Jardine Matheson sets $500 million buyback as new CEO sets out plans
Jardine Matheson Holdings Ltd on Tuesday set out its 2030 objectives at what the 194-year-old company called its ‘first ever’ investor day, guiding for a growing dividend and announcing a new share buyback programme.
The Hong Kong-based holding company, which was founded in 1832, has interests in retail, property, hotels and motor dealerships. It updated on its investment strategy and return targets at the event in the city.
Jardine Matheson said it aims to deliver a shareholder return of at least 9% per year, as well as grow its dividend by a minimum of 5% annually.
The company also plans to recycle at least $4 billion of capital from its portfolio, with this excluding recycling commitments from Hongkong Land and Astra.
Alongside this, Jardine announced a new $500 million share buyback programme, which will be completed by the end of 2027.
Jardine Matheson added that it seeks to build at least $200 million in additional profit after tax and minority interests from new growth pillars via inorganic acquisitions.
‘Our objective is to become an outstanding investor and owner dedicated to building a diverse portfolio of high-quality, scaled businesses in Asia Pacific,’ said Chief Executive Lincoln Pan, who took over the top job at the beginning of December last year.
‘Over the past year, we have accelerated our capital allocation programme, including recycling capital from lower yielding assets to supporting buyback programs, a growing dividend and the control acquisition of I?MED. We are working toward building a diverse, sustainable portfolio of quality assets with a target of delivering greater than 9% [per annum] five-year TSR and our leadership team is fully accountable for and aligned with this target.’
The company also provided some detail on the types of assets it plans to invest in, noting that it will aim to become a control owner in its portfolio companies as well as invest to diversify its existing positions and improve the quality of earnings.
Jardine Matheson explained that it will seek investments in market leading business that can scale from an Asia Pacific geographic base, and which are capable of adopting technology such as AI to accelerate growth.
The company also will invest in growth accretive, cash generative businesses and those with a pathway to $100 million plus in profit after tax and minority interests in under five years, it said.
Shares in Jardine Matheson was down 3.5% at $63.50 late Tuesday in Singapore.
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