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Jardin Matheson
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Joelton
Supreme |
17-Jun-2022 09:05
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JPMorgan records sought in case alleging ' unfair' Jardine deal
JPMorgan Chase & Co. documents and testimony are being sought in a suit alleging Hong Kong conglomerate Jardine Matheson Holdings Ltd.&rsquo s US$5.5 billion ($7.65 billion) buyout of a subsidiary was &ldquo coercive and fundamentally unfair&rdquo to minority shareholders.
In a filing Wednesday in Manhattan federal court, investors in the subsidiary, Jardine Strategic Holdings Ltd., asked for permission to file a subpoena on JPMorgan. The bank&rsquo s JPMorgan Cazenove Ltd. unit was the lead financial adviser to Jardine Matheson when it took the subsidiary private in April 2021.
Minority shareholders, who held about 15% of Jardine Strategic, have previously complained that Jardine Matheson&rsquo s offer price represented a US$1 billion discount to the value of their holdings.
Maso Capital Investments Ltd. and Singapore investor Clifford Cheah King Mun said they are seeking to use evidence from JPMorgan and other advisers on the buyout in a proceeding in Bermuda Supreme Court aimed at determining the fair value of their shares in Jardine Strategic. Maso and Cheah filed a similar petition in Delaware federal court last month seeking evidence from Evercore Inc., a UK unit of which produced a valuation opinion on the deal.
&lsquo Noble House&rsquo
One of Hong Kong&rsquo s last remaining British trading houses, Jardine Matheson was the inspiration for James Clavell&rsquo s novel &ldquo Noble House.&rdquo The conglomerate is still a major player throughout Asia, with businesses including real estate, automobiles, hotels and retail. The buyout created a single holding company for its subsidiaries.
Founded by Scots William Jardine and James Matheson, the group has been controlled for generations by the Keswick family and is currently led by executive chairman Ben Keswick. Minority shareholders in Hong Kong have long complained of their lack of power in the face of family control of the territory&rsquo s largest businesses.
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ozone2002
Supreme |
06-Jun-2022 11:08
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Jardine Matheson Holdings Ltd (JM SP) Shares closed above the 200dMA on Friday. Previously, the 200dMA was the resistance, but it is now the short-term support. Both RSI and MACD are constructive. Long &ndash Entry 56.91, Target 59.87, Stop 55.60 
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ozone2002
Supreme |
27-May-2022 10:58
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57.14  +1.643% rally today gd luck dyodd |
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latentalent
Member |
24-May-2022 23:15
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Not sure where you have obtained the NTA/NAV figure of $42. In JMH' s full year report in 2020, its net asset value (NAV) per share is USD 81.32 (page 2). I am not able to find the figure in the full year report for 2021. https://links.sgx.com/FileOpen/JMH.ashx?App=Announcement& FileID=651736 One analyst from Smartkarma said that historically, JMH will trade at 20% discount to its NAV. At 30% discount to NAV, JMH shares are considered inexpensive. |
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lukewong82
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24-May-2022 13:57
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eg: Company A has 100 shares. Assets of $5000. So NTA = $5000/100 = $50 . Share price trading at $50. The company conducts a share buyback and then cancel off the shares that was brought aka capital reduction. Example: Company A spend $2000 buying 40 shares at $50 each thru share buyback So Company A now has 60 shares left after canceling the 40 shares bought back . Assets left with $5000 - $2000( use for buyback) = $3000. So NTA = $3000/60 = $50 ==> So share price will continue to trade at $50. UNLESS the market crashed and share price dropped to $10. Company A will be able to spend only $400 buying 40 shares at $10 each thru share buyback So Company A now has 60 shares left after canceling the 40 shares bought back . Assets of $5000 - $400( use for buyback) = $4600. So NTA = $4600/60 = $77 ==> Now the share price will rocket to $77 in this case. So JMH has been buying at around $50+ which is quite close to it' s NTA of $42. So the impact is minimal. Unless JMH can manage to buy back at a large discount to it' s NTA, if not share price will not change much.
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latentalent
Member |
24-May-2022 11:53
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https://links.sgx.com/FileOpen/JMH.ashx?App=Announcement& FileID=705970 JMH has done a detailed calculation of its EPS on page 30 of its full year results earnings report (see above). In 2021, its weighted average number of shares in issue was 721 million shares. After deducting Company&rsquo s share of shares held by subsidiaries (408 million shares), its weighted average number of shares for diluted earnings per share calculation was 313 million shares. Using these number of shares, it arrived at the EPS of USD6.01. So we can see the effects of its buyback scheme. Its weighted average number of shares for diluted earnings per share calculation was 368 million shares in 2020 but had been reduced to 313 million. If the number of shares is currently at 289 million shares, then this means that the simplification process has further reduced the number of shares... |
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lukewong82
Master |
24-May-2022 08:29
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BUT JMH has already spent US$250 million buying up the shares aka the US$250million are given away. So means NTA is now US$250million less, u cannot expect the market cap to remain the same. Hot stock: Jardine Matheson up as much as 4.7% on proposed US$250m share buyback, Stocks - THE BUSINESS TIMES SHARES of Jardine Matheson Holdings (JMH) JMH USD : J36 -1.15% 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.
