Jardine Cycle & Carriage (C07) AI Stock Analysis

• Market Cap: S$14.02B
• Dividend Yield: 4.33%
• Average Volume (3M): 188.33K
• Price to Earnings (P/E): 10.7
• Beta (1Y): 0.50
• Revenue Growth: 3.45%
• EPS Growth: -22.03%
• Country: SG
• Employees: 240,000
• Sector: Industrials
• Sector Strength: 72
• Industry: Auto - Manufacturers
• EPS (TTM): 1.86
• Shares Outstanding: 395,236,300
• 10 Day Avg. Volume: 156,100
• 30 Day Avg. Volume: 188,330
• PEG Ratio: 1.44
• Price to Book (P/B): 1.21
• Price to Sales (P/S): 0.48
• P/FCF Ratio: 4.82
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: S$38.43
• Price Target Upside: 8.69% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): 2.81
• Revenue Forecast (FY): S$21.73B

• Rating: 72 Outperform
• Price Target: S$39.00 ▲(10.29% Upside)
• Action: Reiterated Date: 03/02/26
• Date: Action: Reiterated 03/02/26

The score is driven primarily by solid financial resilience (strong free cash flow and stable leverage) tempered by 2025 revenue decline and margin compression. Technicals are positive with the stock in an uptrend, while valuation is supportive with a low P/E and a ~4% dividend yield.

Positive Factors

Diversified investment holding with major Astra stake

JCC’s holding-company model and large Astra stake create durable earnings channels via equity income, dividends and capital gains. Structural diversification across autos, finance, agribusiness and infrastructure smooths cash flow over cycles and preserves strategic optionality for capital allocation.

Consistent, improving free cash flow

Sustained positive FCF and a strong 2024–25 rebound support dividends, reinvestment and selective portfolio moves. FCF covering a meaningful portion of net income (~0.37–0.83x) enhances financial flexibility and resilience versus cyclical revenue swings, a durable strength for 2–6 month horizon.

Stable leverage and growing equity base

Meaningful but stable leverage combined with steady equity growth supports balance-sheet resilience and access to capital. Consistent debt ratios and improving equity give management room to fund investments or weather downturns without an immediate need for dilutive financing.

Negative Factors

Inconsistent and declining revenue trend

Revenue has been uneven—rebounding in some years but declining in 2025—reducing top-line predictability. For a holding company whose parent returns depend on operating associates, sustained or recurring revenue softness at portfolio companies can materially weaken equity income and dividend flows over several quarters.

Margin compression and profitability volatility

Operating and gross margin weakness in 2025 highlights profit sensitivity to end-market pressures. Volatile margins constrain corporate cash available for distribution or reinvestment and increase earnings cyclicality, making forward EPS from associates less reliable across medium-term cycles.

Concentration of earnings in key associates (Astra)

Heavy reliance on one large associate concentrates corporate performance risk: adverse trends at Astra or its core segments (auto, finance, heavy equipment) would disproportionately hit JCC’s equity income and dividends. This reduces diversification benefits despite group-level exposure to multiple sectors.

Jardine Cycle & Carriage Business Overview & Revenue Model

Company Description

Jardine Cycle & Carriage Limited, an investment holding company, engages in the automotive, financial services, heavy equipment, mining, construction and energy, agribusiness, infrastructure and logistics, information technology, and property businesses in Indonesia and internationally. The company produces, distributes, retails, and aftersales services of motor vehicles, as well as manufactures and distributes automotive components; manufactures, assembles, distributes, and owns dealership networks for Toyota, Daihatsu, Isuzu, Peugeot, and UD Trucks, as well as Honda motorcycles; and manufactures and retails BMW vehicles, and owns the Lexus cars dealership. It also offers financial services, such as financing for motorcycles, cars, heavy equipment, insurance protection for individual and commercial customers, lending products to retail consumers, and digital payment solutions. In addition, the company supplies heavy equipment and provides aftersales services for various sectors, including mining, plantation, construction, and forestry; distributes Komatsu, UD, SCANIA, Bomag, and Tadano heavy equipment; and owns and operates thermal and metallurgical coal, gold, and thermal power assets, as well as operates in the construction and renewable energy sectors. Further, it cultivates, harvests, and processes palm oil; develops and manages toll roads; provides printing and digital services solutions; and distributes FUJIFILM business products, as well as develops office and residential buildings. The company was formerly known as Cycle & Carriage Ltd. and changed its name to Jardine Cycle & Carriage Limited in 2004. The company was founded in 1899 and is based in Singapore. Jardine Cycle & Carriage Limited is a subsidiary of Jardine Strategic Singapore Pte Ltd.

