Jardine Matheson Holdings Limited

[gzbkel]

Henry Keswick, taipan who took Jardine Matheson back to China, 1938-2024
https://www.ft.com/content/78a26c3d-c991...f4010dbe75

[Shrivathsa]

Looking at JMH over the year, the bottom seems to have been Sep 5, had one huge run up after that from SKGD 35 to SKGD 40, due to the China stimulus measures probably,      .

The stimulus disappointment saw a retracement all the way back to SGD 36.6 on Oct 29
   

The run up after that seems to be due to Hong Kong Land announcement that it may inject its assets into a REIT.
   

The latest run up on Friday is likely due to Mandarin Oriental spiking up on Friday
    which is due to debt deleveraging from USD 225 million to USD 26 million 

In short, the factors for JMH seem to be 

a) China recovery
b) Value Unlock from HKL property investment  and
c) Debt reduction
 
It is always interesting to see what actually moves share prices up as sometimes price action reveals a lot more than analyst reports.

[weijian]

Hi Shrivathsa,

I don't really comment on share price movements but I think you may have some mis-conclusions and I keep myself short below:

(1) In the long(er) run, JMH's share price is relatively correlated to its child Jardine C&C's share price. And Jardine C&C's share price is correlated to Astra International's share price. In recent times, HKL's deterioration has indeed decoupled the JMH-Astra relationship though.

(2) Mandarin Oriental International is peanuts to JMH. The "spike up" in MOI share price is due to a block trade (~3%) done in 1 day and no surprise who the buyer is. But since MOI is not primarily listed here, it does not have to follow the disclosure rules and so it will only be officially announced when JMH publishes results next year. The reduction of debt from MOI is already expected as the Paris hotel/retail site sales were announced much earlier.