0230 GMT - Jardine Cycle & Carriage's sharply reduced net debt likely addresses a longstanding overhang linked to previous minority investments, says DBS Group Research's Elizabelle Pang in a note. The Singapore-listed conglomerate cut its debt to around US$200 million as of end-1Q from US$577 million through asset sales. The reduction in net debt is likely to position the company's balance sheet for capital recycling and mergers and acquisitions, she says. It could also consider raising shareholder returns, she adds. Jardine Cycle & Carriage potentially lifting its stake in subsidiary Astra International through buybacks could also boost the former's valuations, she says. DBS retains its buy rating and S$39.00 target price on the conglomerate. Shares rise 1.1% to S$32.95. (megan.cheah@wsj.com)
(END) Dow Jones Newswires
May 03, 2026 22:30 ET (02:30 GMT)
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