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Jardine Matheson Holdings

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Das hab ich heute auf "www.answers.com" gefunden, stammt aus dem Jahr 2007

 

Jardine Matheson is one of the oldest names in East Asia, and Jardine Matheson Holdings Limited is the parent company for the Jardine Matheson Group, an international array of diverse companies with operations mainly in Asia, centered around Hong Kong and China. Of British origin, Jardine Matheson played a key, and rather dubious, role in the founding of Hong Kong, where the group was headquartered until 1984, when it relocated to Bermuda in anticipation of the July 1997 transfer of control of Hong Kong to China. Controlled through a complicated set of minority holdings by the Keswick family (descendants of cofounder William Jardine), the group is headed by Jardine Matheson Holdings, owner of an 80 percent stake in the publicly traded, Bermuda-incorporated Jardine Strategic Holdings Limited. The latter, in turn, owns 53 percent of Jardine Matheson Holdings. This cross-shareholding structure was adopted in 1986 to thwart hostile takeovers.

 

In addition to its stake in Jardine Strategic, Jardine Matheson Holdings has two principal wholly owned subsidiaries: Jardine Pacific Holdings Ltd., which controls a wide-ranging portfolio of Asian businesses, mainly in transport services, engineering and construction, restaurants, and information technology services; and Jardine Motors Group Holdings Ltd., which concentrates on the distribution, sales, and service of motor vehicles in Hong Kong, China, Macau, and the United Kingdom. Jardine Matheson Holdings also holds a 31 percent stake in the London-based, publicly traded Jardine Lloyd Thompson Group plc, an insurance broker, adviser on risk management, and provider of employee benefits services.

 

Jardine Strategic holds stakes in a number of publicly traded companies, including majority stakes in Dairy Farm International Holdings Ltd. and Mandarin Oriental International Ltd. The former is a pan-Asian retail group whose more than 3,500 outlets include supermarkets, hypermarkets, convenience stores, health and beauty stores, home furnishings stores, and restaurants. The latter develops and manages the more than 20 Mandarin Oriental luxury hotels and resorts worldwide. Jardine Strategic also owns a 47 percent interest in Hongkong Land Holdings Ltd., which owns and manages roughly five million square feet of prime office and retail property in central Hong Kong, as well as additional commercial and residential developments elsewhere in Asia. Another Jardine Strategic holding is a 64 percent stake in Jardine Cycle & Carriage Ltd., which in turn owns just over 50 percent of the Indonesian conglomerate PT Astra International. Most prominently, Astra is the largest independent motor group in Southeast Asia, involved in manufacturing, assembling, and distributing motor vehicles and components in Indonesia, Malaysia, and Singapore. Other Astra activities center on the areas of agribusiness, heavy equipment, financial services, information technology, and infrastructure.

 

Birth of Trading Company in Canton, China: 1832

 

William Jardine was born in 1784 in Dumfriesshire, Scotland. After studying medicine, Jardine went to work for the British East India Company as a ship's surgeon, but left the East India Company in 1832 to establish a trading company in Canton, China, with James Matheson, who was born in 1796, the son of a Scottish baronet, and served for several years as Danish consul in China.

 

Trading with the Chinese was made extremely difficult by a xenophobic Manchu government, which believed that as the center of the universe, China already possessed everything in abundance and had no need for the products of "foreign barbarians." Among other things, Jardine, Matheson & Company (Jardine Matheson) was restricted to a small plot of land on the banks of the Pearl River, near Canton, and was prevented from "keeping women" or dealing with Chinese merchants who were not officially sanctioned cohongs. On one occasion, Jardine was struck a blow to the head as he attempted to petition local authorities. Entirely unaffected by the attack, he earned the nickname "Iron-Headed Old Rat" among the Chinese.

 

Unable to make money selling manufactured goods to the Chinese, Jardine Matheson began smuggling opium into China aboard ships chartered from Calcutta in British India. Opium clippers sailed under cover of darkness to forbidden ports, while company agents bribed harbormasters and watchmen to prevent being discovered by the authorities. The Chinese government declared the opium trade to be illegal, but was virtually powerless to stop it. Finally, Chinese authorities seized and destroyed 20,000 chests of opium worth $9 million.

