Jardine C&C

Jardine C&C: in-line to disappoint. 3Q14 profits down 4.0% y/y to US$213.2m on revenue decline of 0.7% y/y to US$4.6b, impacted by weaker rupiah. Astra reported 1% y/y increase in net profit in its reporting currency IDR but 3% y/y decrease in USD terms. Astra’s results improved across agribusiness (+166% y/y to US$17.3m), contract mining operations (+28% y/y to US$38.7m) and financial services division (+4% y/y to US$56.4m), but were more than offset by lower earnings from its largest automotive segment (-25%y/y to US$79.4m). Other motor interests contributed US$22.4m (+41% y/y), mainly from improved performance in Vietnam (+186% y/y to IS$12.3m), partially offset by slower sales in Singapore (-5% y/y to US$8.1m), Malaysia (-14% y/y to US$0.6m) and Indonesia (Tunas Ridean, -33% y/y to US$1.6m). Stock trades at 16.6x annualized 3Q14 P/E and 3.1x P/BV