Jardine C&C

Jardine C&C - Recent rise gels well with recent data which showed that Indonesia’s rupiah rose the most in six weeks (Following its recent sell-down), and the stock index had its biggest rally since September after an ore export ban was diluted. Bonds also surged on speculation the Federal Reserve will slow the pace of its stimulus reduction. Note that Jardine C&C has a significant exposure to the Rupiah/Indonesian market, with ~94% of its revenue from Indonesia according to Bloomberg, via its stakes in Astra International, as such a stronger rupiah could lead to higher FX translation gains.