To The Moon

This morning, Macquarie Warrants Singapore has listed a new call warrant tracking $JMH USD(J36.SI)$ alongside a new iFAST call warrant)

🆕The SGX-listed call warrant NMNW trades in Singapore dollar, and costs SGD 0.070 while Jardine Matheson Holdings (JM) is trading at USD 63.05, and moves approximately 5.3 times more than JM shares, based on its effective gearing level as of 910AM

There is no put warrant available over JM

JM is a diversified Asian conglomerate operating as an investment holding company with controlling stakes across autos, retail, property, and hospitality

Its key subsidiaries include Astra, Hongkong Land, DFI Retail and Mandarin Oriental

In FY2025, JMH reported revenue of USD 33.8 billion, a 3% decline year-on-year, primarily due to business disposals and currency translation effects

Its underlying net profit however grew 11%, driven by improved results at DFI Retail, Jardine Pacific, and Jardine Cycle & Carriage, alongside reduced corporate costs

The company had announced a USD 250 million share buy back program in November 2025, and has currently repurchased 619K share for USD 42.6 million at an average price of USD 74.57 (SGX)

✍Last month, Macquarie Research (MQ) published a research report dated 17 June 2026 on the back of JM’s Investor Day, with a target price that is 32% above this morning’s price of USD 63.75 as of 910AM

👀Read more for the full article to understand MQ’s target price rationale, as well as important disclaimers:

Key points

Jardine's total shareholder return target of 9% or better is a bit light but can be exceeded. Positives were the capital recycling target & buyback

Portfolio CEOs provided updates with strategies from I-MED, Jardine Engineering, Mandarin Oriental providing new information

MQ has an Outperform rating and US$84.0/share price target

9% shareholder return target a bit light, but other targets supportive. The 9% target appears based on the 5-year history of the share performance as well as a cut-off of top-quartile Asia Pacific MSCI listed entities. We view this as a reachable minimum yardstick considering the use for newly introduced long-term incentive plans. Aside from this, JM's outlined plan of US$4b capital recycling at the hold-co (ex Astra and HKL, as these are largely internally reinvested at the subs), a US$500m buyback (part of a new focus) and at least 5% annual dividend growth are all positives.

Key disclosures on non-listed parts of the group. Recently-acquired I-MED presented and provided a clear case for organic growth and roll-ups in the ANZ diagnostics market. Mandarin Oriental (recently privatised) appears to have the highest growth prospects with its asset-lite luxury hotel model scaling rapidly. Jardine Pacific has been slimmed down to 'Jardine Engineering' with a plan to scale the four EPC-related businesses.

Astra remains a work in progress. JM's CEO Lincoln Pan made it clear improving Astra's performance is his number-one priority. Ongoing headwinds in Indonesia mean Astra is unable to commit to firm capital recycling targets, and any proceeds are likely re-invested (for example into autoparts) or buybacks. This will raise JM's ownership over time rather than seeing material capital repatriation. 4W appears challenged by weak market conditions and competition from BEV entrants

Earnings changes: MQ makes no changes to their estimates. The company did not share any new total consolidated PATMI targets.

Valuation: MQ’s 12-month target price of US$84.0/share is based on their fair value of subsidiaries with a 30% NAV discount, using a Sum-of-Parts stock methodology.

Catalysts: Further capital recycling is a positive catalyst (the target is higher than our earlier forecast). MQ does not expect any near-term major M&A

​​​​​​​Note:

Macquarie Research is independent from the Warrants business, what the Macquarie Warrants desks quote from Macquarie Research may not reflect the complete analysis of Macquarie Research on the relevant company over time.

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Investors interested in gaining a leveraged exposure to JM shares may wish to consider this morning’s newly listed JM warrant $JMH MB eCW261229(NMNW.SI)$

Costing SGD 0.070 while JM shares trade at USD 63.05 (as of 910AM), the warrant will move approximately 5.3% for a 1% move in JM shares, based on its effective gearing level as of 910AM. The warrant is traded on your brokerage account, just like shares, and come with no margin call risk.

One may also wish to note that a warrant’s geared effect is a double-edged sword, causing the warrants to fall in greater magnitude than the shares should your view be wrong.

There is no JM put warrant available.

For further warrant queries, you can ring us at 6601 0289 or drop us an email at info@warrants.com.sg