SHARES of Jardine Matheson Holdings (JMH) JMH USD: J36 +3.94% saw brisk trading in the morning on Thursday after the group said it was proposing a US$250 million share buyback plan.

 

The counter reached a high of US$53.45 as at 9am, up US$2.42 or 4.7 per cent.

 

No married deals were recorded, according to ShareInvestor data.

 

As at 9.25am, the counter saw 118,800 shares worth US$6.3 million changing hands. Its shares had eased slightly to trade at US$53.29, up US$2.26 or 4.4 per cent.

 

JMH is intending to return up to US$250 million to its shareholders by June 30, 2022, it said in a bourse filing on Thursday morning.

 

It added that the purpose of the share buyback is to reduce the capital of the company, and is in line with Jardine Matheson Group' s previously announced capital allocation policy.

 

" The group remains committed to returning gearing nearer to historic levels over the medium term, following the simplification of the group' s holding structure earlier in the year," JMH said.

 

Earlier this month, Hongkong Land - a member of the Jardine Matheson Group - also announced it was proposing a US$500 million share buyback programme, which will be extended until Dec 31, 2022.

 

Hongkong Land owns and manages office and luxury retail properties in Hong Kong, Singapore, Beijing and Jakarta.

 

JMH had reported a net loss of US$117 million for the first half ended June 30, 2021, narrowing from US$775 million a year ago. The mainboard-listed group recorded a non-trading net loss of US$732 million in H1, compared with US$1.1 billion a year ago, largely due to semi-annual revaluation of investment properties in Hongkong Land.

 

JARDINE Matheson Holdings (JMH) on Thursday reported a net loss of US$117 million for the first half ended June 30, 2021, narrowing from US$775 million a year ago.

 

The group recorded a non-trading net loss of US$732 million in H1, compared with US$1.1 billion in the first half of 2020. This was largely due to semi-annual revaluation of investment properties in Hongkong Land.

 

Underlying net profit rose 65 per cent to US$615 million. Within the overall 65 per cent growth, about 59 per cent reflected recovering business performance and 6 per cent reflected the impact of completing the privatisation of Jardine Strategic Holdings, said JMH.

 

Loss per share was 0.35 US cent compared with 2.09 cents a year ago.

 

The board is recommending an interim dividend of 44 US cents per share, in line with the year before.

 

Group revenue increased 10 per cent to US$17.5 billion. Astra, one of JMH' s largest profit contributors, saw revenue increase 27.7 per cent to US$14.1 billion. Jardine Motors, another significant contributor, saw revenue rise 36.8 per cent to US$16.1 billion.

 

With the exception of Dairy Farm, the group said all of its significant businesses saw improved profits, including reduced losses from Mandarin Oriental and Dairy Farm' s associate, Maxim' s. However, group profits still remain around 17 per cent behind the levels seen prior to the onset of the pandemic.

 

Astra reported net profit equivalent to US$615 million under Indonesian reporting standards, a 61 per cent increase after excluding the gain on the disposal of the interest in Permata Bank.

 

This was mainly due to improvements in the performance of its automotive businesses, against the backdrop of an Indonesian economy which remains resilient as a result of high commodity prices, said JMH.

 

JMH expects the absence of tourists from the Chinese mainland to continue impacting the businesses in North Asia, including Hongkong Land' s Central retail portfolio in Hong Kong, Dairy Farm' s health and beauty business, and Mandarin Oriental' s hotels.
 

JARDINE Matheson Holdings said on Thursday that its full-year outlook remains uncertain, despite progress for " most businesses" in its portfolio.

 

The investment company still faces challenges from the Covid-19 pandemic, it announced in an interim business update for the first quarter.

 

Fully-owned Jardine Pacific, which holds non-listed interests in Asia, posted " a good overall performance in the period" .

 

These included higher contributions from construction services joint venture Gammon lift and escalator joint venture Jardine Schindler food service franchisee Jardine Restaurants and Hong Kong Air Cargo Terminals.

 

The Jardine Motors business unit saw earnings rise year on year across all markets, fuelled by factors such as strong demand for new cars in mainland China and Hong Kong. But Singapore-listed, 75 per cent-owned Jardine Cycle & Carriage reported a contraction in business, on weaker contributions from Indonesian conglomerate Astra.

