CGS-CIMB Research analyst William Tng has downgraded Jardine Matheson Holdings to “hold” as he believes recovery is likely to be slow and long.

He has, however, upped the group’s target price to US$54.68 ($73.21) from US$48.61 previously. The revised target price is based on 0.85x FY2020 book value per share (BVPS) compared to 0.78x FY2020F p/bv, he says.

In its 3QFY2020 business update on Nov 5, Jardine Matheson guided that there was an improvement in performance across many of its business compared to 2QFY2020, but underlying net profit for the quarter was down y-o-y.

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