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    Don Espey • Shah Capital

    Don Espey's questions to China Yuchai International Ltd (CYD) leadership

    Don Espey's questions to China Yuchai International Ltd (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.

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    Don Espey's questions to VEON Ltd (VEON) leadership

    Don Espey's questions to VEON Ltd (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.

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    Don Espey's questions to VEON Ltd (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.

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    Don Espey's questions to VEON Ltd (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.

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