Jardine Cycle & Carriage Ltd

XMUN:CYC

Results: JC&C reported underlying profit of $473 million and underlying earnings per share of $1.20, both down 11% year-on-year, with weaker contributions from Indonesia and Singapore partly offset by better Vietnam performance.

Capital returns: The board proposed a special dividend of about $0.73 per share, made up of about $0.37 in cash and about $0.36 in specie from remaining Toyota Motor shares, on top of an unchanged interim dividend of $0.28 per share.

Balance sheet: Corporate net debt fell sharply to $286 million from $577 million at the end of 2025, helped by partial divestments of Vinamilk and Toyota Motor.

Strategy: Management said the strategic review reaffirmed that the portfolio companies have credible growth paths, while JC&C will focus on stewardship, capital discipline, and a more focused portfolio.

Astra: Astra’s new strategy centers on its three core engines, with management aiming for low-teens annual absolute TSR over five years and using buybacks as one of the tools to improve returns.

Outlook: Management remains cautious on Indonesia’s macro backdrop, but sounded positive on long-term prospects in Vietnam and on new product launches at Cycle & Carriage.