jardine Matterson

Hi Michelle,

I found out why you couldn’t understand my previous reply. Somehow, when I sent you back the document for the financial statements, some of my notes became hidden. I’ve resent you the same document together with a screenshot and steps on how to view the notes. Please let me know if you can see my reply.

As for your checklist, I can’t seem to find any comments in it except in the thesis tab. Overall, I think your thesis generally demonstrates a good understanding of the business, except that you missed the fact that Jardine Matheson is in the process of transitioning some of its businesses to an asset-light model and has announced a share repurchase plan.

I suggest using PB and PCFO as the valuation models for this company. Their cash flow is generally more consistent compared to their earnings, which require multiple adjustments.