Jardine C&C: Goldman says 1Q11 results slightly above expectations, with net profit at US$251m (+41% yoy) making up 26% of its full yr estimate. Notes Astra-related profits were above expectations, but non-Astra profits disappointed. Group revenue increased 31% yoy to US$4.7b.
Stays Neutral on stock, keeps US$37 TP. Sees limited share price downside from current levels. Prefers JCC over Astra (which contributes 97% of JCC’s sum-of-parts value) given relatively more attractive valuations...
says market outlook remains positive. Notes that while there are concerns currently over supply disruptions to Astra’s automotive and heavy equipment businesses due to the after effects of the earthquake in Japan, believes conditions will normalise later in the year.
Stock trades at 10.8x P/E, 3.3x P/B.
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