 

" Jardine Cycle & Carriage' s overall performance has gradually improved in recent quarters, but the pandemic and related containment measures are expected to continue to affect its performance for some time," the parent company said, while noting improvements at strategic investments Truong Hai Auto Corp and Siam City Cement.

 

Jardine Matheson also reiterated summaries of the performance at other listed subsidiaries - developer Hongkong Land, luxury hotelier Mandarin Oriental and retailer Dairy Farm - that had posted separate business updates to the Singapore bourse the day before.

 

For instance, Mandarin Oriental expects losses to extend into the second quarter, while Dairy Farm faces a decline in grocery sales as consumer behaviour normalises.

 

Meanwhile, Jardine Matheson affirmed that it would " maintain a prudent funding approach" involving capital allocation and investment-grade credit metrics, after the consolidation of Jardine Strategic Holdings was completed in April.

 

" Progress to refinance the acquisition debt facility is well advanced," Jardine Matheson said, while confirming that the deal would have increased key net borrowings to US$9.2 billion and net gearing to 16 per cent as at Dec 31, 2020 on a pro forma basis.

 

It added that it " remains resilient and well-positioned to achieve its long-term growth objectives, with a strong balance sheet and liquidity position" .

 

JARDINE Matheson Holdings (JMH) does not intend to raise its offer price of US$33 per share for the about 15 per stake in Jardine Strategic Holdings (JSH) that it does not own or US$5.5 billion for the buyout, the conglomerate told The Business Times (BT).

 

Despite its offer price being criticised for being lowball and prompted shareholders to consider legal action to have it appraised in Bermuda, Jardine Matheson insists that US$33 is " fair value" as both the Jardine Strategic Transaction Committee and Jardine Matheson have been " rigorous" in their assessment.

 

A Jardine Matheson spokesperson said: " We remain firmly of the view that JMH has offered fair value for the JSH shares. If appraisal rights were to be exercised in the Bermuda court, the court will rigorously examine the question of fair value, taking account of all relevant factors. Shareholders will have seen the factors taken into account by the Jardine Strategic Transaction Committee (set out in the circular) which demonstrate that it adopted a similarly rigorous approach before concluding that the JMH offer is fair.

 

" JMH undertook its own comprehensive analysis before making its offer. In such circumstances, whilst we are hopeful that lengthy, costly court proceedings will not prove to be necessary, we are confident that the robustness of the processes which have been undertaken and the fairness of the acquisition price will be vindicated in any proceedings."

 

United First Partners' head of Asian research Justin Tang has spearheaded an initiative to seek appraisal of fair value in Bermuda, rallying individual dissenting shareholders to join his institutional clients in the legal proceedings.

 

He told BT that there are two to three family offices holding US$15 million in total shareholding that have indicated interest to challenge the US$33 offer price - more than 40 per cent below net asset value.

 

Around the time when the initiative was announced on March 18, Jardine Strategic' s share price started to rise past the offer price and hit a high of US$34.25 on March 23. It was trading 0.51 per cent lower at US$33.10 at 11am on Monday.

 

Should Jardine Strategic' s fair value appraised by the Bermuda court to be greater than the acquisition price of US$33, Jardine Matheson is to pay dissenting Jardine Strategic shareholders the difference between the appraised value and the acquisition price within a month of the court' s decision.

 

However, should the court value it to be equal or lower than the acquisition price, the dissenting Jardine Strategic shareholders will be entitled only to the acquisition price.

 

The Securities Investors Association (Singapore), which is arranging for individual shareholders of Jardine Strategic to connect with Mr Tang, pointed out that dissenting shareholders need to convert their shares from The Central Depository, or CDP, into certificated form before they are able to enforce their legal rights, and they have to do this by 5pm on March 30.

 

Dissenters can register on this platform by 5pm on March 30: http://bit.ly/3bUMR7u

Minority investors dealt the short end of the stick, says Justin Tang of United First Partners

 

JARDINE Matheson' s offer for Jardine Strategic has left some investors and observers dissatisfied, not least because of the lowball price but also by how the opposing votes by minority investors have been made inconsequential in this deal.

 

The deal, that sees Jardine Matheson pursuing by way of an amalgamation under the law of Bermuda where Jardine Strategic is incorporated, is certain to be secured as the offeror with an 84.9 per cent stake has said it will vote in favour.

 

While it will acquire the stakes at US$33 a share without much hassle, the " walkover" Jardine Matheson has staged - an analyst estimated it could save US$2 billion - is hardly palatable.

