*Official* Jardine Cycle & Carriage (SGX: C07)

thretiredDad

thretiredDad

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🌐 JPM: ASEAN FTM - 28 Feb

* Astra International (ASII.JK, UW – Rp5,175) - 4Q results: largely in line, but the devil is in the details

Astra (ASII) reported largely in-line 4Q23 results. 4Q23 NPAT reached IDR7.9tn, down -8% q/q & -4% y/y. FY23 NPAT stood at IDR34tn, up 12% y/y and is 4/8% higher compared to consensus & JPM FY23E. While the headline results looks like a beat, it is primarily driven by strong performance in United Tractors (UT). Auto business saw an earlier-than-expected deceleration (4Q23 Auto NPAT -22% y/y) and we believe the weakness could continue well into 1H24 as BYD starts delivering cars in Mar-24. While we’re not particularly excited on the 4Q results, there’s a positive surprise in dividends as the company is planning to propose an enhanced final dividend of IDR421/sh (8.3% yield). T his will bring total dividend to IDR519/sh (10% yield vs JPM 389/sh). We believe the dividends could provide a near-term cushion for share price but is unlikely to be repeated as the company’s net cash balance has declined and FY24 is likely going to be a challenging year for most of Astra’s business lines. We maintain our UW call on the stock, and we expect the next leg of share price decline to be driven by: 1) weaker-than-expected earnings in 1Q24 result and 2) stronger-than-expected EV deliveries in 1Q24 driven by non-Astra brands.

From clsa

* Jardine C&C - U-PF (Into the slow lane)

Jardine C&C’s (JC&C) 2H23 results suggest earnings headwinds have mounted in the near term, as commodity prices and competition in the auto market do not bode well for Astra. Meanwhile, weak consumer sentiment is likely to weigh on the Vietnam businesses’ profitability, in particular Thaco. We insert our latest Astra forecasts and update our currency assumptions, and raise our 24-25CL earnings forecasts by 3-5% (though we are still 1-4% below consensus). We also insert our latest target price for Astra (Rp5,200), and lower our target price from S$33.00 to S$25.00. JC&C is trading at a 10.2% discount to its NAV (long-term average: 16%). We downgrade from Outperform to Underperform.

ctan84 said:
any thoughts behind this counter? Dividend has increased.
Click to expand...
 
Z

zi

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why does sgx have to convert the usd dividend into sgd before banking into our local bank accounts? cant just send usd and let posb convert for us
 
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