Should I buy Jardine Matheson Holdings stock in 2025?

Why trust HelloSafe?

At HelloSafe, our expert has been monitoring the performance of Jardine Matheson Holdings for more than three years. Every month, thousands of users in Singapore rely on us to interpret market trends and highlight top investment opportunities. Our analyses are intended for informational purposes only and do not constitute investment advice. In line with our ethical charter, we have never been, and will never be, compensated by Jardine Matheson Holdings.

What is Jardine Matheson Holdings?

How much is Jardine Matheson Holdings stock?

The price of Jardine Matheson Holdings stock is declining today. As of now, the stock trades at USD 46.49, reflecting a 24-hour decrease of 1.59%, though it has edged up by 0.55% over the past week.

Jardine Matheson’s market capitalization stands at USD 13.78 billion, with an average daily volume of 350,711 shares over the past three months.

The stock’s P/E ratio is currently -24.53, indicating recent reported losses, while its dividend yield remains a strong 4.70%. With a low beta of 0.27, the stock typically experiences less volatility than the broader market, offering a measure of stability for Singapore-based investors.

Our full analysis on Jardine Matheson Holdings stock

We have conducted a rigorous review of Jardine Matheson Holdings’s most recent financial disclosures and analysed its share price action across the last three years. Drawing upon a wide array of data points—including fundamental ratios, technical indicators, liquidity metrics, market trends, and a comparative industry framework—our proprietary algorithms have synthesized a multifaceted perspective on the company. So, why might Jardine Matheson Holdings stock once again become a strategic entry point into the Asian diversified conglomerates sector in 2025?

Recent Performance and Market Context

Jardine Matheson’s share price performance over the past year has decisively outpaced key regional indices, underscoring the stock’s underlying resilience. As of May 10, 2025, JMH traded at $46.49, within its 52-week range of $33.72–$49.79. The stock is up 16.94% over the past 12 months and 13.47% over the last 6 months, reflecting robust investor confidence amid broader Asian market volatility. The weekly uptick of 0.55% and stable average daily trading volume of 350,711 shares further highlight sustained market interest and liquidity.

2024 was marked by noteworthy positive developments. DFI Retail Group and Astra International, in particular, delivered healthy performances, offsetting softer earnings from Hongkong Land and Zhongsheng, both of which faced macro headwinds in China. Strategic moves, such as Astra’s expansion into healthcare and renewables—and Hongkong Land’s landmark $1 billion redevelopment initiatives in Hong Kong—have enhanced the group’s long-term growth profile and diversified risk. In the face of ongoing property sector turbulence in the region, Jardine Matheson's diverse operational footprint in Southeast Asia, alongside high-potential geographies such as Indonesia and Vietnam, provides a buffer and a growth platform.

The macro backdrop for Jardine Matheson is increasingly supportive. Growth forecasts for Southeast Asia remain robust, with local consumption and infrastructure investment on an upward trajectory, while Singapore and Hong Kong continue to provide stable cash-generative environments. With management guiding for “broadly stable results” and clear signs of bottoming in the group’s hardest-hit segments, the stage appears set for renewed shareholder value creation.

Technical Analysis

Current technical readings suggest Jardine Matheson is navigating a transition from consolidation to potential bullishness. The 5-day simple moving average ($46.41) has crossed above the 100-day ($45.98) and 200-day ($43.31) moving averages—both of which are bullish signals. Most notably, the 10-day moving average’s cross above the 50-day moving average (on April 23, 2025) historically coincides with renewed upward price momentum for the stock.

Momentum indicators offer a neutral-to-cautiously positive outlook:

• RSI (14): 43.58, having recently left overbought territory, suggests the stock is not overextended and room exists for a renewed advance.
• MACD (12,26,9): At -0.29, short-term momentum is consolidating, but the MACD’s recent foray into positive territory (April 21, 2025) hints at latent bullish energy.
• Stochastic Oscillator: Currently at 25.2, indicating the stock is nearer to being oversold—a classic precursor to price stabilization or reversal.