 

Mak Yuen Teen, an associate professor at the National University of Singapore Business School, while noting a fair price is not easily determined, said: " What rankles is the fact that there are no truly independent directors to ensure that this is fair."

 

The corporate governance watcher pointed out that the Jardine Strategic Transaction Committee that deliberated the acquisition for independent shareholders has only two directors. Though they are not on the board of Jardine Matheson, he noted that they are on the boards of other Jardine companies.

 

And shareholders' approval is not required to delist Jardine Strategic from the London Stock Exchange (LSE) as the counter has a standard listing and not a premium listing there. The counter has a secondary listing in Singapore and Bermuda, and these listings too will be dropped after it is absorbed into Jardine Matheson.

 

" The whole episode just shows how far the standards for a standard listing on LSE are from international acceptable standards, and raises questions again about SGX (Singapore Exchange) accepting a standard listing as equivalent to a premium listing for the purpose of a secondary listing... SGX ought to only exempt secondary listings from compliance with its rules when the rules in the primary exchange are comparable," said Prof Mak.

 

Jardine Matheson, Dairy Farm International, Hongkong Land, and Mandarin Oriental International all have a standard listing in the UK, and secondary listings in Singapore and Bermuda.

 

As far back as the time when the Jardines transferred to a standard listing in 2014 in London, Prof Mak had flagged the potential corporate governance issues.

 

The change to a standard listing was prompted by the Jardines' intention to " maintain its existing structure and governance model" , when the UK proposed changes to the regulation for premium-listed firms with a controlling shareholder.

 

The UK authority wanted to regulate the degree of influence of controlling shareholders over operations and management of premium-listed firms, requiring those firms to operate on a standalone basis as well as emphasising the role of independent directors in relation to governance.

 

Neither the takeover codes in Singapore nor the UK apply to this acquisition, either because Jardine Strategic has a secondary listing here or it is incorporated in Bermuda.

 

Nicolas Van Broekhoven, who publishes on Smartkarma, urges environmental, social and governance-themed funds to avoid investing in the Jardines.

 

The bid of US$33 per share is another sore point, especially after Jardine Strategic reported its net asset value of US$58.20 - determined on a market value basis - when its financial results were released last Thursday, post acquisition announcement.

 

The bid represents a discount of 43 per cent to that value.

 

Justin Tang, head of Asian research at United First Partners, told The Business Times that his clients with US$200 million invested in Jardine Strategic are bringing the case to the Bermuda court for the fair value to be appraised - the only recourse for the minority. The lawyers told him that there is a " very strong chance" that the offeror would have to pay a premium over the offer price.

 

He said: " The Jardines have done everything by the book, yet have dealt the minority the short end of the stick with its US$33 offer for Jardine Strategic."

 

Jardine Matheson said the offer price is a 20.2 per cent premium to Jardine Strategic' s close of US$27.45 before the acquisition bid was made, though an analyst has also noted that the close price was near the lower end of its range over the last six years.

 

Mr Van Broekhoven stated that Jardine Matheson could have proposed a swap for Jardine Matheson shares that would have more adequately compensated Jardine Strategic shareholders, affording them the upside from the combined entity.

JARDINE Matheson Holdings (JMH) on Thursday reported a full-year net loss of US$394 million, reversing from a net profit of US$2.84 billion a year ago, largely due to weaker performances by Astra and Jardine Cycle & Carriage, as well as decreases in property valuations.

 

Without the decreases in property valuations totalling some US$1.4 billion, the group would have recorded a US$1.09 billion net profit for the year ended Dec 31, 2020, 32 per cent lower than the year ago.

 

Astra, one of JMH' s largest profit contributors, recorded full-year net profit of 16.2 trillion rupiah (S$1.47 billion) which is 26 per cent lower than that for FY2019. Excluding a one-off gain from the sale of the group' s investment in Permata Bank, net profit would have decreased 53 per cent year on year to 10.3 trillion rupiah.

 

This was mainly due to weaker performances by its automotive, heavy equipment and mining, and financial services divisions, as a result of the impact of the pandemic and related containment measures, JMH said.

 

Similarly, Jardine Cycle & Carriage' s net profit was US$540 million, 39 per cent lower than the same period last year. Among other factors, this was due to lower contributions from Astra the group also recorded an impairment loss of US$182 million in respect of its investment in Siam City Cement, " reflecting several years of challenging market conditions" .

