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Jardine Cycle & Carriage: Higher TP/earnings post 4QFY09 results; mean reversion upside

Post recent strong 4Q09 results, we have raised our 2010E-12E EPS by 4%-10%. This is primarily driven by better-than-expected Astra earnings performance, which led us to raise our Astra 2010-12E earnings by 2%-5% largely on higher auto/heavy equipment sales. We have also raised our Jardine Cycle & Carriage’s non-Astra earnings estimates, mainly Singapore and Vietnam ...

 

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