A manager is evaluating the risks linked to a portfolio comprising several stocks. The portfolio currently holds a value of CNY 124 million, with CNY 14 million allocated to stock Y. The annualized standard deviation of returns for the overall portfolio is 16%, while that for stock Y is 12%. The correlation coefficient between the returns of the portfolio and stock Y is 0.52. If a risk analyst employs a 1-year 95% Value at Risk (VaR) methodology, assuming the returns follow a normal distribution, what is the component Value at Risk for stock Y?