 

JMH group managing director John Witt said that the group' s performance in the first part of 2021 is expected to be affected in particular by the continuing headwinds faced by its businesses in South-east Asia and the ongoing low levels of Chinese mainland and other visitors to Hong Kong. " There is continued robust economic activity on the Chinese mainland, but it is uncertain whether this will be maintained," he added.

 

JMH also noted that its gearing has come down to 6 per cent, from 7 per cent at the end of December 2019. However, the group will take on additional debt in order to acquire the roughly 15 per cent of Jardine Strategic Holdings (JSH) shares it does not already own, sending its gearing up from the current 6 per cent to 16 per cent upon the completion of the acquisition.

 

Earlier this week, JMH had announced that it would delist JSH, its next largest unit, in a US$5.5 billion buyout deal to simplify its structure.

 

Separately on Thursday, JSH announced a full-year net loss of US$863 million, reversing from a net profit of US$2.18 billion a year ago. 

 

This worked out to a loss per share of US$1.54, versus earnings per share of US$3.86 previously. 

 

JARDINE Matheson Holdings announced on Monday it will simplify the parent company structure of the group by acquiring the 15 per cent of Jardine Strategic Holdings it does not already own. The acquisition is valued at approximately US$5.5 billion.

 

Upon completion, Jardine Matheson will be the single holding company for all its Jardine subsidiaries, a move which the group said will result in a " conventional ownership structure and a further increase in the group' s operational efficiency and financial flexibility" .

 

Jardine Strategic shareholders will be entitled to receive US$33 for each share that they own.

 

The acquisition is expected to become effective by the end of April 2021.

 

Further, Jardine Matheson said it intends to cancel the 59 per cent shareholding in Jardine Matheson held by Jardine Strategic through a reduction of capital at Jardine Matheson' s annual general meeting in 2022.

 

At US$5.5 billion, the acquisition price represents a 20.2 per cent premium to the last closing price of US$27.45 per Jardine Strategic share on March 5. The price is also at a 29 per cent and 40.3 per cent premium to the volume-weighted average closing price per share over the one-month and six-month period respectively ended March 5.

 

" The simplification of our ownership structure is a natural step in the evolution of the group and will create value for our shareholders," said Ben Keswick, executive chairman of Jardine Matheson.

 

" Taking full ownership of Jardine Strategic is consistent with our policy of investing further in the growth prospects of our existing businesses and highlights the benefits of consistently maintaining the group' s financial strength."

 

Founded by Scottish traders William Jardine and James Matheson in 1832, the company has resisted takeover attempts with its cross-holding structure, allowing its owners to control most parts of the Jardine empire with a relatively small stake.

 

The Hong Kong-registered company was added to The Straits Times Index in September 2008, with five of its subsidiaries, including Jardine Strategic, joining the index later. 

 

Jardine Matheson is the listed holding entity of the Jardine group of companies - which has businesses in sectors such as property, retailing, hotels and motor vehicles, to name a few. 

 

The group holds an 85 per cent stake in Jardine Strategic - which in turn has interests in property developer Hongkong Land, auto dealer Jardine Cycle & Carriage, hotel group Mandarin Oriental and Dairy Farm - which owns grocer Cold Storage and Guardianm, a health and beauty retailer. 

 

Both Jardine Matheson and Jardine Strategic will announce their FY2020 preliminary results this Thursday. Jardine Matheson said it expects results " to be in line with market expectations, with full-year underlying net profit of US$1,085 million and underlying earnings per share of US$2.95" .

THE Jardine group' s history dates back nearly two centuries to the tea and opium trade in China. Over the years, it has evolved to become one of the largest conglomerates in the region, with hotels, automobiles and supermarkets among its businesses. The Business Times takes a brief look at the history of Jardine Matheson Holdings:

 

1800s:

 

Jardine, Matheson & Co (JM & Co) was founded in July 1832 as a trading house by two Scots: doctor-turned-trader William Jardine and another trader, James Matheson, in Canton, China.

In its early years, the company was involved in the opium trade in China while exporting tea to England.

Around 1840, the group moved its main office to Hong Kong.

The conglomerate had interests in a multitude of businesses, among them shipping, banking and insurance, sugar refining, cotton mills and the first ice-making factory in Hong Kong.

It partnered Sir Paul Chater to form Hongkong Land in 1889, and helped establish The Star Ferry Company in 1898.

