Daily Brief Indonesia: Astra International, Sino-Ocean Group and more

• Jardine Cycle & Carriage (JCNC SP)‘s is currently trading tight at a ~6% discount to NAV.
• The implied stub and JCNC/Astra International (ASII IJ) ratio are the highest outside the 2008 financial crisis.
• Key catalysts for JCNC’s outperformance, such as the SIMSCI Index inclusion, have passed.  JCNC is trading rich. Look to reverse the stub.

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

• Lippo Karawaci
• MGM China Holdings
• Sino-Ocean Service