Jardine Cycle & Carriage (JCNC SP; “Jardine C&C”) is a holding company of the Jardine Matheson Group that focuses on consumer-related investments in Southeast Asia.

Most of Jardine C&C’s NAV comes from separately listed auto manufacturer and distributor Astra International (ASII IJ). Astra is the local partner of several Japanese auto brands in Indonesia and is involved in the manufacturing and distribution of cars and motorcycles. Astra’s relationships with Toyota, Daihatsu and Isuzu have become entrenched, and the parties seem satisfied with the status quo.

Jardine C&C also owns strategic investments in several other Southeast Asian businesses, including 10% of Vinamilk (the largest dairy producer in Vietnam), Refrigeration Electrical Engineering (a Vietnamese engineering firm), Siam City Cement (a Thai cement producer) and THACO (a Vietnam auto manufacturer and distributor).

The long-term growth potential of the Indonesian auto market is compelling. The government under President Jo…