SINGAPORE (Mar 10): CGS-CIMB Research has slashed its target price for Jardine Matheson Holdings (JMH) by 14.8% to US$52.53, and downgraded the counter to “hold”, from “add” previously.

This comes as the research house cut JMH’s earnings forecasts for FY2020 and FY2021.

Underlying net profit forecast for FY2020 ending December was revised downwards by 13% to US$1.57 billion, while underlying net profit for FY2021 is now expected to come in at US$1.66 billion – some 14% lower than expected earlier.

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