Jardine stocks end mixed after morning gains; JMH, HKL decline, JC&C up 3.8% on special dividend

[SINGAPORE] Shares of Jardine Matheson Holdings (JMH) rose as much as 3.6 per cent on Friday (Jul 31) morning. This was on the back of its 9 per cent growth in underlying profit for the first half ended Jun 30 to US$735 million, from US$676 million in the previous corresponding period.

The counter rose US$2.41 to hit US$70 shortly after market open at 9.02 am.

Close to midday at 11.24 am, however, JMH had shed all of its gains. The counter was down at US$66.97, after having lost US$0.62 or 0.9 per cent. It later ended Friday at US$66.41, down 1.7 per cent or US$1.18.

Meanwhile, at 9.02 am, JMH subsidiary Jardine Cycle & Carriage (JC&C) rose 7.6 per cent or S$2.16 to S$30.49.

By 11.24 am, the counter eased to S$29.48, still S$1.15 or 4 per cent higher. It ended Friday’s session at S$29.40, still 3.8 per cent or S$1.07 higher.

Both groups released their financial results on Thursday.

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While JC&C reported an 11 per cent year-on-year drop in underlying profit to US$473 million, down from US$529 million, it also proposed a special dividend of around US$0.73 per share, comprising a cash distribution and an in-specie distribution of its remaining Toyota Motor shares.

The cash payout of US$0.37 a share is funded by Jardine’s divestments of Tokyo-listed Toyota shares in April, while the distribution-in-specie of around 7.2 million common shares of Toyota is valued at around US$0.36 a share.

Hongkong Land also increased 1.1 per cent or US$0.09 on Friday morning to hit US$8.43.

SEE ALSO

Jardine Matheson posts 9% growth in H1 underlying profit to US$735 million

By 11.30 am, however, the counter was trading at US$8.16, down US$0.18 or 2.2 per cent. It ended Friday 2.6 per cent or US$0.22 lower at US$8.12.

On Thursday, the JMH subsidiary announced that its Singapore Central Private Real Estate Fund is buying Wheelock Place from Wharf Real Estate Investment Company for S$1.1 billion, in the fund’s first acquisition since its inception earlier this year.

The deal, expected to complete by end-August, will lift the fund’s assets under management to S$9.4 billion from S$8.2 billion.