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Jiyaji
Member |
24-May-2022 08:25
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Thank you. IMHO the calculation for JMH is pretty straightorward as they have no o/standing shares, treasury shares, warrants or stock options (like in most companies) which, if present, complicate the issue. Hence, in this particular case Shareholder funds (net of minority interests) divided by outstanding equity shares (as stated in AR or subsequent updated after Share buyback) would give the NAV/Share. I too am no accountant or CPA but a simple ex-sailor :) |
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latentalent
Member |
23-May-2022 23:43
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I am not familar with accounting terms but it seems like shareholder funds are calculated in a different way from the number of outstanding shares. The P/E ratio will give us an indication of the number of outstanding shares.
How to calculate shareholders' fundsMarch 28, 2022Shareholders' funds refers to the amount of equity in a company, which belongs to the shareholders. The amount of shareholders' funds yields an approximation of theoretically how much the shareholders would receive if a business were to liquidate. The amount of shareholders' funds can be calculated by subtracting the total amount of liabilities on a company' s balance sheet from the total amount of assets. Also, if the balance sheet includes the financial position of subsidiaries, then the recorded amount of minority interests must also be excluded from the calculation. Shareholders' funds are usually considered to be comprised of the common stock, preferred stock, retained earnings, and treasury stock accounts. Calculation of Shareholders&rsquo FundsThe complete calculation of shareholders' funds is as follows: Total assets - Total liabilities - Minority interests = Shareholders' funds Example of Shareholders&rsquo Funds CalculationABC International reports $1,000,000 of total assets and $750,000 of total liabilities, along with $50,000 of minority interests. Based on this information, the amount of shareholders' funds is $200,000. https://www.accountingtools.com/articles/how-to-calculate-shareholders-funds.html What Are Shares Outstanding?Shares outstanding refer to a company' s stock currently held by all its shareholders, including share blocks held by institutional investors and restricted shares owned by the company&rsquo s officers and insiders. Outstanding shares are shown on a company&rsquo s balance sheet under the heading &ldquo Capital Stock.&rdquo The number of outstanding shares is used in calculating key metrics such as a company&rsquo s market capitalization, as well as its earnings per share (EPS) and cash flow per share (CFPS). A company' s number of outstanding shares is not static and may fluctuate wildly over time. https://www.investopedia.com/terms/o/outstandingshares.asp |
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Jiyaji
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22-May-2022 19:02
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Kindly recheck. From the Annual report - Shareholder funds are $29,781 M, NAV 102.87 which implies the number of outstanding shares is ~ 289,400 Mill i.e. approx the same as the new total o/standing share after the capital reduction exercise. I may be wrong. |
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latentalent
Member |
22-May-2022 00:00
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Jardine Matheson has reduced the number of shares by more than 400,000 shares, effective from 18 May 2022. Given that it only has around 290,000 shares now, its share price has to go up to USD140 in order to maintain the same market capitalisation of USD40 billion. More upside! At the Jardine Matheson Holding& rsquo s AGM on 5th May 2022, shareholders approved the cancellation of 426,938,280 shares in the Company as part of a reduction in capital (the & lsquo Reduction& rsquo ) which constituted the final stage in the Group simplification which started last March. On 18th May 2022, the Company announced that the Reduction had taken effect and that the Company& rsquo s issued share capital was now 289,435,103 shares. https://links.sgx.com/FileOpen/JMH.ashx?App=Announcement& FileID=717879 |
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ozone2002
Supreme |
25-Mar-2022 12:00
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59.0 now nice rally enjoy the ride its the weekend
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ozone2002
Supreme |
23-Mar-2022 16:13
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I must commend on ur flawless track record
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Mocha_frosco
Master |
23-Mar-2022 15:19
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wow .... master in fortune telling for JMH | ||||
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ozone2002
Supreme |
23-Mar-2022 14:56
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$57.71 up 5.5% more like free Cheong instead of free fall Need to discern the fake news forummers from the real ones U know who has ur money making interest at heart gd luck dyodd
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Mocha_frosco
Master |
17-Mar-2022 09:32
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free fall... | ||||
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ozone2002
Supreme |
17-Mar-2022 09:13
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$57.46 top gainer today know how to read charts and ignore the noose gd luck dyodd
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Mocha_frosco
Master |
16-Mar-2022 14:47
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free fall... | ||||
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ozone2002
Supreme |
16-Mar-2022 11:59
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Now at $55 bottom reversal in place gd luck dyodd
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ozone2002
Supreme |
15-Mar-2022 09:19
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Bottom out and rebounding today with this being one of the top gainer gd luck dyodd
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