How the Company Makes Money

Jardine Cycle & Carriage generates revenue through multiple key streams. The primary source of income is from the sale of automobiles and motorcycles, which includes both new and used vehicles from renowned brands like Mercedes-Benz, Honda, and Mitsubishi. The company also earns revenue from after-sales services, such as vehicle maintenance, repairs, and parts sales. Additionally, Jardine Cycle & Carriage has a financial services segment that provides financing solutions, insurance products, and car leasing, contributing significantly to its earnings. The company benefits from strategic partnerships with various automotive manufacturers, enabling it to offer exclusive models and promotions, which further bolster its sales. The combination of retail sales, after-sales service, and financial solutions creates a diversified revenue model that supports sustainable growth.

Jardine Cycle & Carriage Financial Statement Overview

Summary

Supported by consistently positive and improving free cash flow and stable leverage (debt-to-equity ~0.85–0.94). Offsetting this are inconsistent/weakening revenue (down ~3.1% in 2025) and notable margin compression in 2025, which raises near-term earnings sensitivity.

Income Statement

Revenue growth has been inconsistent, with a strong rebound in 2021–2022 but essentially flat in 2023–2024 and a decline in 2025 (-3.1%). Profitability is moderate: net margin has generally stayed in the mid-single-digits (about 3.4%–5.5%), while operating profitability shows volatility—most notably a sharp drop in gross/operating margins in 2025 versus prior years. Net income improved in 2024–2025 versus 2022, but remains below the 2023 peak, pointing to earnings sensitivity to the operating environment.

Balance Sheet

Leverage is meaningful but broadly stable, with debt-to-equity hovering around ~0.85–0.94 across the period, suggesting consistent balance sheet risk rather than deterioration. Equity has grown steadily from 2020 to 2025, supporting a larger asset base and improving financial flexibility. Returns on equity are solid overall (roughly 7.7%–15.1%), though they have come off the 2023 high, indicating profitability has not fully kept pace with the expanding capital base.

Cash Flow

Cash generation is a clear strength: operating cash flow is consistently strong and free cash flow is positive every year, with a sharp rebound in 2024–2025 (including ~43.7% free cash flow growth in 2025). Free cash flow has covered a substantial portion of net income (roughly ~0.37–0.83x), improving materially since 2023. A key weakness is that operating cash flow covers only about one-third of total debt (around ~0.27–0.40x), implying debt repayment capacity is adequate but not conservative for a cyclical industry.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	21.69B	22.30B	22.23B	21.79B	17.69B
Gross Profit	2.48B	4.87B	5.05B	4.91B	3.77B
EBITDA	3.66B	4.68B	3.96B	3.52B	2.54B
Net Income	1.01B	945.80M	1.22B	739.80M	660.60M
Balance Sheet
Total Assets	33.20B	32.35B	32.39B	29.30B	29.05B
Cash, Cash Equivalents and Short-Term Investments	3.64B	3.14B	2.84B	4.04B	4.63B
Total Debt	7.63B	7.29B	7.57B	6.10B	6.68B
Total Liabilities	14.26B	13.93B	14.58B	12.85B	12.66B
Stockholders Equity	8.59B	8.29B	8.04B	7.14B	7.37B
Cash Flow
Free Cash Flow	2.15B	1.92B	906.40M	1.94B	2.52B
Operating Cash Flow	3.22B	3.04B	2.47B	2.85B	3.03B
Investing Cash Flow	-1.84B	-1.09B	-3.04B	-1.52B	-688.50M
Financing Cash Flow	-1.11B	-1.53B	-723.90M	-1.59B	-1.23B

Jardine Cycle & Carriage Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 35.36
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:C07, the sentiment is Positive. The current price of 35.36 is above the 20-day moving average (MA) of 33.78, above the 50-day MA of 34.08, and above the 200-day MA of 29.54, indicating a bullish trend. The MACD of 0.37 indicates Negative momentum. The RSI at 61.60 is Neutral, neither overbought nor oversold. The STOCH value of 84.79 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SG:C07.

Jardine Cycle & Carriage Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BS6	74 Outperform	S$17.50B	10.89	30.76%	3.46%	0.42%	40.48%
C07	72 Outperform	S$14.02B	10.72	10.35%	4.33%	3.45%	-22.03%
C52	66 Neutral	S$3.23B	14.58	8.37%	5.55%	15.63%	12.07%
U96	65 Neutral	S$10.52B	11.06	19.65%	4.33%	-6.69%	6.76%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
BN4	57 Neutral	S$21.85B	30.08	8.75%	3.29%	-0.62%	34.52%
5E2	56 Neutral	$7.89B	25.10	4.07%	0.70%	25.68%	―