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M

Update

July 31, 2026 04:24 PM GMT

Jardine Matheson Holdings Limited | Asia Pacific

Morgan Stanley Asia Limited+

Dan Chee

Equity Analyst

Risk Reward Update

What’s Changed

Updated Components

EPS

Risks to Price Target / Rating

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

Risk Reward for Jardine Matheson Holdings Limited (JARD.SI) has

been updated

Reason for change

• We updated the definition of "underlying profit" based on the company's

latest adjustments to remove disposals and to remove the contribution from

Zhongsheng.

• As a result, we removed a previously projected US$63mn Zhongsheng

contribution in each of the years in FY26/27/28E.

Hong Kong/China Multi-Industry | Hong Kong

Stock Rating

Industry View

Price target

Shr price, close (Jul 31, 2026)

52-Week Range

Fiscal Year Ending

EPS (US$)**

Prior EPS (US$)**

Overweight

In-Line

US$80.00

US$66.41

US$82.50-54.53

12/25 12/26e 12/27e 12/28e

5.72

5.48

5.67

5.76

5.85

5.99

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

e = Morgan Stanley Research estimates

• This resulted in a 3% cut to our FY26e EPS while keeping other operating

assumptions unchanged.

• We increased our projected profit contribution from Jardine Pacific by ~25%

in FY27/28e, as the company expects its Engineering business to double

earnings by 2030. The net result for FY27/28e EPS changes is -2%/flat,

respectively

• No change in price target or bull/bear scenarios.

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