Jardine C&C cut to "hold", target cut to $44.95 by DBS Vickers

Stock Name: Jardine C&C
Company Name: JARDINE CYCLE & CARRIAGE LTD

Research House: DBS Vickers

Price Call: HOLD

Target Price: 44.95

SINGAPORE (March 12): DBS Vickers has downgraded Jardine Cycle & Carriage to "hold" from "buy" and cut its price target to $44.95 from $49.88 after lowering its earnings estimates by 27% for 2015 and 35% for 2016.

The changes reflect a weaker outlook for the company's Indonesian unit Astra International, which is at risk of slower sales amid increased competition and reduced demand, according to DBS Vickers analyst Paul Yong.

The revisions also factor in a stronger US dollar against the Indonesian rupiah.