Toyota Motor Corp.

$Jardine C&C(C07.SG)

Jardine C&C’s Strategic Reset: Buy, Hold or Sell?

Jardine Cycle & Carriage is selling its Singapore and Malaysia Cycle & Carriage operations to Chandra Asri for about S$265m, with a potential S$30m earn-out. The bigger story is portfolio discipline: management is exiting a mature, capital-intensive legacy business and concentrating on higher-growth Indonesia and Vietnam.

The deal looks financially attractive. The assets generated only US$16m of 1H26 profit, against an estimated US$221m disposal gain. Importantly, proceeds will be used to reduce corporate debt. Corporate net debt had already fallen from US$577m to US$286m by June 2026.

For shareholders, the transaction lifts pro-forma NTA 2.4% and reported EPS 20.8%, although underlying EPS falls 3.9% because the sold business is removed.

At around S$27.06, C07 trades near 8.4x earnings, with a ~5.2% dividend yield. Technically, it remains weak, sitting close to its 52-week low of S$26.01, while the consensus target is only S$28.25.

Verdict: HOLD. The strategic reset is positive, but much is already reflected. The ~US¢73 special dividend is linked to the Toyota divestment, not the Cycle & Carriage sale.

Not financial advice.

📢 𝐉𝐔𝐒𝐓 𝐈𝐍: Nvidia Says Expands Partnership With Toyota to Advance Physical AI Across Automotive, Robotics and Cities - $NVIDIA(NVDA.US) $Toyota Motor(TM.US)

Just a quick summary on $Churchill Capital XI(CCXI.US) (Agility):

$Churchill Capital XI(CCXI.US) (Agility) have a huge lead in humanoid safety thanks to $NVIDIA(NVDA.US):

📢 𝐉𝐔𝐒𝐓 𝐈𝐍: $Joby Aviation(JOBY.US) Joby Aviation and Toyota Launch Strategic Manufacturing Joint Venture

📢 𝐉𝐔𝐒𝐓 𝐈𝐍: $NVIDIA(NVDA.US) NVIDIA Launches Halos for Robotics Safety Platform; Agility First Adopter

Weekly Review: Tariffs and Crypto

This week, the market was originally in an adjustment phase, but a major news event broke over the weekend—the U.S. Supreme Court ruled 6:3 that the Trump administration's large-scale imposition of reciprocal tariffs under emergency economic powers lacked authorization and must be approved by Congress. This ruling weakens the existing tariff framework, with market estimates suggesting the effective tariff rate could drop from around 13% to about 6%.

Following the announcement, the stock market quickly rallied and closed higher after some volatility. However, it didn't surge all the way up because the market's concern isn't just the rejection of old tariffs, but whether a more aggressive alternative will be introduced. Uncertainty remains, so capital is naturally cautious.

In terms of sectors, companies highly reliant on global supply chains benefit the most. Retail giants like Walmart and Amazon see relief from import cost pressures, with profit improvements expected. The technology and hardware sectors also benefit, especially companies with complex supply chains and high tariff sensitivity, such as Apple and chipmakers. European and Japanese automakers, like Toyota, also benefit from lower cost expectations.

Industries previously protected by tariffs, such as steel and aluminum, face relative pressure and need to be wary of cheap imports returning. The financial sector is concerned that potential tariff refunds could widen the fiscal deficit and push up U.S. Treasury yields, causing turbulence for bank stocks.

In the short term, tech heavyweights remain the core directional force. Some leading stocks haven't stabilized above their 20-day moving average, and the overall index is still in a technical pressure zone. Two key variables in the latter half of the week are worth watching:

First is NVIDIA's earnings report, which directly impacts AI and chip sentiment;

Second is Trump's State of the Union address to Congress, which may touch on tariff alternatives, national security provisions, and tax refund stances, all of which could intensify sector divergence.

Roughly three scenarios are possible going forward:

If the speech is moderate and earnings are strong, the index may see a short-term surge;

If the policy stance is hawkish but not yet implemented, a period of consolidation is likely;

If a hawkish policy stance coincides with disappointing earnings, another decline is possible.

Overall, until the alternative policy is clarified, the sustainability of the rally is questionable. There's a short-term rebound, but the medium-term outlook leans towards consolidation, with the trend still awaiting confirmation.

On the crypto front, White House negotiations regarding stablecoin yields are still progressing. While no final agreement has been reached, constructive progress has been made. If a draft is formed by the end of February and legislation is advanced before April, it would constitute a phased positive. However, before it actually enters Senate voting, Bitcoin is likely to remain range-bound.

Currently, there's significant institutional cost pressure in the $75,000 to $80,000 range, and selling pressure from unwinding positions may emerge when approaching it. Short-term trading will likely focus on range-bound games, with exchange-related stocks potentially showing more elasticity than the coin price itself.

Summary: The market's main themes still revolve around the path for tariff alternatives and stablecoin legislative progress.

This is a stage of variable games, not a trend confirmation stage. Rhythm is more important than direction. 📊

$Circle(CRCL.US)

$Coinbase(COIN.US)

$Robinhood(HOOD.US)

$XPENG-W(09868.HK)$LI AUTO-W(02015.HK)$NIO-SW(09866.HK)

There weren't many exports to the other side to begin with, but the bigger fear is that other markets might follow suit.

The Biden administration is concerned about Chinese companies collecting data, posing national security risks.

The proposed ban includes critical communication and autonomous driving system software or hardware.

There is a 30-day public comment period before the rules are finalized.

Reuters Washington, September 21 - Two sources told Reuters that, citing national security concerns, the U.S. Department of Commerce is expected to propose a ban on the use of Chinese software and hardware in connected and autonomous vehicles on U.S. roads as early as Monday.

The Biden administration has expressed serious concerns about Chinese companies collecting data on American drivers and infrastructure, as well as the potential for foreign manipulation of vehicles connected to the internet and navigation systems.

The two sources said the proposed regulations would prohibit the import and sale of vehicles equipped with critical communication or autonomous driving system software or hardware from China. Since the decision has not been publicly disclosed, the sources requested anonymity.

This move marks a significant escalation in U.S. restrictions on Chinese automobiles, software, and components. Last week, the Biden administration finalized a substantial increase in tariffs on Chinese imports, including a 100% tariff on electric vehicles and new tariffs on EV batteries and critical minerals.

In February, President Biden ordered an investigation into whether imported Chinese vehicles pose national security risks to connected vehicle technology and whether the use of such software and hardware should be banned in all vehicles on U.S. roads.

In November last year, bipartisan U.S. lawmakers raised concerns about Chinese companies collecting and processing sensitive data during autonomous vehicle testing in the U.S.

The sources said the bans would be expanded to include other foreign adversaries of the U.S., such as Russia.

An industry group representing major automakers like General Motors (GM.N), Toyota (7203.T), Volkswagen (VOWG_p.DE), and Hyundai (005380.KS) warned that changing hardware and software would take time.

These automakers noted that their systems "undergo extensive pre-production engineering, testing, and validation processes and generally cannot be easily swapped with systems or components from other suppliers."

The Department of Commerce declined to comment on Saturday.