J36 Stock Analysis: Jardine Matheson Holdings | SG
Conglomerates | SG, Singapore | Market Cap: 16.876m USD | 12M Return: -5.2% | BMG507361001 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 28.6M
Warnings
Tailwinds
No distinct edge detected
Seasonality 11.7 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Jardine Matheson Holdings Limited is a diversified industrial conglomerate with operations spanning motor vehicles, property investment and development, health and beauty, home furnishings, engineering and construction, transport, and agribusiness. Its geographic footprint is heavily concentrated in Asia, including Indonesia, Hong Kong, Macau, Mainland China, Vietnam, and other Southeast Asian markets, with additional exposure to the rest of the world. As an industrial conglomerate under the GICS classification, the groups structure resembles a holding company model, where a parent entity controls stakes in a portfolio of operating subsidiaries across unrelated industries, allowing capital to be allocated across cyclical and defensive sectors.
The company manages a portfolio of well-known retail and consumer brands, including Mannings, Guardian, 7-11, Wellcome, and IKEA, spanning supermarket, convenience, health and beauty, food, home furnishings, and restaurant retailing. Beyond retail, it is involved in automotive and financial services, heavy equipment distribution, mining contracting, premium and ultra-premium mixed-use and commercial real estate development, construction and foundation services for building, civil and maritime works, and the supply, installation, and servicing of engineering equipment. This breadth of activities is characteristic of the Asian conglomerate (or chaebol-style) model, where groups historically leverage cross-sector synergies, long-standing regional relationships, and patient capital to operate in markets that can be difficult for foreign competitors to enter.
Founded in 1832, Jardine Matheson is one of the oldest continuously operating businesses in Asia and is headquartered in Hamilton, Bermuda, a common domicile for holding companies due to favorable corporate tax and listing rules. The company is listed in Singapore under the ticker J36 and is classified as a large-cap industrials stock.
- Astra Indonesian auto and mining contracting revenue growth
- Hongkong Land office rents pressured by China property downturn
- Dairy Farm retail margins expand on Hong Kong consumer recovery
| Net Income: 1.11b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.05 > 0.02 and ΔFCF/TA 0.43 > 1.0 |
| NWC/Revenue: 23.81% < 20% (prev 8.66%; Δ 15.15% < -1%) |
| CFO/TA 0.06 > 3% & CFO 5.31b > Net Income 1.11b |
| Net Debt (-5.56b) to EBITDA (7.00b): -0.79 < 3 |
| Current Ratio: 1.53 > 1.5 & < 3 |
| Outstanding Shares: last quarter (295.7m) vs 12m ago 2.32% < -2% |
| Gross Margin: 27.53% > 18% (prev 27.62%; Δ -0.10% > 0.5%) |
| Asset Turnover: 39.58% > 50% (prev 41.23%; Δ -1.65% > 0%) |
| Interest Coverage Ratio: 7.24 > 6 (EBIT TTM 4.81b / Interest Expense TTM 664.0m) |
| DSRI: 1.03 (Receivables 2.11b/2.13b, Revenue 34.2b/35.8b) |
| GMI: 1.00 (GM 27.62% / 27.53%) |
| AQI: 0.93 (AQ_t 0.60 / AQ_t-1 0.64) |
| SGI: 0.96 (Revenue 34.2b / 35.8b) |
| TATA: -0.05 (NI 1.11b - CFO 5.31b) / TA 86.1b) |
| Beneish M = -3.07 (Cap -4..+1) = AA |
As of October 17, 2026, the stock is trading at USD 55.58 with a total of 865,460 shares traded. Over the past week, the price has changed by -2.03%, over one month by -2.78%, over three months by -9.76% and over the past year by -5.24%.
Current recommended Stop Loss: 53.30 (which is 4.1% or 1.4 ATR below the current price).
Jardine Matheson Holdings has no consensus analysts rating.
P/E Trailing = 15.2348
P/E Forward = 7.734
P/S = 0.5104
P/B = 0.5879
P/EG = 0.4858
Revenue TTM = 34.2b USD
EBIT TTM = 4.81b USD
EBITDA TTM = 7.00b USD
Long Term Debt = 10.2b USD (from longTermDebt, last quarter)
Short Term Debt = 4.92b USD (from shortLongTermDebt, last quarter)
Debt = 3.00b USD (Leases only: 3.00b)
Net Debt = -5.56b USD (calculated: Debt 3.00b - CCE 8.56b)
Enterprise Value = 11.3b USD (16.9b + Debt 3.00b - CCE 8.56b)
Interest Coverage Ratio = 7.24 (Ebit TTM 4.81b / Interest Expense TTM 664.0m)
EV/FCF = 2.85x (Enterprise Value 11.3b / FCF TTM 3.96b)
FCF Yield = 35.04% (FCF TTM 3.96b / Enterprise Value 11.3b)
FCF Margin = 11.58% (FCF TTM 3.96b / Revenue TTM 34.2b)
Net Margin = 3.24% (Net Income TTM 1.11b / Revenue TTM 34.2b)
Gross Margin = 27.53% ((Revenue TTM 34.2b - Cost of Revenue TTM 24.8b) / Revenue TTM)
Gross Margin QoQ = none% (prev none%)
Tobins Q-Ratio = 0.13 (Enterprise Value 11.3b / Total Assets 86.1b)
Interest Expense / Debt = 22.15% (Interest Expense 664.0m / Debt 3.00b)
Taxrate = 21.66% (910.0m / 4.20b)
NOPAT = 3.77b (EBIT 4.81b * (1 - 21.66%))
Current Ratio = 1.53 (Total Current Assets 23.6b / Total Current Liabilities 15.5b)
Debt / Equity = 0.10 (Debt 3.00b / totalStockholderEquity, last quarter 29.0b)
Debt / EBITDA = -0.79 (Net Debt -5.56b / EBITDA 7.00b)
Debt / FCF = -1.40 (Net Debt -5.56b / FCF TTM 3.96b)
Total Stockholder Equity = 28.4b (last 4 quarters mean from totalStockholderEquity)
RoA = 1.28% (Net Income 1.11b / Total Assets 86.1b)
RoE = 3.91% (Net Income TTM 1.11b / Total Stockholder Equity 28.4b)
RoCE = 12.46% (EBIT 4.81b / Capital Employed (Equity 28.4b + L.T.Debt 10.2b))
RoIC = 5.46% (NOPAT 3.77b / Invested Capital 68.9b)
WACC = 8.41% (E(16.9b)/V(19.9b) * Re(6.82%) + D(3.00b)/V(19.9b) * Rd(22.15%) * (1-Tc(0.22)))
Discount Rate = 6.82% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -88.70 | Cagr: -41.34%
[DCF] Terminal Value 76.40% ; FCFF base≈3.83b ; Y1≈4.14b ; Y5≈5.10b
[DCF] Fair Price = 283.6 (EV 77.3b - Net Debt -5.56b = Equity 82.9b / Shares 292.3m; r=8.41% [WACC]; 5y FCF grow 9.41% → 2.50% )
Revenue Correlation: -92.50 | Revenue CAGR: -2.57% | SUE: N/A | # QB: 0
EPS current Year (2026-12-31): EPS=5.38 | Chg30d=-0.01% | Revisions=-40% | GrowthEPS=-5.9% | GrowthRev=-6.1%
EPS next Year (2027-12-31): EPS=5.89 | Chg30d=+0.00% | Revisions=-40% | GrowthEPS=+9.4% | GrowthRev=+4.1%
[Analyst] Revisions Ratio: -57% (up=0, down=4)