Thursday, July 26, 2012

Jardine Matheson

Jardine Matheson: + 4.0% at US$53.24, with the STI heavyweight likely bolstering the index's gains. Analysts note that the move is ahead of the co reporting results Fri, with some of its subsidiaries already releasing results. United Tractor's results showed improvement. If Dairy Farm's earnings are positive, this will also boost the stock. Last week, Nomura initiated JM at Buy with a US$65 TP, noting its NAV discount is more compelling than its listed units; it said it preferred JM to Jardine Strategic on better stock liquidity and higher dividend yield. It estimated JM's FY12 dividend yield at 2.5% vs JS's 0.7%. July's US$54.50 peak may act as a near-term cap.

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