Jardine Matheson

Jardine Matheson: CLSA notes that near term concerns around Astra’s competitiveness remain, but Friday’s news of Jokowi’s nomination is likely to spur excitement around greater investment in infrastructure as well as policies favourable to the Indonesian Rupiah – a big positive for Jardines. However, House is still negative on Astra on continued macro concerns as commodity prices remain soft and competition levels remain high for the automobile segment. CLSA maintains BUY rating on Jardine Strategic (TP US$32.75) and Jardine Matheson (TP US$59.01).