Despite Jardine Matheson’s 1H20 underlying net profit of US$373 million ($512.6 million) coming in below expectations at 24% of CGS-CIMB’s full-year estimate, CGS-CIMB analyst William Tng has upgraded Jardine Matheson to “add” from “hold” due to its strong balance sheet that can help see the company through the uncertainties arising from Covid-19.

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