Update shared on 03 Dec 2025
Fair value Increased 9.96%Analysts have lifted their price target on Jardine Cycle & Carriage from approximately $25.77 to $28.33, citing a slightly lower discount rate, improved margin expectations, and a higher anticipated future P/E multiple, despite trimming top line growth assumptions.
What's in the News
- Group Finance Director Hsu Hai Yeh will cease his role at Jardine Cycle & Carriage to become Chief Financial Officer of principal subsidiary PT Astra International Tbk in Indonesia, subject to Astra shareholder approval in November (company announcement)
- Jardine Cycle & Carriage has appointed Lee Liang Whye (Freddy Lee) as Group Finance Director, effective November 01, 2025, with overall responsibility for the group’s financial matters (company announcement)
- Incoming Group Finance Director Freddy Lee brings prior experience as Interim Group Finance Director at Jardine Cycle & Carriage and Group Chief of Audit and Risk Advisory at PT Astra International Tbk, alongside earlier senior finance and management roles in the region (company announcement)
Valuation Changes
- Fair Value: Raised slightly from SGD 25.77 to SGD 28.33 per share, reflecting a modest uplift in the intrinsic valuation.
- Discount Rate: Reduced marginally from 7.75 percent to about 7.64 percent, indicating a slightly lower perceived risk profile or funding cost.
- Revenue Growth: Revised down sharply from an expected 22.35 percent to a contraction of about 15.09 percent, pointing to a significantly weaker top line outlook.
- Net Profit Margin: Increased slightly from 5.56 percent to approximately 5.69 percent, implying a small improvement in profitability assumptions.
- Future P/E: Lifted from 7.81x to about 8.51x, suggesting a modestly higher valuation multiple for future earnings.
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