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Jardine Cycle & Carriage - A Southeast Asian proxy

Shared By Stock Fanatic on Monday, May 21, 2018 | 21.5.18

• Jardine Cycle & Carriage (JCC), a member of the Jardine Matheson Group, offers unique exposure to Southeast Asian economies and diversified industries

• JCC owns a 50.1% strategic stake in Astra International, the largest independent automotive group in Southeast Asia

Key risks: Exposure to underlying economic and political risks in Southeast Asia; increasing competition; commodity price fluctuations and currency risks

The Business
Jardine Cycle & Carriage (JCC) offers unique exposure to Southeast Asian economies. JCC, a member of Jardine Matheson Group, together with its subsidiaries and associates, employs over 250,000 people across Indonesia, Singapore, Malaysia, Myanmar, Thailand and Vietnam, offering unique exposure to key Southeast Asian economies. JCC has a strategic 50.1% stake in Astra International (Astra), the largest independent automotive group in Southeast Asia. JCC also has a strong regional automotive presence through its Direct Motor Interests operating in Singapore, Malaysia, Myanmar and Vietnam. Through Astra, JCC is exposed to a variety of industries including financial services, heavy equipment, mining, construction and energy, agribusiness, infrastructure & logistics, information technology and property. JCC also offers exposure to Thailand and Vietnam through its Other Strategic Interests, namely Siam City Cement, Refrigeration Electrical Corporation and Vinamilk, market leaders in their respective industries.

Technical Analysis
Daily Chart
Diversified earnings base with exposure to Vietnam. JCC has a diversified earnings base in terms of industries and geographical exposure which offers exposure to Vietnam, one of the fastestgrowing economies in Southeast Asia. JCC owns an increasing portfolio of Vietnam companies which are market leaders in their respective fields, including a 24.65% stake in Refrigeration Electrical Corporation (REE), a provider of mechanical and electrical engineering services in Vietnam; 25.1% in Truong Hai Auto Corporation (THACO), the largest automotive company in Vietnam, and most recently a 10% stake in Viet Nam Dairy Products Joint Stock Company (Vinamilk), the largest dairy company and leading nutrition group in Vietnam reaching more than 31 countries. In FY2017, c.10% of underlying net profit was attributed to Vietnam.

Source : DBS Group Research
(Read Report)


Posted on Monday, May 21, 2018 | 21.5.18
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