Jardine Matheson (JARD.SI): NDR takeaways: Strategic review/execution of Astra & other small biz underway to drive NAV/val upside; Buy (CL)

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Jardine Matheson (JARD.SI): NDR takeaways: Strategic review/execution of Astra & other small biz underway to drive NAV/val upside; Buy (CL)

Equity Research

18 June 2026 | 9:35AM HKT

Jardine Matheson (JARD.SI): NDR takeaways: Strategic review/execution

of Astra & other small bizs underway to drive NAV/val upside; Buy (CL)

Following its inaugural investor day on Jun 16th (see our takeaways here), we hosted Simon Cheung, CFA

+852-2978-6102 |

JM CEO/CFO for investor meetings earlier today. With management confirming both simon.cheung@gs.com

Goldman Sachs (Asia) L.L.C.

HKLand’s and DFI’s performance are on track post their own strategic reviews, an

Alpha Wang

increasing number of investor questions focused on Astra amid macro uncertainties +852-2978-1984 | alpha.wang@gs.com

in Indonesia. While a turnaround could take time amid the new leadership transition, Goldman Sachs (Asia) L.L.C.

Zhaoheng ChenJM will continue to work closely with local management teams to come up with new +852-2978-0901 |

sustainable strategic direction governed by a similar TSR framework as the rest of the zhaoheng.chen@gs.comGoldman Sachs (Asia) L.L.C.

group. More concrete plans will be announced at Astra’s own Investor Day scheduled Leah Pan

in Oct. The group also sees potential upside from some of its smaller divisions such +852-2978-6972 | leah.pan@gs.com Goldman Sachs (Asia) L.L.C.

as Jardine Engineering & Infrastructure, where synergies could be realized through

better management coordination and regional expansion initiatives.

Overall, we still believe market expectations for Astra, newly acquired I-MED and its

smaller divisions are relatively modest. Management reminded that 9% TSR is more

of a threshold rather than a target for the group, as each subsidiary also has its own