Broker Name: DBS Group Research
Date of Report: 23 February 2026

Excerpt from DBS Group Research report.

Report Summary:

• DBS maintains a positive outlook on Jardine Cycle & Carriage (JC&C) and Astra International, recommending investors position ahead of strategic review outcomes expected by 1H26, which are likely to drive five-year total shareholder return (TSR) outperformance.
• JC&C is preferred over Astra due to its diversified regional exposure (especially Vietnam, via THACO and REE), lower sensitivity to Indonesia-specific market volatility, and potential for sustained share buybacks, asset recycling, and M&A-driven growth catalysts.
• Astra’s fundamentals remain strong, anchored by dominant two-wheeler market share and export upside, though MSCI Indonesia reforms and regulatory risks may cap near-term sentiment.
• Both JC&C and Astra are rated ‘BUY’, with JC&C offering a more efficient and resilient vehicle to capture TSR-driven upside and additional growth optionality from Vietnam.

Above is an excerpt from a report by DBS Group Research. Clients of DBS Group Research can be the first to access the full report from the DBS website: https://www.dbs.com.sg/