Jardine Matheson

[winston]

Not vested

Valuations and risks:

JM/JS are trading near their respective historicalaverages, but they still represent cheaper alternatives to directly investing in their relatively more expensive subsidiaries.

After MTM its listed subsidiaries since our last update (May 2011), NAV for JM/JS has risen by 5%/6% to $74.9/$53.9 (from $71.6/$50.8).

Based on historical average discounts of 20%/39% for JM/JS and rolling over to Dec-11, our PTs for JM/JS have accordingly been raised by 5%/6% to $60/$33.

A key upside risk is unexpected group restructuring. Key downside risks are unfavourable currency movements and liquidity tightening in Asia.

Source: JPM

[winston]

not vested

Neutral rating.

We make no change to our appraised valuation of USD86 per share.

Our target price of USD60 is based on an unchanged 30% discount to our appraised valuation.

Our revised target plus 2011e DPS implies a 23% potential return.

Source: HSBC

[winston]

not vested

Up 10% on no news ?

Looks like someone really wants the STI to go up ...

[winston]

not vested

Valuation: more attractive than its listed units

Valuations for JM/JS at 12x 12F EPS and 36%/51% NAV discounts are more compelling than their listed units – DFI (26x 12F P/E), HKL (38%
NAV discount) and Astra (14x 12F P/E).

We have a slight preference for JM to JS owing to the former’s better stock liquidity and higher dividend yield.

Our TPs for JM/JS of $65/$39 are based on the historical average discounts of 20%/39% to NAV of $82/$64.


Source: Nomura

[winston]

not vested

Half-Yearly Results for the Six Months ended 30th June 2012

Highlights

Underlying earnings flat overall
Interim dividend up 6%
Good results from Astra, Dairy Farm and Jardine Lloyd Thompson
Hongkong Land’s commercial property returns up, but residential earnings lower
Difficult trading for Jardine Motors in mainland China

“The Group’s businesses are facing uncertain and difficult markets. Given these challenging circumstances, the first-half results were satisfactory and we expect to maintain our performance over the full year.”

Rev +10%
EPS -2%
NAV US$46.22

http://info.sgx.com/webcoranncatth.nsf/ ... penelement

[winston]

not vested

Initiate with OW, PT$67:

Of the two major group holding companies, we prefer JM to JS for its higher dividend.

Due to its direct earnings streams, we see less distortion to value from cross holdings; thus, we are more comfortable applying an earnings-driven valuation methodology.

We initiate on JM with an OW rating, arriving at our $67 Jun-13 PT by using a 13x target P/E (average pre GFC).

Key risks include JM’s large exposure to Indonesia (c40% of profits) and if its growth engine falters.

Source: JPM

[winston]

vested

2012 FINAL RESULTS ANNOUNCEMENT DATE

Please be advised that the meeting date at which the final results and dividend for the year ended 31st December 2012 of the above Company will be considered is Friday, 8th March 2013.

[winston]

Time: 8:58AM
Exchange: SGX
Stock: JMH 400US$(J36)
Signal: Bullish MACD Crossover
Last Done: $64.79


Source: UOBKH

[winston]

vested

Time: 8:58AM
Exchange: SGX
Stock: JMH 400US$(J36)
Signal: Bearish MACD Crossover
Last Done: $63.2

Source: UOBKH

[winston]

not vested

Time: 1:42PM
Exchange: SGX
Stock: JMH 400US$(J36)
Signal: Resistance - Breakout with High Volume
Last Done: $67.28

Source: UOBKH