Jardine Matheson initiated with an Overweight at Morgan Stanley

Morgan Stanley initiated coverage of Jardine Matheson (JMHLY) with an Overweight rating and $90 price target The market is assigning negative value to Jardine’s private businesses, implying a stub value of negative $6 per share, but the firm is positive on the name, stating that the company’s new CEO, Hongkong Land’s successful transformation template, and potential asset recycling could drive a further re-rating, the analyst tells investors in a research note. Jardine is increasingly emphasizing shareholder returns through dividends, buybacks and capital recycling, and the firm expects a FY26-FY27 dividend per share CAGR of 5%, Morgan Stanley added.