Jardine C&C

Jardine C&C: 3Q13 Net profit fell 31%y/y to US$222m while revenue fell 13% to US$4.6b. For 9M13, net profit slumped 19% to US$675m while revenue decreased 9% to $15b on lower Astra earnings, and the impact of an 8% decline in the rupiah, partially offset by a lower withholding tax charge on dividends from Astra. Astra’s motor car market shrank to 53% from 55% but strengthened its position in the motorcycle market from 58% to 60%. Improved contributions from its financial services, mining contracting and motorcycle activities were more than offset by lower contributions from its heavy equipment, palm oil and car businesses. Annualized 9M13 P/E stood at 11.2x, while P/B was 2.5x