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Investing.com - JPMorgan upgraded Jardine Matheson (OTC:JMHLY) from Neutral to Overweight on Tuesday, raising its price target to $57.00 from $44.00.
The upgrade comes after Jardine Matheson experienced a 12% year-over-year earnings decline in fiscal year 2024, with JPMorgan now forecasting a turnaround with mild earnings growth of 1% in the first half of 2025 and 2% for the full fiscal year 2025.
JPMorgan cited the upcoming leadership change as a catalyst, with a new CEO set to take the helm in December 2025, potentially bringing strategic changes that could excite the market.
The firm drew parallels to HKL’s rerating story following its CEO change, which saw share prices outperform the Straits Times Index by more than 80%.
For fiscal year 2025, JPMorgan noted that Jardine Matheson’s strategic priority remains deleveraging, while a potential shift toward enhancing shareholder value and quality growth through capital recycling and share buyback resumption in fiscal year 2026 presents a possible upside risk.
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