Daily Brief Singapore: Jardine Matheson Holdings, DFI Retail Group Holdings and more

• The prior MO for the Jardines group was never sell your commercial buildings. This year marks a paradigm shift in that line of thinking. 
• First Hongkong Land (HKL SP) sold nine floors of One Exchange Square to HKEX (388 HK). The first such sale since 1988.
• Now Mandarin Oriental (MAND SP) is negotiating the sale of “certain office space” at One Causeway Bay. Jardine Matheson (JM SP)‘s NAV discount and implied stub are at 12-month lows/highs.

• DFI Retail Group is undergoing a significant strategic shift, unlocking capital through divestments (over US$900 million) and returning a substantial portion to shareholders (US$600 million special dividend), signaling confidence in its refined focus.
• The company’s financial performance is mixed, with 1H2025 underlying profit growth of 39% driven by lower financing costs and strong Health & Beauty segment performance, but this is contrasted by multi-year declines in revenue and net income.
• The forward outlook is challenging, characterized by intense competition and weak consumer sentiment across key Asian markets, making future growth heavily dependent on the successful expansion of its Health & Beauty footprint and effective cost control.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.