$JMH USD (J36.SG)$ Citi Research analysts George Choi and Ry...
Citi Research analysts George Choi and Ryan Cheung are upgrading their "neutral" call on Hong Kong-based conglomerate Jardine Matheson Holdings to "buy" at an unchanged target price of US$40.50 ($53.78) following the group's 1HFY2024 net profit of US$550 million, which came in 33% lower y-o-y.
Choi and Cheung note in their report that without the Hongkong Land-related impairment charge of US$255 million, net profit during the period was down 14% y-o-y, compared to the pair's FY2023 earnings growth forecast of 5% y-o-y.
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