{
  "id": 12578395,
  "title": "Jardine Matheson S-E Asia downgraded to ‘underperform’ by Macquarie; counter dips 6.6%",
  "url": "https://urgent.news/2026/10/07/jardine-matheson-s-e-asia-downgraded-to-underperform-by-macquarie",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-07T07:35:34.000Z",
  "source": {
    "name": "The Business Times - Companies & Markets",
    "slug": "the-business-times-companies-markets",
    "url": "https://www.businesstimes.com.sg/companies-markets/jardine-matheson-s-e-asia-downgraded-underperform-macquarie-counter-dips-6-6"
  },
  "original_language": "en",
  "account": "Macquarie Equity Research has downgraded Jardine Matheson Southeast Asia (JMSEA) to \"underperform\" from \"neutral\", lowering its 12-month target price by 10% to S$23.50 from S$26. The stock dipped 6.6% or S$1.92 to S$27.38 during Wednesday's trading session. The downgrade comes as the stock trades near an all-time-high NAV premium of 31%, a valuation deemed unjustified by Macquarie. The research house estimated that an 8% NAV is warranted to account for Indonesian withholding tax, affecting subsidiary Astra's dividends and overheads. JMSEA's recent share price surge was driven by investors positioning for a special distribution, equivalent to around US$0.70 a share at the current price, representing a 3.1% yield. With JMSEA set to trade ex-dividend on Thursday, the broker anticipates a reversal in the company's share price trajectory. The downgrade also reflects the expected sale of JMSEA's Cycle & Carriage unit, slated for completion in Q1 2027, and a 0.5% stake distribution in Toyota Motor. Macquarie believes that paying a large NAV premium would be detrimental to JM shareholders and suggests that JMSEA may distribute other parts of its portfolio in specie to its shareholders for simplification.",
  "summary": "Research house lowers its 12-month target price by 10% to S$23.50 from S$26",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "The Business Times - Companies & Markets",
        "title": "Jardine Matheson S-E Asia downgraded to ‘underperform’ by Macquarie; counter closes 7.7% lower",
        "url": "https://urgent.news/2026/10/07/jardine-matheson-s-e-asia-downgraded-to-underperform-by-macquarie-12592588",
        "published": "2026-10-07T07:35:34.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}