Jardine Matheson Holdings Ltd (SG:J36)
SGX:J36
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Jardine Matheson Holdings
(SGX:J36)
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Rating:57Neutral
Price Target:
$65.00
▼(-10.79% Downside)
Action:N/A
Date:06/15/26
The score is driven by solid financial quality led by strong and improving cash flow and manageable leverage, but it is held back by weak technicals (downtrend and bearish momentum) and uneven revenue/earnings consistency. Valuation and dividend yield provide some support but are not strong enough to outweigh the negative price trend.
Positive Factors
Cash Generation
Consistent and improving free cash flow — with FCF up ~20% in 2025 and FCF often exceeding reported earnings in weak years — provides durable capacity to fund dividends, reinvest in subsidiaries, and support deleveraging. This cash cushion enhances resilience through cycles and underpins long-term capital allocation flexibility.
Negative Factors
Choppy Revenue Trends
Multi-year top-line weakness and negative growth in 2025 signal limited organic growth momentum. Persistent revenue deterioration constrains scalability of operating leverage, limits reinvestment capacity, and increases reliance on asset sales or portfolio changes to drive longer-term earnings growth across the conglomerate.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash Generation
Consistent and improving free cash flow — with FCF up ~20% in 2025 and FCF often exceeding reported earnings in weak years — provides durable capacity to fund dividends, reinvest in subsidiaries, and support deleveraging. This cash cushion enhances resilience through cycles and underpins long-term capital allocation flexibility.
Read all positive factors
Jardine Matheson Holdings (J36) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
$18.65B
Dividend YieldN/A
Average Volume (3M)309.16K
Price to Earnings (P/E)17.0
Beta (1Y)0.86
Revenue Growth-4.37%
EPS GrowthN/A
CountrySG
Employees200,000
SectorIndustrials
Sector Strength72
IndustryConglomerates
Share Statistics
EPS (TTM)3.77
Shares Outstanding294,708,680
10 Day Avg. Volume307,103
30 Day Avg. Volume309,162
Financial Highlights & Ratios
PEG Ratio-0.05
Price to Book (P/B)0.63
Price to Sales (P/S)0.54
P/FCF Ratio4.50
Enterprise Value/Market Cap1.50
Enterprise Value/Revenue0.82
Enterprise Value/Gross Profit2.98
Enterprise Value/Ebitda5.35
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)5.63
Revenue Forecast (FY)$33.71B
Jardine Matheson Holdings Business Overview & Revenue Model
Company Description
Jardine Matheson Holdings Limited, a diversified conglomerate founded in 1832 and headquartered in Hamilton, Bermuda, boasts a broad portfolio of business interests. Its extensive operations span numerous sectors, including the automotive industry...
How the Company Makes Money
Jardine Matheson makes money primarily through earnings generated by its portfolio companies and investments, rather than through a single standalone operating product. Its key income sources typically include: (1) dividends and profit contributio...
Jardine Matheson Holdings Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
63
Positive
Cash Flow
74
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 34.22B | 35.78B | 36.05B | 37.72B | 35.86B |
| Gross Profit | 9.42B | 9.88B | 10.27B | 10.19B | 9.11B |
| EBITDA | 5.25B | 4.36B | 6.10B | 5.14B | 5.46B |
| Net Income | 1.11B | -468.00M | 686.00M | 2.26B | 2.96B |
Balance Sheet | |||||
| Total Assets | 86.14B | 86.78B | 89.18B | 89.15B | 91.49B |
| Cash, Cash Equivalents and Short-Term Investments | 8.94B | 4.90B | 4.93B | 5.92B | 7.33B |
| Total Debt | 18.15B | 19.40B | 20.37B | 19.96B | 20.49B |
| Total Liabilities | 31.49B | 33.46B | 33.25B | 32.95B | 33.12B |
| Stockholders Equity | 29.03B | 27.88B | 29.01B | 28.83B | 29.78B |
Cash Flow | |||||
| Free Cash Flow | 4.09B | 3.62B | 2.74B | 3.56B | 4.24B |
| Operating Cash Flow | 5.31B | 5.00B | 4.58B | 4.83B | 5.08B |
| Investing Cash Flow | 1.66B | -971.00M | -2.56B | -2.59B | 231.00M |
| Financing Cash Flow | -3.20B | -3.84B | -3.17B | -3.27B | -7.18B |
Jardine Matheson Holdings Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | S$10.74B | 8.33 | 11.80% | 4.33% | -6.30% | 2.79% | |
65 Neutral | S$11.38B | 11.56 | 18.30% | 4.33% | -9.63% | -3.30% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
59 Neutral | $1.68B | 17.63 | 3.01% | 7.12% | 3.52% | 14.58% | |
59 Neutral | S$34.75B | 74.73 | 17.50% | 2.01% | 9.50% | -34.09% | |
57 Neutral | $18.65B | 16.97 | 3.86% | ― | -4.37% | ― | |
55 Neutral | S$19.76B | 54.76 | 3.58% | 3.29% | -3.52% | -16.41% |
* Industrials Sector Average
SG:J36
Jardine Matheson Holdings
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18.62
41.69%
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Jardine Matheson Holdings Corporate Events
Jardine Matheson to Buy I-MED Radiology in AUD 3.4 Billion Healthcare Push
May 25, 2026
Jardine Matheson Holdings has agreed to acquire 100% of Australia-based I-MED Radiology Network, a leading diagnostic imaging and teleradiology provider with 215 clinics across Australia and New Zealand, for an enterprise value of AUD 3.4 billion,...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.