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Pan-Asian conglomerate with interests in property, retail, motors and engineering, historically rooted in Hong Kong trading.
Pan-Asian conglomerate with interests in property, retail, motors and engineering, historically rooted in Hong Kong trading.
Reports mostly its share of profit from group companies it controls or part-owns, with cash reaching it as dividends from them rather than from selling anything itself. Cross-holdings among the group's listed companies, with the Keswick family at the head, hold the structure together. Astra in Indonesia has been a main earner.
In one line: An Asian Berkshire Hathaway-style trading house conglomerate.
Moat: narrow (scale, installed base, brand). Century-old trading-house network and diversified regional holdings across property, retail and autos.
Headquarters: Hong Kong (incorporated Bermuda) · Founded: 1832
Size Jardine Matheson (J36.SI) is a Singapore Industrials company (Industrial Conglomerates) with a market value of $17.8B, the 6th largest of 186 Singapore companies the cockpit tracks. Shares closed at S$60.84 on 6 Nov 2026.
Performance Over six months the shares fell 14.9%, against -12.0% for the median peer and -1.2% for the Singapore market (cap-weighted) — 8th lowest of 17 in its peer set.
Growth Revenue fell 7.1% over the last twelve months (peer median +6.6%); the operating margin is 8.3% (peer median 10.4%).
Valuation It trades at 8.7× forward earnings against a peer median of 11.8× (2nd cheapest of 15).
Price implies For today's price to make sense, revenue must grow about 0% a year for seven years (Req g). Recent delivered growth is +1%, so the hurdle is -1 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.8 points below its cost of capital (5.0% WACC).
Next results Next results expected around 11 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | S$33.1B | S$34.2B | S$35.8B | S$36.0B | S$37.5B |
| Revenue growth | — | -4% | -1% | -4% | — |
| Gross profit | S$9.03B | S$9.42B | S$9.88B | S$10.3B | S$10.2B |
| EBITDA | n/a | S$5.25B | S$5.83B | S$6.06B | S$5.98B |
| Net income | S$1.12B | S$1.11B | -S$468M | S$686M | S$354M |
| Free cash flow | S$3.62B | S$4.09B | S$3.75B | S$2.85B | S$3.72B |
| Capital expenditure | S$1.18B | S$1.34B | S$1.38B | S$1.85B | S$1.26B |
| Total debt | n/a | S$18.2B | S$19.4B | S$20.4B | S$20.0B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Jardine Matheson J36.SI | $17.8B | -15% | -7% | 8% | 8.7× | 0.2% |
| Swire Pacific 0019.HK | $17.0B | +23% | +7% | 12% | 11.4× | 6.9% |
| Ckh 0001.HK | $34.3B | -2% | -2% | 11% | 11.3× | 1.2% |
| Wharf (Holdings) 0004.HK | $7.92B | -32% | -1% | 41% | 15.7× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | J36.SI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.6% | -4.3% | 3rd highest of 17 |
| 6-month return | -14.9% | -12.0% | 8th lowest of 17 |
| Distance from 52-week high | -26.2% | -26.6% | 9th highest of 17 |
| Revenue growth (TTM) | -7.1% | +6.6% | 3rd lowest of 17 |
| Operating margin | 8.3% | 10.4% | 8th lowest of 17 |
| Forward P/E | 8.7× | 11.8× | 2nd cheapest of 15 |
| Growth the price implies (Req g, 7 yrs) | 0.2% | 11.3% | 6th least demanding of 14 |
| Growth delivered (Del g) | +0.9% | +14.3% | 2nd lowest of 14 |
| Hurdle (Req g minus delivered) | -0.7 pp | -2.7 pp | 6th most demanding of 14 |
| ROIC minus cost of capital | -1.8 pp | +5.3 pp | 6th lowest of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Jardine Matheson J36.SI | Singapore | $17.8B | -15% | -7% | 8% | 8.7× | 0.2% | +0.9% |
| Posco International 047050.KS | South Korea | $6.03B | -45% | +7% | 4% | 8.1× | -16.6% | +8.6% |
| Cirsa Enterprises, S.A.U CIRSA.MC | Spain | $3.69B | +54% | +6% | 23% | 11.8× | -7.5% | +25.2% |
| 3M MMM | United States | $95.7B | +30% | +2% | 21% | 19.2× | 11.3% | -5.0% |
| 3M India 3MINDIA.NS | India | $3.29B | -16% | +16% | 17% | 39.8× | 28.0% | +14.3% |
| Societe BIC BB.PA | France | $2.92B | +11% | -4% | 15% | 13.4× | -11.9% | +5.1% |
| Sankyo 6417.T | Japan | $2.68B | +16% | -23% | 31% | 10.2× | -18.7% | +25.3% |
| ADEKA 4401.T | Japan | $2.53B | +3% | +5% | 11% | 11.8× | 3.6% | +5.0% |
| DCM Shriram DCMSHRIRAM.NS | India | $1.47B | -29% | +14% | 7% | 9.2× | 16.6% | +10.7% |
| Tsuburaya Fields 2767.T | Japan | $963M | +72% | -5% | 10% | 10.1× | -10.3% | +35.0% |
| Grupo Empresarial San Jose GSJ.MC | Spain | $517M | -14% | +11% | 4% | 10.6× | n/a | n/a |
| Tri Chemical Laboratories 4369.T | Japan | $511M | -22% | +12% | 25% | 12.3× | 19.4% | +19.5% |
| China Boton 3318.HK | Hong Kong | $435M | +163% | +11% | -5% | n/a | n/a | n/a |
| Hangzhou Tianyuan Pet Products 301335.SZ | China | $415M | -15% | +4% | 2% | 88.6× | 13.0% | +15.7% |
| Guangzhou Wahlap Technology 301011.SZ | China | $325M | -30% | -18% | -8% | n/a | n/a | n/a |
| Universal Entertainment 6425.T | Japan | $324M | -10% | +9% | 4% | 9.4× | 15.1% | +6.2% |
| RF Materials 327260.KS | South Korea | $292M | -51% | +57% | 18% | 29.5× | 16.7% | +28.6% |