Jardine Matheson Holdings Ltd (J36) Fair Value & Analysis
Industrials · SG · Market cap $18.5B · ISIN BMG507361001
What is Jardine Matheson Holdings Ltd really worth?
Below-average quality, trading 13% below our fair value of $67.24.
Strengths
Risks
For context
Fair value as of: Aug 27, 2026
From 10 valuation models · updated 8 days ago
Share price −7.9% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits in the lower half of our model range, the side with the larger margin of safety.
- Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 27, 2026.
How to read this chart
60‑month range $31.41 – $80.63 · fair‑value band $50.43 – $84.05 · the $58.42 price screens below the $67.24 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 27, 2026.
Analysis
Jardine Matheson Holdings Ltd (J36) currently trades at $58.42, while our model-based Fair Value estimate is $67.24, implying the stock looks roughly 13.1% undervalued today. The Quality Score stands at 49/100 (below-average quality), in the Industrials sector. Bull case: the Growth DCF group reads highest at a median of $158.17 per share, and 9 of the 10 models we run sit above the $58.42 price. Bear case: the Earnings-Based group reads lowest at $31.31, and 1 of the 10 models stay below the price. Evidence for this calculation is medium.
Over the trailing twelve months, Jardine Matheson Holdings Ltd generated revenue of $34.2B at a net margin of 3.2%. Revenue declined 7.4% year over year. It earns a return on equity of 6.1%. Net debt stands at $6.6B. Fundamentals as of Aug 27, 2026
Our scenario range runs from $50.43 (bear case) to $84.05 (bull case); at $58.42, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 28% below its 52-week high and 24% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at 1% fair-value upside, at 15%, J36 screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly $0.9308 per share, which is 1.4 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 10 models by family
Widest divergence: Growth DCF ($158.17) versus Earnings-Based ($31.31). Highest evidence: Growth DCF (78).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 27, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 49 · Market factors (momentum, volatility) 46
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Jardine Matheson Holdings Limited operates in motor vehicles and related operations, property investment and development, health and beauty, home furnishings, engineering and construction, and transport businesses in Indonesia, Hong Kong, Macau, Other Southeast Asia, Vietnam, Mainland China, and Rest of the world.
Full company description
Jardine Matheson Holdings Limited operates in motor vehicles and related operations, property investment and development, health and beauty, home furnishings, engineering and construction, and transport businesses in Indonesia, Hong Kong, Macau, Other Southeast Asia, Vietnam, Mainland China, and Rest of the world. It is also involved in providing automotive, financial, transport, and information technology services; heavy equipment distribution, mining contracting and operations; developing, owning, and managing premium and ultra-premium mixed-use and commercial real estate. The company also operates Mannings, Guardian, 7-11, Wellcome, and IKEA retailing businesses; supermarket, health and beauty, convenience, food, home furnishings, and restaurants retails; and invests, manages, and develops property. In addition, it engages in agribusiness business; providing construction and foundation services for building, civil and maritime works; motorcycles and rendering of aftersales services; supplying, installing, and servicing engineering equipment. Jardine Matheson Holdings Limited was founded in 1832 and is based in Hamilton, Bermuda.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Jardine Matheson Holdings Ltd reported revenue of $34.2B in FY2025 versus $35.9B in FY2021, a compound −1.2%/yr. Reported net income was $1.1B in FY2025, compounding −12.4%/yr from FY2021.
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Peer Group
Conglomerates · 375 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Conglomerates median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Conglomerates stocks, each showing price versus our Fair Value estimate (as of Aug 27, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| ITOCHU Corporation ITOCHU19 | 7.20 THB | 14.40 THB | +100% |
| 3M Company MMM | $178.83 | $76.87 | −57% |
| Honeywell International Inc HON | $217.43 | $218.95 | +1% |
| CITIC Limited 0267 | HK$13.02 | HK$26.04 | +100% |
| Poste Italiane S.p.A PST | €26.90 | €7.65 | −72% |
| Swire Pacific Limited 0019 | HK$106.30 | HK$36.88 | −65% |
| SK Inc 034730 | 553,000 KRW | 615,077 KRW | +11% |
| PT Astra International Tbk, ASII | 4,800 IDR | 9,600 IDR | +100% |
| Kingboard Holdings 0148 | HK$45.52 | HK$32.91 | −28% |
| Keppel Ltd BN4 | 11.27 SGD | 3.89 SGD | −65% |
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