 

Opium War Leads to Founding of Hong Kong in 1842

 

Jardine persuaded the British Foreign Secretary Lord Palmerston to send warships to China to enforce a judgment for reparations and to preserve free trade. The hostilities that ensued became known as the First Opium War. The Chinese lost and were forced to sign a treaty on August 29, 1842, that awarded the British $6 million in reparations, opened the ports of Canton, Amoy, Foochow, Ningpo, and Shanghai, and ceded the island of Hong Kong to Britain.

 

Jardine Matheson purchased the first plot of land to be sold in Hong Kong and moved its main office there in 1844. The colony's first governor, Sir Henry Pottinger, endorsed the opium trade (in defiance of Queen Victoria) and later won the support of Parliament, which viewed the opium trade as a method to reduce the British trade deficit with China. When the company's opium boats sailed into Hong Kong they were greeted by a cannon salute. Jardine Matheson profited greatly from its privileged position in Hong Kong, and, through the strength of its opium trade, began to develop commercial interests throughout the region. Jardine Matheson became known among the local Chinese as a hong (the word implies "big company" but has no relation to the name Hong Kong), and its chairman became known as a taipan, literally a "big boss."

 

During this period Thomas Keswick (pronounced KEZ-ick), also from Dumfriesshire, married Jardine's niece and was subsequently taken into the Jardine family business. Their son William Keswick established a Jardine Matheson office in Yokohama, Japan, in 1859 and later became a leading figure in company management. The Keswick family grew in influence within the company, largely displacing the Matheson interests.

 

Expanding Beyond Trading in Latter Half of 19th Century

 

Jardine Matheson established trading offices in major Chinese ports and helped to set up enterprises as diverse as brewing and milling cotton, in addition to trading tea and silk. The company introduced steamboats to China and, in 1876, constructed the first railroad in China, linking Shanghai with Jardine Matheson docks downriver at Woosung. In 1889 William Keswick's brother James Johnstone Keswick established Hongkong Land, a development company closely associated with Jardine Matheson ever since.

 

Continued hostilities between China and Britain resulted in a Second Opium War in 1860 and a war to protect colonial interests in 1898. As victors in both these wars, the British gained trade concessions and colonies throughout China and won virtually unrestricted commercial rights to conduct business in China. The opium trade, which China had been forced to recognize as legal, had become an extremely sensitive subject. Thousands of addicts (known as "hippies" because they would lie on their hips while smoking opium) had created a serious social problem. Elements in Parliament called for an end to commercial activities that perpetuated the pain and suffering of these addicts. The issue was seized by nationalists who argued for an end to the domination of colonial powers in China, and it eventually led to uprisings such as the Boxer Rebellion (1900) and the Republican Revolution (1911). For its own protection and business interests, Jardine Matheson was forced to curtail trading opium.

 

By 1906, the year it incorporated in Hong Kong as a limited company (Jardine, Matheson & Company Limited), Jardine Matheson had expanded into a wider range of operations, but experienced strong competition from another British trading house called Butterfield & Swire, which was also based in Shanghai and Hong Kong. The competition between Jardine Matheson and the Swires began in earnest in 1884 when Butterfield & Swire set up a rival sugar refinery in Hong Kong in an attempt to break Jardine Matheson's monopoly. The competition spread into shipping and trading, but remained on the whole civilized and constructive. In 1923 the Jardine Engineering Company was formed as a firm specializing in infrastructure-related machinery, equipment, and services in Hong Kong and China.

 

Jardine Matheson continued to operate in China relatively unobstructed by the Nationalist government, which had grown increasingly corrupt. The company continued to expand its interests in China and, with other foreign interests such as Swire and Mitsui, became one of the largest companies in the country.

 

Suffering Severely During World War II

 

In the summer of 1937 Japanese forces attacked China in an attempt to expand Japanese commercial and strategic interests on the Asian mainland. Jardine Matheson officials stationed in areas overrun by the Japanese were branded as agents of European imperialism and imprisoned. The company's compradores (Chinese intermediaries) were scattered, and its factories were looted; approximately 168,000 spindles were stripped from Jardine Matheson textile mills. Japanese military adventurism in China led to the occupation of several more Chinese ports, including Shanghai and Canton, where Jardine Matheson conducted a substantial portion of its business. Tony Keswick, a grandson of William Keswick, managed the company's affairs in Shanghai until 1941, when he moved to Hong Kong after having been shot by a Japanese. He was replaced by his brother John, who himself was forced to flee when the city came under siege. Jardine Matheson had been effectively prevented from doing any further business in China, but continued to operate in Hong Kong, which, as British territory, the Japanese were unwilling to invade.

