In today’s briefing:
- Jardine Matheson (JM SP) On A Roll As The Street Turns (More) Positive
- kopi-C with Seatrium Limited – How Seatrium is Building a Global Engineering Brand from a Singapore Dock
Jardine Matheson (JM SP) On A Roll As The Street Turns (More) Positive
- Jardine Matheson Holdings (JM SP) is up ~10% this week and ~30% YTD. 53.3%-held Hongkong Land (HKL SP), JMH’s largest holding, is up 41% YTD and 85% over the year.
- HKL has been on a tear since CEO Michael Smith started on the 1st April 2024, as HKL focused on capital allocation and portfolio management – read deleveraging.
- The recent appointment of PAG’s Lincoln Pan at the helm of JMH, has the street upbeat he will bring about similar positive developments. That’s not unreasonable.
kopi-C with Seatrium Limited – How Seatrium is Building a Global Engineering Brand from a Singapore Dock
- Seatrium, formed in 2023 from Keppel Offshore & Marine and Sembcorp Marine, focuses on global integration and energy infrastructure.
- Seatrium achieved a full-year profit of S$157 million in FY2024, reversing a S$2.0 billion loss in FY2023.
- As of 1Q 2025, Seatrium’s net order book stood at S$21.3 billion, with 26 projects until 2031.
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