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Jardine Cycle & Carriage
(SGX:C07)
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Rating:71Outperform
Price Target:
S$31.00
â–²(12.97% Upside)
Action:Reiterated
Date:08/06/26
The score is primarily supported by solid financial resilience (strong and improving free cash flow with stable leverage) and attractive valuation (low P/E and high dividend yield). Offsetting this, recent fundamentals show softness (2025 revenue decline and margin compression) and technicals indicate only early stabilization with the price still below longer-term moving averages.
Positive Factors
Strong Free Cash Flow
Consistent positive free cash flow and a pronounced 2024–2025 rebound bolster the company's capacity to fund dividends, capex and strategic investments without dilutive financing. Durable cash conversion increases financial flexibility to service debt and support subsidiaries through downturns, improving long-term resilience.
Negative Factors
Inconsistent Revenue Trends
Revenue has been uneven with a decline in 2025, reducing predictability of upstream earnings and dividend flows from investees. For an investment holding dependent on equity-accounted profits and distributable cash, prolonged or recurring top-line weakness can constrain reinvestment, shareholder distributions, and strategic initiatives over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Free Cash Flow
Consistent positive free cash flow and a pronounced 2024–2025 rebound bolster the company's capacity to fund dividends, capex and strategic investments without dilutive financing. Durable cash conversion increases financial flexibility to service debt and support subsidiaries through downturns, improving long-term resilience.
Read all positive factors
Jardine Cycle & Carriage (C07) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$11.62B
Dividend Yield4.93%
Average Volume (3M)188.33K
Price to Earnings (P/E)9.2
Beta (1Y)0.52
Revenue Growth-11.05%
EPS Growth15.19%
CountrySG
Employees240,000
SectorIndustrials
Sector Strength72
IndustryAuto - Manufacturers
Share Statistics
EPS (TTM)2.50
Shares Outstanding395,236,300
10 Day Avg. Volume156,100
30 Day Avg. Volume188,330
Financial Highlights & Ratios
PEG Ratio1.44
Price to Book (P/B)1.21
Price to Sales (P/S)0.49
P/FCF Ratio4.82
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
S$35.25Price Target Upside28.46% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)2.26
Revenue Forecast (FY)S$19.26B
Jardine Cycle & Carriage Business Overview & Revenue Model
Company Description
Jardine Cycle & Carriage Limited (JC&C), a Singapore-headquartered investment holding company established in 1899, boasts a diversified portfolio with significant operations across Indonesia and internationally. The firm's extensive interests enco...
How the Company Makes Money
Jardine Cycle & Carriage makes money primarily through (1) its share of earnings and dividends from significant investee companies and subsidiaries and (2) returns from managing a diversified portfolio of operating businesses. A major driver of it...
Jardine Cycle & Carriage Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
70
Positive
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 20.46B | 21.36B | 22.30B | 22.23B | 21.79B | 17.69B |
| Gross Profit | 4.29B | 4.59B | 4.87B | 5.05B | 4.91B | 3.77B |
| EBITDA | 3.23B | 3.54B | 4.68B | 3.96B | 3.52B | 2.54B |
| Net Income | 987.20M | 1.01B | 945.80M | 1.22B | 739.80M | 660.60M |
Balance Sheet | ||||||
| Total Assets | 31.49B | 33.20B | 32.35B | 32.39B | 29.30B | 29.05B |
| Cash, Cash Equivalents and Short-Term Investments | 2.88B | 3.64B | 3.14B | 2.84B | 4.04B | 4.63B |
| Total Debt | 7.25B | 7.43B | 7.29B | 7.57B | 6.10B | 6.68B |
| Total Liabilities | 13.62B | 14.26B | 13.93B | 14.58B | 12.85B | 12.66B |
| Stockholders Equity | 8.30B | 8.59B | 8.29B | 8.04B | 7.14B | 7.37B |
Cash Flow | ||||||
| Free Cash Flow | 1.76B | 2.15B | 1.92B | 906.40M | 1.94B | 2.52B |
| Operating Cash Flow | 2.57B | 3.22B | 3.04B | 2.47B | 2.85B | 3.03B |
| Investing Cash Flow | -1.94B | -1.84B | -1.09B | -3.04B | -1.52B | -688.50M |
| Financing Cash Flow | -1.10B | -1.11B | -1.53B | -723.90M | -1.59B | -1.23B |
Jardine Cycle & Carriage Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | S$1.12B | 18.44 | 8.93% | 8.07% | -2.72% | -13.06% | |
71 Outperform | S$11.62B | 9.17 | 11.69% | 5.31% | -11.05% | 15.19% | |
71 Outperform | S$7.03B | 24.89 | 10.57% | 1.47% | 9.01% | 17.18% | |
66 Neutral | S$3.48B | 20.54 | 9.78% | 2.94% | 14.28% | 21.19% | |
64 Neutral | S$2.90B | 12.61 | 8.83% | 6.44% | 13.00% | 9.36% | |
64 Neutral | $1.68B | 13.54 | 3.90% | 7.66% | 4.57% | 27.68% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% |
* Industrials Sector Average
SG:C07
Jardine Cycle & Carriage
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Jardine Cycle & Carriage Corporate Events
Jardine Cycle & Carriage to Liquidate Two Myanmar Subsidiaries
Aug 4, 2026
Jardine Cycle Carriage Limited has initiated voluntary liquidation proceedings for two wholly owned Myanmar subsidiaries, Cycle Carriage Automobile Alliance Company Limited and Automobile Alliance Company Limited. One entity is being wound up un...
Astra Refocuses Strategy as Mining Weakness Drags First-Half Earnings
Jul 30, 2026
Astra reported first-half 2026 net revenue of Rp157.9 trillion, down 3% year-on-year, with net income falling 19% to Rp12.5 trillion as weaker Mining Solutions Heavy Equipment performance and non-recurring fair value and impairment charges offset...
JC&C Unveils Special Dividend and Toyota Share Distribution Plan
Jul 30, 2026
Jardine Cycle Carriage has proposed a special dividend that combines a cash payout of US$0.37 per share with an in‑specie distribution of 7,226,200 Toyota Motor Corporation shares, representing about 0.05% of Toyota’s issued capital. ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.