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21-04-2022, 03:30 PM
At JC&C holding level, it has way more cash flow for servicing the loan interest. Cashflow is mainly use for 1) interest payment, 2) dividend payment & 3) investment( usually adding on to current investees). #2 & #3 are adjustable, and JC&C has been adjusting over the years. Next while JCC holding level cashflow(dividend received) is not sustainable at certain level, it is in my view sustainable because the underlying investees are all quality businesses. Ie cash will keep flowing in. So, while there is some restriction in the allocation of capital, their hands are not tied. Forget about JC&C being forced to do a right.
As Jardine SE Asia investing arm, JC&C main job is to buy a sizable interest in promising companies. Eg, their current holdings (1 Thai, 2 Indo and 3 Vie) so in my view, JC&C need to raise capital because it does not have extra capital for sizeable investment. It is a question of not if but when, and this question will be partly answered by JMH(JMH must be capital ready) since it owns 75% of JC&C. The other part is unknown, what are JC&C targets.
As for the debt being refinanced, you can actually see it in the company level B/S and notes.
As Jardine SE Asia investing arm, JC&C main job is to buy a sizable interest in promising companies. Eg, their current holdings (1 Thai, 2 Indo and 3 Vie) so in my view, JC&C need to raise capital because it does not have extra capital for sizeable investment. It is a question of not if but when, and this question will be partly answered by JMH(JMH must be capital ready) since it owns 75% of JC&C. The other part is unknown, what are JC&C targets.
As for the debt being refinanced, you can actually see it in the company level B/S and notes.