Brokers' take

Jardine Cycle & Carriage > Buy (initiate) DBS Equity Research, Jan 4 Jan 4 close: S$35.88 Target price: S$43.10

JARDINE Cycle & Carriage (JCC) offers unique exposure to South-east Asian economies and diversified industries. JCC has a strategic 50.1 per cent in Astra International, the largest independent automotive group in South-east Asia.

JCC also offers inexpensive entry into Astra with deep discount to net asset value. While we have a "hold" call on Astra currently given our views that positives have been priced in, we believe JCC's valuation remains attractive. The stock also offers a decent dividend yield of about 3 per cent.