Support around $45.91 (recent daily low) and $43.31 (200-day MA) has been repeatedly validated, providing a strong floor, while resistance at $47.61 and the 52-week high of $49.79 forms a natural target in a bullish scenario. Encouragingly, the current price sits at an attractive level just above key support, affording an appealing risk/reward setup for new positions. The overall technical structure, thus, seems to be laying the groundwork for a medium-term upward cycle.

Fundamental Analysis

Revenue Growth and Profitability

Despite macroeconomic headwinds in 2024, Jardine Matheson generated revenues of $35.78 billion, with only a modest 1% decrease year-over-year—a testament to the group’s business resilience. Underlying profit before tax ($4.41 billion) and underlying profit attributable to shareholders ($1.47 billion) softened by 12% and 11%, respectively, reflective of temporary external pressures, particularly in Chinese property. Notably, cash flow from operating activities increased by 9%, and parent free cash flow grew by 12%, underscoring the group’s robust underlying operating performance.

The decrease in net borrowings by $1.1 billion and the improvement in the gearing ratio to a conservative 14% reinforce financial discipline and balance sheet strength. In a rising rate environment and amidst elevated regional uncertainty, Jardine Matheson’s defensive financial profile stands out as a key advantage.

Attractive Valuation

Jardine Matheson’s valuation appears particularly compelling for value-oriented investors seeking quality at a discount:

• Price-to-Sales (TTM): 0.38—well below the sector average, highlighting an underappreciation of the group’s revenue-generative capacity.
• Price-to-Book: 0.43—implying the market currently prices JMH below the value of its tangible assets.
• Forward P/E: 8.52 (versus current negative P/E, reflecting anticipated earnings normalization in 2025).

Meanwhile, the dividend yield sits at an attractive 4.70%, providing a meaningful income stream, especially in comparison to regional peers. The $2.25 per share annual dividend—unchanged from last year—reflects management’s strong commitment to shareholder remuneration.

Structural Strengths

Jardine Matheson’s core competitive advantages revolve around:

• Diversified Portfolio: Significant business operations spanning commercial real estate (Hongkong Land), retail leadership (DFI), automotive and infrastructure (Astra, Cycle & Carriage), and luxury hospitality (Mandarin Oriental).
• Geographic Reach: Operations and opportunities across greater China, Southeast Asia, and established “safe haven” markets like Singapore and Hong Kong.
• Brand and Legacy: A reputation for operational discipline and market insight, built since 1832.
• Innovative Transition: Strategic pivot from owner-operator to long-term engaged investor, enabling capital-efficient growth and superior capital allocation.

With a renewed focus on sustainability and decarbonization—now a group-wide priority with science-based targets—Jardine Matheson is positioning itself for long-term relevance across ESG-conscious markets.

Volume and Liquidity

The stock’s trading dynamics further reinforce its suitability for institutional and private investors alike. An average daily volume of 350,711 shares over three months underscores ample liquidity—even in periods of market stress. With almost 196 million shares in public float, dynamic and efficient price discovery is enabled, while the modest beta (0.27) signals notably lower volatility versus broader markets, appealing to risk-aware Singapore and regional investors.

This liquidity profile, paired with a valuation below book and sales value, often signals latent appreciation potential—especially when coupled with the recent uptick in buying interest as evidenced by increased trading volumes during the post-Q1 reporting period.

Catalysts and Positive Outlook

Near-Term Catalysts

Jardine Matheson is set to benefit from several tangible business catalysts in the second half of 2025:

• Property Redevelopment: The $1 billion redevelopment of Hongkong Land’s Landmark portfolio stands to unlock value in prime Asian urban real estate—a core asset class regaining momentum as commercial activity rebounds.
• Healthcare and Renewables Expansion: Astra’s strategic investments in healthcare (Heartology Cardiovascular Hospital) and geothermal energy (SERD) provide exposure to high-growth, future-proof verticals in Indonesia, accelerating diversification and cash flow stability.
• Portfolio Simplification: Streamlined operations at DFI Retail and Cycle & Carriage are beginning to yield efficiency and margin gains, enhancing group-wide performance visibility.
• ESG and Sustainability Initiatives: The adoption of decarbonization targets aligns Jardine Matheson’s portfolio with the evolving priorities of institutional investors and global capital flows.

