Jardine Cycle & Carriage Ltd (JCYC.SI): Quick Take: 1H26 Underlying Profit Beat; Proposed Special DPS of US$0.73

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Jardine Cycle & Carriage Ltd (JCYC.SI): Quick Take: 1H26 Underlying Profit Beat; Proposed Special DPS of US$0.73

Jardine Cycle & Carriage Ltd (JCYC.SI)

30 July 2026 Citi Research

Astra — Profit contribution declined 9% YoY to US$417m due to weaker performances from its mining solutions and heavy

equipment businesses, but partially offset by improved earnings from automotive businesses and financial services. Net

income from Automotive segment grew 9% YoY to US$343m driven by increased car sales and improved component

businesses. Net income from Financial Services rose 6% YoY to US$269m driven by consumer finance businesses on larger

loan portfolios. Net income from Mining Solutions and Heavy Equipment fell 46% YoY to US$157m due to minimal gold sales

and a lower national coal production quota that impacted coal mining services, heavy equipment and coal mining volumes.

Tunas Ridean — Profit contribution rose 7% YoY to US$10m due to improved profits from its automotive and consumer

finance operations.

THACO — Profit contribution rose 65% YoY to US$28m, driven by a strong result from its real estate business. Its automotive

business achieved 9% YoY increase in sales volume, but the intense competition led to margin compression and a decrease in

market share from 15% in 2025 to 14% in 1H26.

REE — Profit contribution rose 15% YoY to US$11m, driven by higher earnings at its power, water and mechanical and

refrigeration electrical engineering segments.

Vinamilk — Profit contribution fell 57% YoY to US$4m. On 26th Feb 2026, JCNC announced that it sold ~3.5% of its stake in

Vinamilk for ~US$188m, decreasing its stake to ~2.5% (vs. end-FY25: 6.0%).

Cycle & Carriage — Profit contribution declined 28% YoY to US$12m due to 20% YoY decline in new passenger car sales