Jardine Matheson Holdings Limited: Unlocking Value from a Diversified Asian Portfolio

Research evidence excerpt

Jardine Matheson Holdings Limited: Unlocking Value from a Diversified Asian Portfolio

Foundation

May 14, 2026 09:30 PM GMT

Morgan Stanley Asia Limited+MJardine Matheson Holdings Limited | Asia Pacific Dan Chee

Equity Analyst

Unlocking Value from a Dan.Chee@morganstanley.comPraveen K Choudhary +852 2239-1227

Praveen.Choudhary@morganstanley.com +852 2848-5068

Diversified Asian Portfolio Anson Lee, CFA

Research Associate

Anson.Lee@morganstanley.com +852 2239-7435

We initiate coverage of JMH with an Overweight rating and PT of

Morgan Stanley Asia (Singapore) Pte.+

US$90. A new CEO, Hongkong Land’s successful transformation Divya Gangahar Kothiyal

template, and potential asset recycling could drive a further re- EquityDivya.Gangahar@morganstanley.comAnalyst +65 6834-6438

rating. Stub value at negative US$6/share remains compelling. Mayank Maheshwari

Mayank.Maheshwari@morganstanley.com +65 6834-6719

Key Takeaways

Morgan Stanley Asia Limited+

The market is assigning negative value to Jardine’s private businesses, implying a Shelley Wang, CFA

stub value of -US$6/share. Equity Analyst

Shelley.Wang@morganstanley.com +852 3963-0047

Key catalysts include the June investor day, TSR targets, dividend growth, and

potential corporate actions. Jardine Matheson Holdings Limited (JARD.SI, JM SP)

Hong Kong/China Multi-Industry | Hong Kong

Valuation remains attractive at a 26% discount to NAV and 0.7x P/B, despite

Stock Rating Overweight

improving operations. Industry View In-Line

Price target US$90.0

HK Land, DFI Retail, and Mandarin Oriental are already showing visible Up/downside to price target (%) 25

operational improvement and earnings recovery. Shr price, close (May 14, 2026) US$72.2

Mkt cap, curr (mn) US$21,171

Avg daily trading value (mn) US$21