Jardine Matheson

[behappyalways]

Jardine Matheson posts 6% higher 1H18 earnings of $1.1 bil on higher revenue
https://www.theedgesingapore.com/jardin ... er-revenue

[winston]

not vested

Jardine Matheson Holdings

Jardine Matheson Holdings (JMH) took the second place among the group of outperformers this year with a YTD return of 7.5 percent.

JMH is a diversified Asian-based group with a broad portfolio of market-leading businesses ranging from motor vehicles and related operations, property investment and development, food retailing, restaurants, hospitality as well as financial services.

The group holds 84 percent interest in Jardine Strategic, which in turn holds interests in Hongkong Land, Dairy Farm, Mandarin Oriental and Jardine Cycle and Carriage.

JMH had a good performance in 1H18 driven primarily by strong results from Astra and Jardine Cycle and Carriage, as revenue jumped 13.5 percent to US$21.3 billion.

Although net profit was 57.3 percent lower at US$928 million, this was largely due to the absence of significant non-trading gains from the fair value change of investment properties.

The group’s underlying profit for the first six months of 2018 actually rose 6 percent to US$792 million.

JMH declared an interim dividend of US$0.42 for 1H18, slightly higher y-o-y by 5 percent. Assuming the group maintained its final dividend payout of US$1.20, this would imply a dividend yield of around 2.5 percent based on JMH’s full year payout of US$1.62 and its last closing price of US$65.64 as at 7 December 2018.

Furthermore, current price offers a 4.1 percent discount to the group’s net asset value of US$68.48 as at 30 June 2018.

Source: Shares Investments

[behappyalways]

A US$41 billion flash crash in Singapore gives traders a fright
https://www.theedgesingapore.com/us41-b ... ers-fright


Jardine Matheson's shares collapsed 83% in 24 January
https://sbr.com.sg/stocks/news/jardine- ... 24-january

[behappyalways]

Jardine Strategic and Jardine Matheson report lower FY18 earnings of US$1.84 bil and US$1.73 bil
https://www.theedgesingapore.com/jardin ... -us173-bil

[winston]

not vested

Bloomberg reported that Jardine Matheson Holdings Ltd, a 187-year-old conglomerate with more than $42 billion in sales, has been among Singapore’s steadiest stocks for years.

Not so in 2019. Bad luck first struck in January, when a flash-crash triggered by haphazard sell orders erased more than three-quarters of its value. That was a momentary blip, but the firm also faces more enduring problems.

It now has the dubious distinction of owning two of this year’s biggest losers in a stock index where more than two-thirds of the shares are up.

The companies, Dairy Farm International Holdings Ltd and Jardine Cycle & Carriage Ltd, don’t have much in common besides their ownership--which would usually provide some protection against downswings, but not this year.

Normally if you’re a holding company, you go into very diverse businesses and expect one to
do well while another does worse. Diversification isn’t working.

Dairy Farm is the Straits Times Index’s biggest decliner this year, falling 15 percent. The Jardine-owned operator of convenience stores, drug stores and supermarkets in February reported 2018 profit dropped by 77% due to weakness in the food businesses and restructuring charges.

Dairy Farm has been having operational issues. Cycle & Carriage, which has its own far-flung portfolio of Southeast Asian business spanning car dealerships, palm oil processing and real estate, is down 6% since the start of January.

Profit fell by more than half last year and the company’s main auto market, Indonesia, may grow more slowly in 2019, it said in February.

Another Jardine-owned sprawler is Jardine Strategic Holdings Ltd also down this year about 3%. The firm owns stakes in Dairy Farm and Cycle & Carriage, along with shares of the parent, Jardine Matheson, which itself has dropped almost 11 percent.

The Jardine Matheson group was founded in 1832 in Canton as a tea and opium trader. It eventually became one of the “hongs,” or trading houses, that shaped Hong Kong’s development.

After moving its stock listing to Singapore in 1990, the group shifted focus toward Southeast
Asia, where it now runs Pizza Hut restaurants, hotels, and Mercedes-Benz dealerships.

Separately, Business Times headline today reported that 1 in 3 companies listed on SGX have reported losses for 1Q2019. We believe the on-going trade war between the US and the rest of the world is having a negative impact on Asia and Singapore as these nations have relied on exports to power their economies.

The worsening trade tensions between US and China may further negatively impact the upcoming 2Q to June’2019 performance. The weaknesses seen in the Jardine Group of companies are warning signs that investors should not take lightly. We advise a defensive positioning.

Source: Lim & Tan

[behappyalways]

Jardine Matheson and Jardine Strategic report higher earnings in 1H on one-off gain

Jardine Matheson Holdings and Jardine Strategic Holdings reported 152% and 75% higher earnings of US$2.3 billion ($3.2 billion) and US$1.7 billion respectively for the 1H ended June.

