Jardine Matheson Holding (JM SP) Buy: It's all about execution now

研报英文原文证据摘录

Jardine Matheson Holding (JM SP) Buy: It's all about execution now

17 June 2026

Jardine Matheson Holding EquitiesIndustrial Conglomerates

(JM SP)

Buy: It's all about execution now Singapore

◆ JM targets to grow its portfolio with a target of >9% p.a. five- MAINTAIN BUY

year TSR return via acquisitions, buybacks, and DPS growth

TARGET PRICE (USD) PREVIOUS TARGET (USD)

◆ A new round of buybacks could support valuation; however,

93.70 93.70 execution to improve earnings quality matters more

◆ Maintain Buy with an unchanged TP of USD93.70 SHARE PRICE (USD) UPSIDE/DOWNSIDE

66.00 +42.0%

The new playbook. Jardine Matheson (JM) hosted an Investor Day to detail the (as of 15 Jun 2026)

group’s investment strategy and return targets to 2030. It is largely consistent with our MARKET DATA

previous expectation (Ready for a new starting point, 18 May 2026). Management Market cap (USDm) 19,456 Free float 67%

Market cap (USDm) 19,456 BBG JM SP

detailed plans for scaling and unveiling the potential for many of its businesses, 3m ADTV (USDm) 26 RIC JARD.SI

including its latest proposed acquisition of I-MED Radiology, which should provide

FINANCIALS AND RATIOS (USD)

investors with some comfort about the company’s future execution and improved return Year to 12/2025a 12/2026e 12/2027e 12/2028e

profile. JM will prioritize a small number of high-quality sizable acquisitions while HSBC EPS 5.72 5.63 5.99 6.21

HSBC EPS (prev) 5.72 5.63 5.99 6.21

continuing with buybacks and higher dividends to drive its TSR (Fig 5). However, we Change (%) 0.0 0.0 0.0 0.0

see risks in its portfolio company Astra International (ASII IJ, not rated) given Consensus EPS 5.54 5.59 6.15 6.60

PE (x) 11.5 11.7 11.0 10.6

uncertainties in Indonesia (Macro resilience, market strain, 11 June 2026).