 

As a member of the anti-Comintern pact, Japan was unofficially allied with Nazi Germany and Fascist Italy in the war in Europe. The increasingly belligerent military leaders in Japan pledged to evict European imperialists from Asia and to establish a trans-Asian "Co-Prosperity Sphere." On December 1, 1941, Japanese forces invaded British colonies in Asia, including Hong Kong. Jardine Matheson officials in the colony were imprisoned with other Europeans at Stanley Prison. John Keswick, however, managed to escape to Ceylon (Sri Lanka), where he served with Admiral Earl Mountbatten's staff.

 

Fate of China Following Postwar Communist Takeover

 

When the war ended in 1945, the British resumed control of Hong Kong and John Keswick returned to oversee the rebuilding of Jardine Matheson facilities damaged during the war. The company owned a small airline, textile mills, real estate, a brewery, wharves, godowns (warehouses), and cold-storage facilities. In 1949, however, after four years of civil war, Communist forces seized control of the Chinese mainland.

 

In Shanghai, John Keswick attempted to work with the Communists (who had invited capitalists to help rebuild the economy), in the belief that they would be more orderly and less corrupt than the Nationalists. Keswick argued for British recognition of the new government, and even attempted to run his company's ships past Nationalist blockades. By 1950, however, new government policies were enacted that increased taxes, restricted currency exchanges, and banned layoffs. Ewo Breweries, a Jardine Matheson subsidiary in Shanghai, was ordered to reduce its prices by 17 percent, despite heavy increases in the cost of raw materials. The government forced Ewo to remain open, despite a $4 million annual loss.

 

Companies based in Hong Kong were bound to observe a British trade embargo placed against China as a result of the Korean War. Conditions had deteriorated to a point where it was impossible to continue operating in China (on one occasion Keswick was arrested as he attempted to leave Shanghai). Compelled to close its operations in China, Jardine Matheson entered into negotiations with the government and, in 1954, settled the nationalization of its assets in China by writing off $20 million in losses. The company continued to trade with the seven official Chinese state trading corporations and attended the biannual Canton Trade Fair, where Chinese companies negotiated approximately half their nation's foreign trade.

 

Many of Jardine Matheson's management traditions changed after the war. Although managers continued to be recruited primarily from Oxford and Cambridge, the company started placing younger men in higher positions. John Keswick, whose nephews Henry and Simon were too young to run the company, returned to Britain in 1956 to direct the family estate and appointed Michael Young-Herries to manage the operations in Hong Kong.

 

Public Company in 1961

 

In the late 1950s John and Tony Keswick enlisted support from three banks in London and purchased the last Jardine family interests in the company. Jardine Matheson became a publicly traded company in 1961 with a listing on the Hong Kong Stock Exchange and, with additional capital provided by shareholders, acquired controlling interests in the Indo-China Steam Navigation Company and Henry Waugh Ltd. and established the Australian-based Dominion Far East Line shipping company. Hongkong Land, meanwhile, opened the Mandarin Hotel in Hong Kong in 1963.

 

In 1966 China embarked on its second campaign to form a nation of communes. During this campaign, called the "Cultural Revolution," China ceased virtually all trade with Hong Kong. Although Jardine Matheson lost a significant amount of trade with the Chinese, its association of textile companies in Hong Kong continued to generate large profits from exports to the United States. The company's greatest achievement during this period was the sale of six Vickers Viscount aircraft to the Chinese. By 1969 the Cultural Revolution had lost its momentum and Jardine Matheson was once again doing business with the Chinese.

 

In 1970 Jardine Matheson and the British investment banking firm Robert Fleming & Co. formed a Hong Kong-based joint venture called Jardine Fleming & Co. Ltd., Asia's first homegrown investment bank. Three years later Hongkong Land acquired the Oriental Hotel in Bangkok, a move that eventually led to the formation of the Mandarin Oriental Hotel Group.

 

In the meantime, the Keswick family in 1972 attempted to install Henry as the new taipan, but met considerable resistance from supporters of Managing Director David Newbigging, the son of a former director of Jardine Matheson. The Keswicks prevailed after winning the support of institutional shareholders in London, and Henry Keswick was named senior managing director, while his father John resumed the chairmanship to ensure that the Keswicks did not lose control of the company.