 

Early 1900s:

 

 

In 1912, Shanghai became the firm' s headquarters and it began to expand into new products and services to meet the growing industrialisation needs in China.

In the 1950s, the group closed its mainland China offices, similar to other foreign companies, with the head office returning to Hong Kong.

JM & Co became a public company in 1961.

Hongkong Land opened the Mandarin Hotel, while Dairy Farm acquired the Wellcome grocery chain in Hong Kong.

 

1980s:

 

A series of restructurings creates a cross-holdings structure meant to deter hostile takeovers.

In 1984, Jardine Matheson Holdings Limited (JMH) was formed as the group' s holding company. It was incorporated in Bermuda.

In 1986, Dairy Farm and Mandarin Oriental were listed in Hong Kong. Jardine Strategic Holdings Limited (JSH) was formed to hold stakes in a number of group companies.

 

1990s:

 

Jardine International Motors was formed, bringing together the group' s motor vehicle interests.

Around 1994, JMH pulled its listing out of Hong Kong and moved to London and Singapore.

Dairy Farm expanded further, acquiring supermarket operations in Spain, New Zealand, Singapore and Malaysia. The European operations were later sold.

Jardine Insurance Brokers was listed in London in 1991, later merging with another broker to form Jardine Lloyd Thompson, which was sold in 2019.

 

2000s:

 

Minority shareholders tried unsuccessfully around 2000 to dissolve the cross-shareholdings structure.

JMH made a long-term investment in Indonesian conglomerate Astra International, which has broadened Jardine' s portfolio in South-east Asia. Astra made an equity investment in Gojek in 2018.

The group also raised its stake in Cycle and Carriage, with the name of the entity subsequently changed to Jardine Cycle & Carriage.

Hongkong Land acquired MCL Land to further enhance residential capabilities.

JMH said on Monday it will simplify the parent company structure of the group by acquiring the 15 per cent of Jardine Strategic Holdings it does not already own.

 

JARDINE Matheson Holdings (JMH) has been downgraded to " hold" by CGS-CIMB in a research note on Tuesday, as it believes the shares have already priced in short-term recovery expectations.

 

Shares of JMH were trading at US$53.47 as at 11.35am on Wednesday, down US$1.05 or 1.9 per cent from the previous close. However, the stock has gained around 34.8 per cent during this quarter, up from the US$39.68 close on Sept 30.

 

" We believe JMH' s share price has priced in short-term recovery expectations," CGS-CIMB analyst, William Tng, wrote. " Recovery is likely to be a slow and long process, hence, we downgrade JMH to a ' hold' ."

 

While the rating has been downgraded, the brokerage has increased its target price (TP) for JMH to US$54.68 based on a 0.85 price-to-book value ratio (P/BV), in line with the historical average for the 2000 to 2019 financial years.

 

CGS-CIMB' s previous TP for JMH was US$48.61 based on a 0.78 P/BV. It believes that most of the bad news has been priced in, and JMH could rerate back to its historical average P/BV.

 

The brokerage noted that there was sequential improvement in business, with JMH guiding that there was some improvement in performance across many of the group' s businesses in the third quarter, compared to Q2 2020.

 

However, the group has also guided that performance is expected to remain weak in the fourth quarter, significantly influenced by the impact of Covid-19 and the reduction of government support, the analyst wrote. He noted that the key earnings contributors for JMH are Hongkong Land, Dairy Farm International and Jardine Cycle & Carriage.

 

For Hongkong Land, CGS-CIMB noted that the Hong Kong Central office portfolio continued to register positive rental reversion in the first half of 2020, despite rising vacancy. It also noted that the valuation remained attractive, at 60 per cent discount to net asset value. It has an " add" rating on Hongkong Land, with a TP of US$5.10.

 

On Dairy Farm, the brokerage also had an " add" rating, with TP of US$4.50. It noted that while medium-term prospects are uncertain, sentiment for the stock is likely to improve once recovery plays are revisited.

 

For Jardine Cycle and Carriage, CGS-CIMB noted that performance continued to be affected by challenging trading conditions, caused by weak business and consumer sentiment, although there was some improvement in a number of its businesses quarter on quarter. It does not have a rating on Jardine Cycle and Carriage.

 

The analyst said the key upside and downside risks for JMH remain Covid-19' s impact on economic conditions in Greater China and South-east Asia, as well as US-China tensions.

