Jardine Matheson SEA Limited (ex Jardine Cycle & Carriage)

[edragon]

They have done it before so just take all these subsidiaries private and get the 40%. JMH could get its value to US$140?

[weijian]

They have done it before so just take all these subsidiaries private and get the 40%. JMH could get its value to US$140?

hi edragon,

The theoretical maths I shown earlier is just arbitrary and I have no opinion on JMH's hidden value (if any). Nonetheless, do note that 3 multiples of XX% discounts is back at JMH's level. So if any JMH OPMIs want JMH's discount (if any) been narrowed, it is just "2 multiples of XX discount". And in addition, do take note that HKL is also a big part of JMH in terms of asset value but it doesn't have the "holding discount" on paper.

[weijian]

In general, JCC's share price tends to trend with that of Astra International on the Jakarta bourse. Therefore with the JCI losing one third of its value in 2026, the share price of JCC has not been spared too.

As a JCC shareholder, the silver lining is that transformation had begun earlier at subsidiary levels with both Astra and United Tractors announcing a 120mil USD sharebuyback (SBB) each that started on 1st Nov 2025. Both listed entities completed this 1st tranche of SBB ahead of time and as a result, the %ownership of Astra increased from 50.1% to 50.5%, while %ownership of United Tractors increased from 30.6% to 31.3%. Since Feb2026, both companies have announced 2nd and 3rd tranches, each of similar sizes to the 1st. With share prices of both Astra/United Tractors running off a cliff, these SBBs are buying "shares on the cheap" and will be immensely future-accretive to shareholders from Astra level and upwards.

Indonesian stocks tumble to five-year low, rupiah drops to record

Investor confidence in local assets has been waning, owing to concerns over fiscal slippage due to elevated oil prices, a potential MSCI market reclassification this month and risks of credit rating downgrades.

Down about 32 per cent in 2026, the JCI is already the worst performer this year among more than 90 global equity indexes tracked by Bloomberg.

Weakness in the rupiah, which is approaching the 18,000-per US dollar mark, is also adding to the pressure, he added.

Worries about tighter government control of the nation’s key commodity sector have also weighed on investor sentiment in recent weeks. President Prabowo Subianto announced in May that the administration would take direct control of exports of some of Indonesia’s most important commodities. BLOOMBERG

https://www.businesstimes.com.sg/interna...ops-record

[weijian]

The "Cycle & Carriage" name has existed in a listed entity for ~58years (started on the Joint Stock Exchange of Malaysia and Singapore in 1969) but it seems like the end is near. Nostalgia aside, more activity will happen at JCC/Astra level (with Astra's Investor Day in Oct) and it gets more exciting for a JCC OPMI as the days pass by.

Astra/United Tractors (UT)'s SBB As end 1H26, ~410mil usd has been spent at these 2 companies for SBB. This translates to ~1.4% of Astra's outstanding shares and ~3.8% of UT's outstanding shares been purchased. A 4th SBB has commenced in July2026 with Astra's 8 trillion rupiah (450mil usd) and UT's 2 trillion rupiah (110mil usd). OPMIs should be delighted that while the SBB bazookas are getting bigger, both Astra/UT's share prices remain significantly lower (~20-30%) than the previous SBB-ed prices.

Toyota Motor Corp (TMC) partial sales been distributed + remaining stake distributed as dividend in specie (with cash alternative) The original stake was bought for ~200mil usd in Feb2018. After the corporate action is completed, it looks to be the only investment that will have a positive capital gain in JCC's portfolio in the past 5-10years! (Vinamilk and Siam City Cement been the 2 big losses). As per JMH's 1H26 briefing, this corporate action was taken after consultation with TMC and JMH will absolutely continue to hold onto their TMC shares for long term strategic purpose.

JMH's continued purchase of JCC In a May2026 filing, JMH's stake has crossed 86% (it was ~85.45% as of March2026 based on JCC annual report). While Lincoln Pan believes that JMH is over exposed to Astra/Indonesia, JCC share purchases will continue as long as they see value and it drives JMH's TSR goal.

The new name JM SEA Ltd. The name change reflects its status as an intermediate holding company with its purpose to manage and cultivate JMH's Astra and Vietnam businesses. At JCC level, there will be no new investments and more divestments (remaining Vinamilk, Cycle and Carriage, Tunas Ridean?) to come.