 

Three years later Henry stepped down and returned to London and was replaced by Newbigging. Henry, remarked Fortune, lacked the "panache" of the elder Keswicks and made "more than a few enemies" through his bold financial maneuvers. Henry did, however, complete a buyout in 1973 of Reunion Properties, a large real estate firm based in London. Keswick financed the takeover by creating an additional 7 percent of Jardine Matheson equity, but through the acquisition nearly doubled the company's assets. Henry Keswick also oversaw the acquisition of Theo H. Davies & Company that same year. Davies, a large trading company active in the Philippines and Hawaii, controlled 36,000 acres of sugar plantations. A few months after it was purchased by Jardine Matheson, world sugar prices rose dramatically.

 

Downturn in Profits

 

At the time Newbigging assumed the senior directorship of Jardine Matheson, a disturbing trend began to arise in Hong Kong. Throughout its history, Jardine Matheson had operated as a trading agent, or "middleman," arranging sales between producers in one location and consumers in another. Manufacturers in Hong Kong, however, discovered ways to sell their products directly to customers, bypassing agents such as Jardine Matheson. Even Hawker-Siddeley, a British company, managed to arrange the sale of six Trident jetliners to the Chinese without the negotiating expertise of Jardine Matheson.

 

Between 1975 and 1979, Jardine Matheson's profits grew at an annual rate of only 10 percent (a poor record for Hong Kong). Newbigging responded by disposing of underperforming Jardine Matheson subsidiaries outside Hong Kong. He redoubled efforts to increase trade with China (which invited the company in 1979, when it opened a representative office in Beijing) and resumed investments in Hong Kong-based enterprises. Jardine Matheson, however, had little expertise in these enterprises and lost money in almost every venture.

 

Cementing the Relationship with Hongkong Land in 1980

 

During the 1970s British companies in Hong Kong such as Jardine Matheson, Swire, Hutchison, and Wheelock Marden were consistently outperformed by local, ethnically Chinese hongs. Most of these hongs became public companies in the early 1970s and invested heavily in Hong Kong industries, which experienced strong growth during a decade-long bull market. These companies became serious competitors of the British establishment by the end of the decade.

 

Cheung Kong (Holdings) Limited, a local hong run by an influential figure named Li Ka-shing, achieved a dominant position in the Hong Kong property market by 1980, threatening the business of Hongkong Land, the development company that was still closely associated with Jardine Matheson. In addition, when the shipping magnate Sir Yue-Kong Pao decided to diversify from ships into property a year earlier, his first move was to outbid Jardine Matheson for the Hongkong & Kowloon Wharf & Godown Company, over which the two groups had previously shared control.

 

When it was discovered that a secret partner had begun acquiring shares of Jardine Matheson stock in late 1980, many observers suspected that either Li or Pao (or worse, both) were attempting to purchase a large enough share in Jardine Matheson to win control over Hongkong Land. Newbigging announced in early November that Jardine Matheson and Hongkong Land had agreed to increase their interests in each other, to make it impossible for any party to gain control of either company. The cross-ownership scheme, however, placed both companies deeply into debt.

 

The defensive actions required during 1980 forced Jardine Matheson to sell its interest in Reunion Properties to raise cash. Newbigging was criticized for being too conservative and placing too much emphasis on local and regional operations. Although members of the Keswick family attempted to have Newbigging removed, perhaps no one worked as tirelessly as John Keswick. Newbigging finally stepped down as senior managing director in June 1983, but retained the titular position of chairman. He was replaced as taipan by 40-year-old Simon Keswick, brother of Henry Keswick.

 

The election of Simon Keswick, who had not yet proved his business acumen, initially worried many investors of Jardine Matheson. Upon taking control, however, Simon moved decisively to reduce the company's debts and to place Hongkong Land on firmer financial ground. To raise cash, he authorized the sale of Jardine Matheson's majority stake in Rennies Consolidated Holdings, a South African hotel, travel, and industries group based in Johannesburg, for $180.1 million. Keswick also established a new decentralized system of managerial control, which split operations into a Hong Kong and China division and an international division.

 

Under New Bermuda-Based Holding Company in 1984

 

In early 1984 Newbigging was replaced as chairman by Simon Keswick. With the company thoroughly under Keswick family control, Simon announced on March 28 that Jardine Matheson & Company would establish a new holding company called Jardine Matheson Holdings Limited, incorporated in Bermuda. The announcement came at an extremely sensitive point in negotiations between the British and Chinese governments on the future of Hong Kong. Many observers regarded Keswick's plan as an attempt to remove Jardine Matheson from the uncertain business environment in Hong Kong, and as a solid display of no confidence in the Sino-British arrangement under which China would resume sovereignty over Hong Kong on July 1, 1997.

