JardineMatheson(JM): HSBC overweights co with TP at US$54.00 from US$46.00 on improved earnings outlook driven by Astra, HK Land and Dairy Farm. JM’s strong cashflow generation will allow further growth through capturing opportunities in Indonesian’s infrastructure, ASEAN retail stores and undervalued holding co stock…
JM’s 41% interest in HK Land offers exposure to HK office sector which has rebounded strongly. Astra performs as well due to stronger sales 55% YTD in cars and 32% YTD in motorcycles. At TP, co trades at 13x 2011eP/E, 1.6x P/B, vs consensus fwd P/E of 12.15 and 1.6x P/B.
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