In today’s briefing:
- JCNC Is Still Overstretched Vs. Astra
JCNC Is Still Overstretched Vs. Astra
- Jardine Cycle & Carriage (JCNC SP) is currently trading at a ~12% discount to NAV, just outside its narrowest post-Covid.
- A key catalyst for the recent narrowing was JCNC’s inclusion in the SIMSCI Index at the end of last month.
- JCNC is expensive here – relative to historical values – and from an implied stub perspective.
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