Broker: CGS International
Date of Report: August 20, 2025
Jardine Cycle & Carriage Leads Singapore Market Bullish Momentum: Key Investment Insights for August 2025
Market Recap: Global Shifts and Local Opportunities
The latest trends in global manufacturing and regional economic reforms are setting the stage for significant shifts in investor sentiment. Notably, Apple Inc. has intensified its strategic pivot to India, producing all four iPhone 17 models in five factories, including new facilities operated by Tata Group and Foxconn. This move marks the first time “pro-level” iPhones will ship from India at launch, a direct response to trade tariffs and supply chain diversification away from China. Tata Group’s plants are projected to contribute up to half of India’s iPhone output in the next two years. In just four months since April, India exported \$7.5 billion worth of iPhones, up sharply from \$17 billion for the entire previous fiscal year.
Macroeconomic Updates: Malaysia’s Electricity Tariff Reform
Malaysia’s new AFA electricity tariff, with its forward-looking calculations, replaces the previous ICPT system. Most users should see cost reductions, although some might face higher bills. The anticipated impact on consumer inflation is muted, but fiscal concerns persist due to elevated subsidy costs.
Jardine Cycle & Carriage Ltd: Technical Buy Signals and Bullish Continuation
Jardine Cycle & Carriage Ltd (JCNC) stands out in the Singapore market with a robust bullish trend. The technical analysis signals a continued upward momentum, supported by strong volume and multiple bullish indicators.
| Metric |
Value / Level |
| Last Price |
\$27.92 |
| Entry Price(s) |
\$27.92, \$26.30 |
| Support 1 |
\$26.19 |
| Support 2 |
\$25.03 |
| Stop Loss |
\$24.68 |
| Resistance 1 |
\$28.27 |
| Resistance 2 |
\$32.41 |
| Target Price 1 |
\$30.18 |
| Target Price 2 |
\$32.62 |
| Target Price 3 |
\$38.45 |
| Target Price 4 |
\$45.30 |
Company Overview
- Jardine Cycle & Carriage Ltd operates as an investment holding company with diverse interests across automotive, consumer finance, utilities, infrastructure, heavy equipment and mining, property, agribusiness, cement, and consumer products.
- The company serves customers throughout Southeast Asia, strategically leveraging regional growth and sectoral diversity.
Technical Analysis Highlights
- JCNC reached the second target price of \$27.31, generating a gain of over 9% from the previous report.
- Price action continues to confirm a bullish outlook, prompting an additional technical buy recommendation.
- The stock has formed a series of higher highs and lows within its uptrend channel, having broken above the intermediate downtrend line.
- Ichimoku indicators signal a healthy bullish trend, with price closing above all indicators and all trending upward.
- MACD lines remain above the zero line with a positive histogram, confirming momentum.
- The 23-period Rate of Change (ROC) is positive and rising.
- Directional Movement Index demonstrates steady bullish strength.
- Trading volume is expanding in support of the upward move.
Analyst Coverage
Investment Ratings and Framework
| Stock Rating |
Definition |
| Add |
Expected total return > 10% over the next 12 months |
| Hold |
Expected total return between 0% and +10% over the next 12 months |
| Reduce |
Expected total return below 0% over the next 12 months |
The total expected return of a stock combines the percentage difference between the target price and the current price, plus the forward net dividend yield. Sector and country ratings follow similar conventions: “Overweight” signals a positive recommendation, “Neutral” denotes a market-weighted stance, and “Underweight” implies a negative view.
| Rating |
Distribution (%) |
Investment Banking Clients (%) |
| Add |
70.6% |
1.1% |
| Hold |
20.5% |
0.5% |
| Reduce |
8.9% |
0.5% |
Total companies under coverage for the quarter ended June 30, 2025: 561
Jurisdictional Coverage and Compliance Notes
CGS International delivers research tailored for key financial jurisdictions, with compliance to local regulations and distribution restrictions. Entities are regulated by respective authorities in Hong Kong, Indonesia, Malaysia, Singapore, South Korea, Thailand, and the UK. The report is intended for professional, institutional, or sophisticated investors, and is not a public offering in any jurisdiction.
Conclusion: Investment Outlook for Jardine Cycle & Carriage Ltd
JCNC’s ongoing bullish trajectory, backed by technical confirmation and expanding volume, positions it as a top pick for investors seeking exposure to Southeast Asia’s diversified growth engines. The company’s performance and sectoral breadth offer resilience and upside potential, while global macroeconomic trends, such as Apple’s India pivot and regional tariff reforms, continue to shape investment flows in 2025.
Investors should conduct independent evaluations and consult professional advisers to align this opportunity with their specific financial goals and risk tolerances.
