    Question

    Don Espey from Shah Capital asked about the strategy to monetize fintech assets like JazzCash, the timeline to reach a $3 monthly ARPU, plans for branded smartphones, and the outlook for removing the 'going concern' language from financial statements.

    Answer

    CEO Kaan Terzioğlu stated he prefers to let the high-growth fintech assets mature further before pursuing monetization. CDO Anand Ramachandran noted multiplay ARPU is already at $3.4, which will lift the group average as adoption grows. CFO Burak Ozer expressed optimism that the 'going concern' language could be removed by year-end, citing secured access to capital markets and recent bond repayments.

    Ask Fintool Equity Research AI