Jardine Cycle & Carriage - DBS Research 2026-03-04: Positioning For Strategic Review In 2Q26

• Jardine Cycle & Carriage (SGX:C07)’s FY25/2H25 results came in within expectations, with FY25 adjusted PATMI at US$1,110mil (flat y-o-y) and 2H25 at US$580mil (-4% y-o-y), broadly in line with our and consensus estimates.
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• A final dividend of US$0.85 was declared, bringing FY25 Jardine Cycle & Carriage's dividends to US$1.13 (+1% y-o-y; 40% payout ratio), implying ~4% yield.

Our views on Indonesia/Astra.

• We keep our earnings assumptions for Astra unchanged, with our FY26F estimates sitting ~4% above consensus. In our view, FY26F earnings should be primarily underpinned by Astra’s dominant two-wheeler franchise, where it commands roughly 80% market share and continues to benefit from resilient replacement demand and ecosystem-driven financing support.
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2W (two-wheelers – motorcycles):

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Above is an excerpt from a report by DBS Group Research.
Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.

Previous report by DBS:
2026-02-23 Jardine Cycle & Carriage - Dual ASEAN Growth Engines.

Price targets by other brokers at Jardine Cycle & Carriage Target Prices.

Listing of research reports at Jardine Cycle & Carriage Analyst Reports.

Relevant links:
Jardine Cycle & Carriage Share Price History,
Jardine Cycle & Carriage Announcements,
Jardine Cycle & Carriage Dividend Payout Dates & Corporate Actions,
Jardine Cycle & Carriage News