Jardine Cycle stock: DBS cuts target from SGD 35.50 to SGD 25.00

Published on 10/22/2026 at 19:01 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Underlying profit fell 11.00 percent to USD 473.00 million in first-half 2026. Jardine Cycle stock closed in Singapore at SGD 23.20 on October 20, 2026.

Analyst view and first-half results

DBS cut the target from SGD 35.50 to SGD 25.00 in reports dated October 19 and October 20, 2026.
Underlying profit fell 11.00 percent to USD 473.00 million in the first half of 2026.
Jardine Cycle stock closed at SGD 23.20 in Singapore on October 20, 2026.
Fiscal year 2026 results are scheduled for February 26, 2027.

Jardine Cycle, SG1B51001017, Illustration mit AI erstellt.

DBS Group Research cut its target for Jardine Cycle stock from SGD 35.50 to SGD 25.00 in reports dated October 19 and October 20, 2026, while downgrading the shares from Buy to Hold, Business Times reported. The Singapore quote closed at SGD 23.20 on October 20, 2026.

DBS lowers its valuation view

DBS said the company had already priced in much of the near-term value from its portfolio changes. The brokerage also lowered its underlying earnings forecasts for fiscal years 2026 and 2027 by 5.00 percent and 10.00 percent, respectively, Business Times reported on October 21, 2026. The report said the company traded at a 20.00 percent premium to pro forma net asset value.

First-half profit fell 11.00 percent

Jardine Cycle reported underlying profit of USD 473.00 million for the first half of 2026, down 11.00 percent from the same period a year earlier. Underlying earnings per share were USD 1.20, also down 11.00 percent, according to the Yahoo Finance transcript published July 30, 2026.

Indonesia contributed USD 487.00 million to underlying profit, down 8.00 percent year over year, while Vietnam contributed USD 43.00 million, up 21.00 percent. Regional interests contributed USD 16.00 million, down 24.00 percent, with Cycle and Carriage contributing USD 12.00 million after a 20.00 percent decline, according to Yahoo Finance.

Price position and valuation

The Singapore stock closed at SGD 23.20 on October 20, 2026, with a 52-week range of SGD 22.75 to SGD 36.30. The share price was down 31.44 percent in 2026, while market capitalization stood at SGD 7.3 billion on the same quote page.

MarketScreener also identified a 52-week low of SGD 22.75 and a 52-week high of SGD 36.30. The range places the October 20 close 1.98 percent above the low and 36.09 percent below the high.

Next results date

The next scheduled reporting date is February 26, 2027, when Jardine Cycle is expected to publish fiscal year 2026 results, according to Barron's. That date gives investors a defined checkpoint for the earnings outlook after the first-half decline.

What the target cut changes

The revised DBS target of SGD 25.00 is SGD 1.80 above the October 20 closing price, a gap of 7.76 percent. The combination of lower earnings forecasts and the 11.00 percent first-half profit decline leaves the next results release as the clearest test of the revised valuation view.

Singapore quote and outlook

Jardine Cycle stock closed at SGD 23.20 in Singapore on October 20, 2026, inside its SGD 22.75 to SGD 36.30 52-week range. Fiscal year 2026 results are scheduled for February 26, 2027.