Jardine Matheson - CGS-CIMB Research 2020-07-31: Strong Balance Sheet To Weather COVID-19

JARDINE MATHESON HLDGS LTD (SGX:J36) | SGinvestors.io JARDINE MATHESON HLDGS LTD (SGX:J36)

Jardine Matheson - Strong Balance Sheet To Weather Covid-19

  • Jardine Matheson’s 1H20 underlying net profit was below expectations at 24% of our full-year estimate and 27% of consensus’s.
  • The group expects the short-term outlook to be challenging given the COVID-19 outbreak but notes some signs of business recovery.
  • Even so, we upgrade Jardine Matheson from Hold to ADD as some of the earnings uncertainty has been priced in.



Jardine Matheson's 1H20 underlying net profit below expectations.



Hongkong Land



Astra

  • Excluding the gain on the disposal of its investment in Permata Bank, Astra’s net profit fell 44% y-o-y in Indonesian rupiah mainly due to significantly lower contributions from its automotive, financial services and heavy equipment and mining businesses.


Dairy Farm



Upgrade Jardine Matheson from Hold to ADD






William TNG CFA CGS-CIMB Research | https://www.cgs-cimb.com 2020-07-31
SGX Stock Analyst Report ADD UPGRADE HOLD 48.61 DOWN 52.530



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