In today’s briefing:
- JCNC Is Even More Overstretched Vs. Astra
- Morning Views Asia: Lippo Karawaci, MGM China Holdings, Sino-Ocean Service
JCNC Is Even More Overstretched Vs. Astra
- 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.
Morning Views Asia: Lippo Karawaci, MGM China Holdings, Sino-Ocean Service
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.
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