 

JARDINE Matheson Holdings on Tuesday reported declining net profits in the third quarter of 2020 from a year ago, due to the impact of the Covid-19 pandemic and as government support tapers off.

 

Compared with Q2 however, the group saw improvement in many of its businesses, thanks in part to government support, the company said in an interim management statement on Thursday, without specific numbers.

 

Jardine Pacific had an overall increase in earnings in Q3 from the previous quarter, with improved contributions from Jardine Engineering Corporation, Hong Kong Air Cargo Terminals Limited and Jardine Restaurant Group' s Pizza Hut businesses in Hong Kong and Taiwan.

 

Gammon Construction' s order book remained healthy, boosted by its securing of Hong Kong International Airport Terminal 2' s expansion works project in August, it added.

 

Jardine Motors' performance improved in Q3 from Q2, with Zung Fu China and Zhongsheng benefiting from a strong recovery in luxury car sales.

 

Other businesses however experienced weaker underlying trading performances. Jardine Aviation Services had been significantly affected by low flight volumes and remain " loss-making" , Jardine said.

 

As for Jardine Strategic' s businesses, Hongkong Land' s overall performance continued to be negatively impacted by the pandemic, it said. In particular, retail rent in its investment properties business took a hit, although contributions from the office portfolio remained stable.

 

However, sentiment in Hongkong Land' s main markets in mainland China has generally recovered to pre-pandemic levels, it said.

 

Dairy Farm also had better showing in Q3 than Q2, although it continued to be affected by Covid-19. Grocery retail performed strongly in North Asia, Singapore and Malaysia, supported by operational improvements as part of the group' s multi-year transformation programme, as well as changing customer behaviours as a result of the pandemic. This was not the case for Indonesia, however, which faced significant impact from government restrictions.

 

Meanwhile, Mandarin Oriental also continued to be severely impacted by Covid-19, with business levels remaining low even though almost all hotels in its portfolio have reopened. It added that a material recovery is not expected until the second half of 2021, which means it will report a " substantial loss" for 2020.

 

Jardine Cycle & Carriage' s performance also continued to be affected by challenging trading conditions, the group said, although Q3 had better showing than Q2

 

JARDINE Matheson Holdings on Tuesday reported declining net profits in the third quarter of 2020 from a year ago, due to the impact of the Covid-19 pandemic and as government support tapers off.

 

Compared with Q2 however, the group saw improvement in many of its businesses, thanks in part to government support, the company said in an interim management statement on Thursday, without specific numbers.

 

Jardine Pacific had an overall increase in earnings in Q3 from the previous quarter, with improved contributions from Jardine Engineering Corporation, Hong Kong Air Cargo Terminals Limited and Jardine Restaurant Group' s Pizza Hut businesses in Hong Kong and Taiwan.

 

Gammon Construction' s order book remained healthy, boosted by its securing of Hong Kong International Airport Terminal 2' s expansion works project in August, it added.

 

Jardine Motors' performance improved in Q3 from Q2, with Zung Fu China and Zhongsheng benefiting from a strong recovery in luxury car sales.

 

Other businesses however experienced weaker underlying trading performances. Jardine Aviation Services had been significantly affected by low flight volumes and remain " loss-making" , Jardine said.

 

As for Jardine Strategic' s businesses, Hongkong Land' s overall performance continued to be negatively impacted by the pandemic, it said. In particular, retail rent in its investment properties business took a hit, although contributions from the office portfolio remained stable.

 

However, sentiment in Hongkong Land' s main markets in mainland China has generally recovered to pre-pandemic levels, it said.

 

Dairy Farm also had better showing in Q3 than Q2, although it continued to be affected by Covid-19. Grocery retail performed strongly in North Asia, Singapore and Malaysia, supported by operational improvements as part of the group' s multi-year transformation programme, as well as changing customer behaviours as a result of the pandemic. This was not the case for Indonesia, however, which faced significant impact from government restrictions.

 

Meanwhile, Mandarin Oriental also continued to be severely impacted by Covid-19, with business levels remaining low even though almost all hotels in its portfolio have reopened. It added that a material recovery is not expected until the second half of 2021, which means it will report a " substantial loss" for 2020.

 

Jardine Cycle & Carriage' s performance also continued to be affected by challenging trading conditions, the group said, although Q3 had better showing than Q2.