Jardine C&C

Jardine C&C: 3Q12 results. Revenue at US$5.3b, -2% yoy. Net profit at US$323m, +12% yoy, which reflects strong performance at its 50.1% owned Astra Int’l. For 9M12, results seem above Street expectations. Revenue at US$16.5b, +11% yoy, making up 79% of FY12e Bloomberg consensus estimates. Net profit at US$834m, +8% yoy, making up 79% of consensus. Mgt notes the group’s good results for 9M12 has been driven primarily by Astra’s strong car sales. But notes slowing demand in Astra’s heavy eqpt business reflects weakening coal prices, while a recent fall in CPO prices is also affecting profitability. Outside Indonesia, says the group’s other motor interests, particularly in Vietnam, continue to face difficult trading conditions. Overall, expects JCNC to produce a satisfactory result for the full year. The stock trades at 12.6x annualized 9M12 P/E, 3.16x P/B.