J36.SI
SGX50SESJardine Matheson Holdings Limited
Industrials · Conglomerates · Bermuda
Jardine Matheson Holdings Limited operates in motor vehicles and related operations, property investment and development, health and beauty, home furnishings, engineering and construction, and transport businesses in Indonesia, Hong Kong, Macau, Other Southeast Asia, Vietnam, Mainland China, and Rest of the world. It is also involved in providing automotive, financial, transport, and information technology services; heavy equipment distribution, mining contracting and operations; developing, owning, and managing premium and ultra-premium mixed-use and commercial real estate. The company also operates Mannings, Guardian, 7-11, Wellcome, and IKEA retailing businesses; supermarket, health and beauty, convenience, food, home furnishings, and restaurants retails; and invests, manages, and develops property. In addition, it engages in agribusiness business; providing construction and foundation services for building, civil and maritime works; motorcycles and rendering of aftersales services; supplying, installing, and servicing engineering equipment. Jardine Matheson Holdings Limited was founded in 1832 and is based in Hamilton, Bermuda.
www.jardines.com ↗Shares trade at a moderate 16.6× trailing earnings, easing to 10.3× on forward estimates. Profitability shows a net margin of 3.2% and return on equity of 6.1%. Leverage is modest at 1.9× net debt/EBITDA. Revenue grew -7.4% year-on-year. It yields 3.7% in dividends. The mean analyst target of USD87.51 sits 39.5% above the current price (Strong Buy, 10 analysts).
business model
Jardine Matheson is a diversified Asian conglomerate holding company with interests across autos, property, retail, hospitality, engineering and financial services, primarily in Southeast Asia and Greater China. It operates through controlled and associated businesses and reports in USD, having simplified its structure by unwinding the Jardine Strategic cross-holding in 2021.
revenue segments
Its principal interests include Jardine Cycle & Carriage (notably Astra International in Indonesia, spanning autos, financial services and mining), Hongkong Land (property), DFI Retail Group (pan-Asian retail), Mandarin Oriental (hotels), Jardine Pacific/Jardine Motors, and a stake in Chinese auto dealer Zhongsheng. Indonesia's Astra is a major earnings contributor.
key dependencies
It depends on the performance of underlying franchises, especially Indonesian consumer and auto demand via Astra, Hong Kong and China property and retail conditions, commodity prices affecting Astra's mining, and regional currencies against the USD.
competitors
As a holding company it competes at the operating-unit level against other Asian conglomerates and sector rivals in autos, property, retail and hospitality; comparable diversified groups include Swire, CK Hutchison and regional family conglomerates.
moat
Its moat comes from a portfolio of established, often market-leading franchises (particularly Astra's dominance in Indonesia), long operating history and relationships across Asia, and diversification across sectors.
risks
Risks include a persistent conglomerate discount, concentration in Indonesian and Greater China macro cycles, commodity exposure through Astra, complex holding structure, and currency translation into USD.
Financials & metrics
as of 04 Jul 2026Tap any metric for an explanation.● provider● computedN/A not available from source
Dividends
This company does not currently pay a dividend.
Analyst assessment
as of 04 Jul 2026Aggregate consensus only. Named per-analyst targets require a premium source and are not shown; the data model is ready to hold them if one is added.