• Since the end of 1Q24, Jardine C&C has gained 10%. The stock declined 20% from S$29.76 at the end of 2023, to S$23.85 on 12 March, before recovering 11% to S$26.50 on 19 April. Jardine C&C also maintains a Refinitiv Consensus Estimates Target Price of S$27.08, an ROE of 16% and P/E of 6x.
   
• With Brent Crude VWAP at US$89.30 a barrel for April (through to 19 April) vs US$82.50 a barrel for 1Q24, Dyna-Mac, Beng Kuang Marine, Marco Polo Marine and Mermaid Maritime, have also ranked among the 10 most traded Singapore-listed stocks by turnover with double digit percentage returns since the end of 1Q24.
   
• Like Jardine C&C, the past three weeks has seen Silverlake Axis partially reverse share price declines in 1Q24. In addition, Silverlake Axis has seen S$1 million of net institutional inflow since April 11, reversing net outflow in 1Q24, while also seeing average daily turnover in the stock surge 8-fold for the past 6 sessions.
   

For the month of April (through to 19 April, the STI generated a 1.5% decline, with dividends reducing the decline in total return to 1.2%. For the period, over 200 Singapore-listed stocks booked gains, of which close to 80 booked double digit percentage gains. For these approximate 80 stocks that lodged total returns of 10% or more over the first 14 trading sessions of the month, the 10 most traded stocks by YTD trading turnover, are tabled below:  

Note: ADT refers to average daily turnover; NIF refers to net institutional flows; TR refers to total returns.
^ denotes on SGX Watchlist.
Source: SGX, Refinitiv (Data as of 19 April 2024)

Jardine Cycle & Carriage (JC&C) serves as the investment arm of the Jardine Matheson Group in Southeast Asia, holding significant stakes in a diverse range of businesses. These include a majority interest in Astra, an Indonesian conglomerate; a notable share in Vietnam's THACO and REE, with interests spanning from automotive to renewable energy; a quarter stake in Siam City Cement with operations across Southeast Asia; and a strategic investment in Vinamilk, Vietnam's top dairy company. Additionally, the company has substantial direct motor interests, owning a vast network of dealerships in Singapore, Malaysia, Myanmar, and Indonesia.

JC&C declined as much as 20% from S$29.76 at the end of 2023, to S$23.85 on 12 March, before recovering 11% to S$26.50 on 19 April. For the 2024 year through to 12 March, the stock booked S$79.5 million in net institutional outflow, and has since booked S$37.9 million in net institutional inflow.  JC&C currently maintains a consensus estimates target price of S$27.08 according to Refinitiv and Bloomberg. Citi initiated coverage on the stock on 7 April with a target price of S$29.00, largely due to the company's strategic investments in ASEAN, especially in the growing market of Vietnam. For its FY23 (ended 31 Dec), JC&C underlying profit grew 6% to S$1.16 billion, with the stock maintaining an ROE of 16% and P/E ratio of 6x. The P/B ratio of JC&C is 13% below the 5 year P/B average, with the stock generating an 11% decline in total return over the five years.

Aligned with the strategic economic pillars of the ASEAN region, the JC&C MD Ben Birks has maintained that:

• Astra through its subsidiary United Tractors, is actively diversifying its portfolio by investing in non-coal minerals and renewable energy sources. In 2023, United Tractors invested about US$1 billion in the nickel industry and completed the acquisition of a geothermal power generation company, reflecting a strategic shift towards long-term growth in renewable energy.
• Similarly, in Vietnam, REE Corporation is capitalising on the country's push towards renewables. With a significant portion of its net income derived from renewable energy, REE is expanding its hydro, wind, and solar capacities, aligning with Vietnam's infrastructure development and energy transition goals.

In addition, Siam City Cement, which can be traded on SGX SDR [TSCD] maintain its Cement and Green Solutions has elevated the ASEAN construction industry by promoting construction innovations and green technologies, responding to the surge in green construction practices and customer demand.

Further Resources and Research

Recent Financial Results/Business Updates

• Jardine C&C: Jardine C&C FY2023 Annual Report
• Dyna-Mac: Dyna-Mac FY2023 Annual Report
• Best World: Best World FY2023 Annual Report
• Beng Kuang: Beng Kuang Marine FY2023 Annual Report
• MarcoPolo Marine: MarcoPolo Marine FY2023 Annual Report

Related Analyst Reports

• Dyna-Mac: OCBC - Dyna-Mac Holdings Update : Order wins galore | Lim & Tan Securities - Dyna-Mac Initiation : The best is yet to be
• Bumitama Agri: OCBC - Bumitama Agri Update : Sweltering heat, blistering gains | DBS - Bumitama Agri Update : Strong productivity to drive firm profitability outlook
• Silverlake Axis: CGS-CIMB - Silverlake Axis Ltd Update : Keeping the order win momentum going | DBS - Silverlake Axis Update : Order win momentum remains healthy

Company interviews

• Beng Kuang: Beng Kuang Marine Charts Transformation Journey
• MarcoPolo Marine: 10 in 10 with Marco Polo Marine - Voyage into a sustainable future

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