Jardines Matheson targets $5.1b portfolio recycling by 2030

The group launched a $640.9m (US$500m) share buyback through 2027.

Jardine Matheson Holdings (JMH) plans to recycle at least $5.1b (US$4b) from its portfolio and generate at least $256.3m (US$200m) in additional profit from new acquisitions by 2030.

The recycling target excludes commitments from Hongkong Land and Astra, JMH said in a statement.

The group also announced a new $640.9m (US$500m) share buyback programme, which will run until the end of 2027.

JMH said it targets at least 9% annualised five-year total shareholder return and dividend growth of at least 5% each year.

The targets were announced at the group’s first Investor Day, where it outlined its investment strategy and return objectives through the end of the decade.

This follows the company’s recent $3.1b (US$2.4b) investment to acquire a 100% stake in I-MED Radiology Network.

For new investments, Jardines will look for market-leading businesses that can scale from a geographic base in Asia-Pacific and use technology, including artificial intelligence.

It is also targeting firms that are cash-generative, accretive to earnings per share and cash generation, and able to contribute to dividend per share and earnings per share over the medium term.

Target businesses should also have a pathway to more than $128.2m (US$100m) in profit after tax and minority interests within five years.

The group will seek control or joint-control positions where it can appoint and align with management.

$1 = US$0.78

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