This was mainly due to the sale of the group’s interest in Jardine Lloyd Thompson which produced a net gain of US$874 million and US$1.5 billion for Jardine Matheson and Jardine Strategic respectively.

1H revenue came in 5% lower at US$20.2 billion, while revenue, including 100% of associates and joint ventures, was up 13% at US$50.3 billion.

The group says 1H profit was hit by a slow start to the year by Astra, while Hongkong Land and Dairy Farm both saw increases in profit.

Source: The Edge

https://www.theedgesingapore.com/capita ... h-one-gain

[winston]

not vested

BRIEF-Jardine Matheson Holdings Posts HY Profit Attributable Of $2,254 Mln

Aug 2 (Reuters) - Jardine Matheson Holdings Ltd :

* INTERIM DIVIDEND OF 44 US CENTS PER SHARE

* HY REVENUE $ 20,172 MILLION VERSUS $21,327 MILLION

* HY PROFIT ATTRIBUTABLE $2,254 MILLION VERSUS $895 MILLION

* IN SECOND HALF OF YEAR WE EXPECT TO BENEFIT FROM FURTHERGROWTH IN HONGKONG LAND AND DAIRY FARM

Source: Reuters

[winston]

not vested

Jardine Matheson has grown its DPS from US$0.75 in 2008 to US$1.70 in 2018.

In other words, its DPS has more than doubled (up 127%) in the last decade.

Moreover, DPS has grown every year during that period (with the exception of 2015 when the DPS remained unchanged as compared to 2014).

In the last decade, Jardine Matheson grew its revenue from US$22.4 billion in 2008 to US$42.5 billion in 2018.

Similarly, its underlying net profit grew from US$0.8 billion to US$1.7 billion during that period. The former was up by 90% while the latter grew 113%!

Source: Motley Fool

https://www.fool.sg/2019/08/16/this-lit ... 3594cd8316

[winston]

vested

Plugged into Asia

Jardine Matheson (JM) offers exposure to the growing economies in ASEAN and Greater China.

In our view, 2H19F outlook for JM could be challenging due to the uncertainty in Hong Kong (HK) and poor consumer sentiment in the Asian region.

We initiate coverage on JM with an Add rating and TP of US$64.86.

We estimate that 90% of JM’s operating NAV is derived from its stake in Jardine Strategic
(JS).

In JS itself, the three major NAV contributors are:-
a) Hongkong Land
b) Dairy Farm and
c) Jardine Cycle & Carriage

Source: CIMB

[winston]

vested

Buybacks

1. Sep 19, 2019; 183,900 @ US$55.43; US$10.2m
2. Sep 26, 2019; 99,800 @ US$53.03; US$5.3m; Subtotal: US$15.5m
3. Sep 30, 2019; 75,900 @ US$53.55; US$4.1m; Subtotal: US$19.6m
4. Oct 03, 2019; 133,500 @ US$53.42; US$7.1m; Subtotal: US$26.7m
5. Oct 08, 2019; 295,000 @ US$53.55; US$15.8m; Subtotal: US$42.4m
6. Oct 16, 2019; 255,000 @ US$54.08; US$13.8m; Subtotal: US$56.2m
7. Oct 17, 2019; 284,300 @ US$53.80; US$15.3m; Subtotal: US$71.5m
8. Oct 18, 2019; 510,990 @ US$54.25; US$27.7m; Subtotal: US$99.2m
9. Oct 21, 2018; 46,100 @ US$54.50; US$2.5m; Subtotal: US$101.7m
10. Oct 22, 2019; 100,000 @ US$56.36; US$5.6m; Subtotal: US$107.3m
11. Oct 25, 2019; 102,600 @ US$56.62; US$5.8m; Subtotal: US$113.1m
12. Oct 29, 2019; 407,300 @ US$58.35; US$23.9m; Subtotal: US$137m
13. Nov 4, 2019; 717,400 @ US$57.09; US$41m; Subtotal: US$178m
14. Nov 11, 2019; 48,100 @ US$57.39; US$2.7m; Subtotal: US$180.7m
15. Nov 12, 2019; 213,500 @ US$58; US$12.4m; Subtotal: US$193.1m
16. Nov 13, 2019; 100,000 @ US$57.47; US$5.7m; Subtotal: US$198.8m
17. Nov 20, 2019; 123,600 @ US$56.47; US$7m; Subtotal: US$207.8m
18. Nov 21, 2019; 178,000 @ US$56.37; US$10m; Subtotal: US$217.8m
19. Dec 23, 2019; 1.48m @ US$54.25; US$80.3m; Subtotal: US$298m