Favorable Sector and Macro Trends

• Southeast Asian Growth: With Vietnam, Indonesia, and other ASEAN markets outpacing global averages in GDP and infrastructure investment, Jardine Matheson’s embedded presence translates directly into outsized top- and bottom-line growth potential.
• Singapore and Hong Kong Stability: These anchor markets continue to deliver robust free cash flow, underwriting portfolio investment in higher-growth verticals.
• Regulatory Environment: Ongoing reforms and capital market liberalization across Asia favor long-term investors with operational excellence and regional experience—traits Jardine Matheson embodies.

With analyst consensus firmly on “Buy” and a steady price target ahead of current levels ($46.79 vs. $46.49 spot), the risk/reward calculus is undeniably favourable.

Investment Strategies

Short-Term

For tactical investors, Jardine Matheson stands poised at technical support, just off recent lows and supported by encouraging momentum signals. Any sustained move above the 20-day and 50-day moving averages—currently forming a ceiling—could trigger renewed buying interest and a retest of the $49.79 52-week high. The potential for a bullish reversal, given the oversold Stochastic Oscillator, is a classic pattern that frequently rewards nimble, risk-controlled short-term entry.

Medium-Term

Medium-term investors can find comfort in both the strong dividend yield and the discount to book value, with the transition toward an engaged-investor model likely to drive operational enhancements and portfolio multiple reratings throughout 2025. Stable macro trends and sector-specific catalysts provide additional tailwinds—especially the build-out in healthcare, renewables, and premium property.

Long-Term

For those with a multi-year horizon, Jardine Matheson’s strategic repositioning, geographic breadth, operational diversity, and management’s consistent track record collectively justify significant optimism. High-conviction investors can view the current price as a new floor, with earnings normalization and sectoral recovery on the horizon. The forward P/E of just 8.52 (well below long-term global conglomerate averages) offers a rare blend of value and growth.

Taken together, Jardine Matheson’s unique mix of cyclical resilience, structural growth, and discount valuation makes it a timely proposition for all but the most risk-averse investors.

Is It the Right Time to Buy Jardine Matheson Holdings?

In summary, Jardine Matheson Holdings combines defensive cash flow generation, a discounted valuation, an attractive dividend yield, diversified growth levers, and key catalysts across property, healthcare, and renewables. Technical structures suggest a potential pivot out of consolidation, underpinned by renewed institutional interest and strong support at current levels. Management’s strategic realignment, coupled with a strong liquidity and governance profile, positions the stock for both near-term re-rating and long-term capital appreciation.

For those seeking exposure to Asian blue-chip growth with a strong value cushion, Jardine Matheson Holdings at current levels seems to represent an excellent opportunity. The fundamentals justify renewed interest, and the technical setup may mark the inception of a new bullish phase. As always, portfolio context and prudent risk management are essential, but the combination of income, growth, and resilience signals that Jardine Matheson is a name to consider seriously as a core holding in the Southeast Asian investment landscape.

With the stars seemingly aligned for a new chapter of outperformance, Jardine Matheson Holdings may well be entering a period where patient, conviction-driven capital stands to be handsomely rewarded.

How to buy Jardine Matheson Holdings stock in Singapore?

Buying shares of Jardine Matheson Holdings on the Singapore Exchange (SGX: J36) is straightforward, secure, and can be done entirely online through regulated brokers in Singapore. Investors typically choose between two main methods: spot buying (direct purchase of the actual shares) or trading Contracts for Difference (CFDs), which allow you to speculate on the price movement without owning the underlying shares. Both options are available via most online trading platforms regulated by the Monetary Authority of Singapore (MAS). To help you find the most suitable broker, a detailed comparison of popular platforms is available further down the page.

Spot Buying

A cash purchase of Jardine Matheson Holdings stock means buying and owning the actual company shares, making you a direct shareholder entitled to dividends and voting rights. Singapore brokers usually charge a fixed cash commission per order, often ranging from SGD $2.50 to $25 depending on the platform and order size.

Example

If the Jardine Matheson Holdings share price is $46.49 USD, you can buy approximately 21 shares with a $1,000 USD investment (about SGD $1,350), including a typical brokerage fee of around $5.

