Jardine Cycle & Carriage's Special Dividend Seen as Pleasant Surprise

Dow Jones07-31 10:56

0256 GMT - Jardine Cycle & Carriage's special dividend was a pleasant surprise to DBS Group Research's Elizabelle Pang, who notes that it contributes to an attractive 2026 dividend yield of around 8.4%. The Singapore-listed investment holding company of conglomerate Jardine Matheson declared an unchanged interim dividend of 28 U.S. cents a share. It added a surprise special dividend of around 73 U.S. cents, including an in-specie distribution of its remaining Toyota shares from its partial stake sale this year. The special dividend reflects a sharper capital-allocation strategy after a strategic review, the analyst says. DBS maintains its buy rating and 35.50 Singapore dollar target price but could review these after an analyst briefing. Shares are up 4.9% at S$29.71.

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