Jardine C&C

Jardine C&C: Goldman says 1Q12 results above expectations. Revenue at $5.54b was +19% yoy, +6% qoq. Net profit was US$266m, +6% yoy, +9% qoq. Goldman notes Astra’s performance was the key driver for JCC’s beat, as the co’s auto distribution margins and auto mnftg profits surprised on the upside. Recall, Astra acconts for ~95% of JCNC’s net profit. But notes Astra’s 2H12 auto sales guidance was more bearish than before. Adds Spore/ Vietna autos outlook also remain difficult given there appears no turnaround in sight. The house maintains Neutral with unchg TP of $48.50.