✔️ Gain scenario:
If the share price rises by 10%, your holdings are now worth $1,100 USD.
Result: +$100 gross gain, representing a +10% return on your investment.

Trading via CFD

CFD trading lets you speculate on Jardine Matheson Holdings’ share price movements without actually owning the shares. CFDs are traded on margin, enabling you to use leverage (e.g., 5x), so a modest initial outlay covers a greater market exposure. Fees are typically charged as a spread (the difference between buy/sell prices) and overnight financing if you hold positions for more than a day.

Example

With a $1,000 USD deposit and 5x leverage, you control an exposure of $5,000 USD on Jardine Matheson Holdings shares.

✔️ Gain scenario:
If the stock price increases by 8%, your CFD position gains 8% × 5 = 40%.
Result: +$400 gain on your $1,000 stake (excluding spreads and financing fees).

Final Advice

Before placing your first trade, it is crucial to compare brokers’ costs, trading interfaces, and support for Singapore-based investors. Some platforms may be better suited to buy-and-hold investing, while others are tailored for short-term traders. Your final choice should fit your investment objectives, whether that means owning shares for the long term or trading with leverage for potentially higher–but riskier–returns. To aid your decision, a comprehensive broker comparison is provided further down the page.

Our 7 tips for buying Jardine Matheson Holdings stock

The latest news about Jardine Matheson Holdings

Jardine Matheson’s stock posted a weekly gain and remains resilient with strong Southeast Asian exposure. Over the last five trading days, Jardine Matheson Holdings’ stock edged up by 0.55%, outperforming a generally muted regional index, which reflects notable investor confidence in its diversified portfolio and strategic Southeast Asian focus. This stability is particularly pertinent for Singapore-based stakeholders, as the group’s Singapore Exchange listing and regional business activity sustain liquidity and visibility for the local investment community.

Current valuation metrics and dividend yield remain attractive to Singaporean investors seeking defensive stocks. Despite near-term earnings pressure, the stock continues to trade at heavily discounted price-to-sales (0.38) and price-to-book (0.43) ratios, offering significant value compared to regional peers. The dividend yield, standing at 4.70%, has been maintained, making it a compelling proposition for income-oriented investors in Singapore, especially given the relatively low risk profile (beta 0.27) and the group’s historical commitment to stable payouts.

Analysts maintain a “Buy” consensus, with upside potential linked to a recovery in core markets and portfolio resilience. A recent survey of seven leading analysts yields a consistent "Buy" recommendation and a price target of $46.79, reflecting cautious optimism for further stock appreciation. Industry experts highlight Jardine Matheson’s strategic pivot, involving increased stakes in portfolio companies like Jardine Cycle & Carriage—crucial for the Singapore market due to its automotive and industrial footprint in the region—which is expected to drive future profitability and insulate the group from macroeconomic shocks.

Technical signals for the SGX-listed shares are mixed but underpinned by bullish long-term moving averages. While some momentum indicators (RSI, MACD, Stochastic) flag near-term caution, key long-term signals remain constructive: the 10-day moving average crossed above the 50-day in late April and current price levels hold above the 100-day and 200-day moving averages. These technical underpinnings are reassuring for Singaporean market watchers who prize medium-term trend stability amid short-term volatility.

Stable operations and strategic focus in Singapore and Southeast Asia support confidence despite headwinds in China. Jardine Matheson’s performance continues to benefit from its entrenched Singapore presence, both through its headquarters operations and vital businesses such as DFI Retail and Jardine Cycle & Carriage, which maintain a substantial footprint across the island and the wider region. This regional strength has helped offset challenges in the Chinese property market and highlights the company's role as a key buffer and value creator for Singaporean portfolios.

FAQ

FAQ

P. Laurore

Finance expert

Co-founder of HelloSafe and holder of a Master's degree in finance, Pauline has recognised expertise in personal finance, which she uses to help users better understand and optimise their financial choices. At HelloSafe, Pauline plays a key role in designing clear, educational content on savings, investments and personal finance. Passionate about financial education, Pauline strives, with every piece of content she oversees, to provide reliable, transparent and unbiased information for independent and informed financial management. To this end, she has tested over 100 trading platforms to help internet users make the right choices.