Jardine Cycle & Carriage kept at 'neutral' with target price of $37.50

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

Research House: Golman Sachs

Price Call: HOLD

Target Price: 37.50

SINGAPORE (Apr 30): Goldman Sachs has maintained its "neutral" call on Jardine Cycle & Carriage (JCC) with a target price of $37.50.

Jardine C&C reported 1QFY2015 net profit of US$178 million, an 18% decline y-o-y, 20% below Goldman Sachs' expectations. The miss came mainly from its poor Astra International results.

Non-Astra results were in line with Goldman Sachs' expectations with Vietnam delivering strong unit sales and good margins.