JARDINE CYCLE & CARRIAGE LIMITED 2026 HALF-YEAR FINANCIAL STATEMENTS AND DIVIDEND ANNOUNCEMENT

• Underlying profit 11% lower at US$473 million, net profit 2% down at US$363 million
• Recycled capital of US$334 million in the first half, reducing corporate net debt
• Interim cash dividend of US¢28 per share, unchanged from 2025
• Proposed special dividend of approximately US¢73 per share, comprising a cash distribution and a distribution-in-specie of remaining shares in Toyota Motor Corporation (“TMC”)

The previously announced strategic review at JC&C reaffirmed that our key portfolio companies remain the primary drivers of value creation and are well positioned to deliver their growth ambitions. As an intermediate holding company, JC&C will continue to support their development while adopting a more disciplined approach to capital allocation to deliver shareholder returns.

Consistent with this strategic direction, JC&C is proposing a change of name to “Jardine Matheson Southeast Asia Limited” to better reflect its focus and role within the wider Jardine Matheson Group.

JCC 1H26 results: https://links.sgx.com/FileOpen/JCC_Jun%2...eID=898066
JMH 1H26 IR briefing (many questions on JCC as usual): https://webcast.irasia.com/jardines/half.../index.php

P.S. I will probably vote NO for the name change!

[weijian]

The rumors of the Cycle and Carriage automotive distribution business been sold has finally crystalized. JCC still owns close to half of Tunas Ridean (Indonesian automotive dealer) with the controlling family owning the rest. I don't recall the fate of Tunas Ridean been mentioned across the JCC/JMH presentations. But since Tunas Ridean is totally overlapped by Astra's automotive BU (1 of the 3 core BUs that Astra intends to develop moving forward), I suppose it will be sold back to the controlling family in time to come.

Jardine C&C selling Singapore, Malaysia dealerships to Indonesia’s Chandra Asri for US$221 million gain

[SINGAPORE]  Jardine Cycle & Carriage  : C07 +0.95% (JC&C) announced on Friday (Aug 21) that it has entered into a conditional agreement to sell its Cycle & Carriage automotive distribution and retail operations in Singapore and Malaysia to Indonesia’s Chandra Asri Pacific.

The proposed transaction involves the sale of automotive entities in Singapore and Malaysia, along with associated trademarks across Singapore, Malaysia and Myanmar to Chandra Asri’s wholly owned subsidiary CCHPL Holdings.

The estimated base purchase price payable in cash is about S$265 million. Sale proceeds will be used to pay down corporate net debt. The company said S$333 million, or about US$260 million, it owes to Cycle & Carriage Industries (CCI) will be novated to the buyer. CCI is one of the units to be sold to Chandra Asri.

In a separate statement on Friday, Chandra Asri said the acquisition marks an important step in the group’s regional expansion, and “supports the group’s long-term strategy to build an integrated energy, infrastructure and mobility platform across South-east Asia”. “The proposed bolt-on acquisition will provide Chandra Asri Group with a strong platform to participate more broadly across the mobility value chain, complementing its existing energy and retail businesses in Singapore,” the group said. It builds on Chandra Asri Group’s recent expansion in Singapore, including its acquisition of the Esso-branded retail fuel station network.

https://www.businesstimes.com.sg/compani...llion-gain

[weijian]

JMH's continued purchase of JCC In a May2026 filing, JMH's stake has crossed 86% (it was ~85.45% as of March2026 based on JCC annual report). While Lincoln Pan believes that JMH is over exposed to Astra/Indonesia, JCC share purchases will continue as long as they see value and it drives JMH's TSR goal.

In a recent SGX article, it is revealed that JM SEA (ex JCC) has experienced ~100mil of net institutional outflows for CY26 YTD. As foreign capital leaves Indonesia, no surprises who is the one mopping up these shares...

JMH's interest has hit 87% based on a 18th Sept 2026 filing (up from May2026's 86% and March2026's 85.45%).

Disclosure of Interest/ Changes in Interest of Substantial Shareholder(s)/ Unitholder(s)::Change in Interest of Substantial Shareholder

https://links.sgx.com/FileOpen/_eFORM3V2...eID=904627

P.S. In JMH's 1H26 ppt slides, the "original" slides had indicated that it was expecting "200-300mil usd" in JCC purchases in FY26. Curiously this "200-300mid usd" figure was removed in the updated slides/analyst presentation....wonder if any VBs noticed that?

Nonetheless, let's do a fun calculation: Based on a 250mil usd warchest and assuming a price of 28sgd/share, that will translate to ~2.7% additional interest in JCC for 2026. Based on the filings so far, they have ~30-40% more to buy if those "removed numbers" are followed...