Jardine Cycle & Carriage Ltd (JCYC.SI): Takeaways from Jardine Matheson Investor Day

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Jardine Cycle & Carriage Ltd (JCYC.SI): Takeaways from Jardine Matheson Investor Day

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16 Jun 2026 14:49:16 ET │ 17 pages

Jardine Cycle & Carriage Ltd (JCYC.SI)

Takeaways from Jardine Matheson Investor Day

CITI'S TAKE

We attended the Jardine Matheson Investor Day on 16 Jun 2026. Apart from

the recap of Astra’s TSR announcement, management also reiterated the

growth prospects of its investments in Vietnam (THACO and REE), which Sell

has achieved a long-term IRR of ~15%. Management expects both Price (16 Jun 26 17:06) S$28.35

companies to increase dividend payouts over time. In this report, we also

delve into investors’ viewpoints on the possibilities of JCNC’s privatization. Target price S$24.70↓

In our view, imminent JCNC privatization is unlikely due to its rich valuation from S$31.70

(trading at ~20% premium to CitiE NAV). JM could choose to gradually Expected share price return -12.9%increase its stake in JCNC, before hitting the 90%+ ownership mark (when

it will be asked if it wants to maintain its listing status). Reflecting the latest Expected dividend yield 4.0%

operating trends and our new end-27E NAV calculation (explained in below Expected total return -8.9%

bullet), we cut our TP from S$31.7 to S$24.7. Maintain Sell. Market Cap S$11,205M

US$8,754MPriorities at THACO and REE — Management is progressing THACO’s Sala City with

sales of current stock and new launches. THACO is tripling its agriculture production

in 2026 to foster future growth. Management is expanding in-house brand

commercial vehicles and expects to sustain THACO’s automotive segment. REE is

increasing its renewable energy capacity through both investments and Price Performance

developments (mostly solar and wind) from 1GW to 3GW. At REE’s real estate (RIC: JCYC.SI, BB: JCNC SP)