 

In defense of his actions, Simon Keswick admitted that Bermuda provided Jardine Matheson with a more stable operating environment than Hong Kong, but noted that the company was not abandoning its interests in Hong Kong, merely reducing its exposure there from 72 percent of total assets to a planned 50 percent. In addition, he pointed out that Bermuda (a British colony since 1612) permitted companies to purchase their own shares, a practice not allowed in Hong Kong.

 

In 1984 Jardine Matheson disposed of its sugar interests in Hawaii. The company also expanded into motor vehicles by investing in Mercedes-Benz distributorships, which led to the eventual formation of Jardine International Motors Management Ltd. in 1990. In 1985 Keswick announced that, after 153 years, Jardine Matheson would leave the shipping business and that the company's fleet of 21 ships would be sold. By the end of the year many of the assets Jardine Matheson acquired during the 1970s had been sold, reducing holdings by 28 percent.

 

Further Series of Restructuring Moves: 1986

 

In 1986 Keswick dismantled much of Hongkong Land, selling the company's residential real estate portfolio and demerging two of its key units into the independent Dairy Farm International Holdings Ltd. and Mandarin Oriental International Ltd., both of which were listed on the Hong Kong Stock Exchange. Dairy Farm was a pan-Asian producer, wholesaler, and retailer of dairy and other foods products that had been founded in 1886 and acquired by Hongkong Land in 1972. Keswick's plan to reduce Hongkong Land to real estate alone caused its managing director, David J. Davies, to resign in protest.

 

Renewed fears of a takeover attempt led to additional 1986 restructuring moves. Jardine Strategic Holdings Limited, placed on the Hong Kong Stock Exchange, was formed to hold stakes in Jardine Matheson Ltd. (the Hong Kong-based arm responsible for managing the activities of the group), Dairy Farm, Hongkong Land, and Mandarin Oriental. In 1988 Jardine Pacific Ltd. was formed as the trading and services arm of the group.

 

Simon Keswick announced in June 1987 that he would relinquish the position of senior managing director to a 37-year-old American named Brian M. Powers. The nomination of Powers to become taipan caused great concern among members of the company's more traditional Scottish establishment. Keswick, who had reversed the company's decline with drastic and unpopular measures, and who had yet to demonstrate their success, defended his choice of Powers. He explained that Jardine Matheson was an international company with Hong Kong interests (rather than the other way around) and that, as such, Powers was best qualified to manage its affairs.

 

Moderately Successful International Expansion

 

In any case, Powers's reign proved to be short-lived and into the 21st century Simon and Henry Keswick essentially managed the group from London. Continuing to be wary of the fast-approaching return of Hong Kong to Chinese control Jardine Matheson during the late 1980s and early 1990s was determined to become more geographically diversified, subsequently meeting with middling success in its ventures in North America, Europe, and areas of Asia outside Hong Kong and China. In 1987 Jardine Matheson announced that it planned to buy a 20 percent stake in Bear Stearns but pulled out following that year's October stock market crash; following resulting shareholder lawsuits, it settled with shareholders of Bear Stearns four years later by agreeing to pay $60 million in compensation.

 

In 1993 Jardine Matheson spent £300 million to acquire a 26 percent stake in Trafalgar House, a construction, engineering, and shipping conglomerate based in the United Kingdom. Trafalgar, a group more troubled than it was believed to be, became an albatross around Jardine's neck. After supporting its investment and attempting to turn it around for several years, Jardine Matheson decided to cut its losses in 1996, that year selling its stake to Kvaerner A/S, a Norwegian-based shipbuilder, at a loss of about £100 million.

 

By 1992 Jardine Matheson had also acquired a 25 percent stake in Cycle & Carriage Ltd., a Singapore-based publicly traded company with motor vehicle operations in Singapore, Malaysia, Australia, and New Zealand and property investment and development activities in Singapore and Malaysia. India was another area of Jardine Matheson growth, most significantly with the 1996 purchase of a 20 percent stake in Tata Industries of India for INR 1.25 billion ($25 million). The privately held Tata boasted of numerous alliances with foreign companies, including AT&T, IBM, Singapore Airlines, and Mercedes-Benz, the last of which had connections with Jardine Matheson, but Jardine Matheson was the first outsider granted a stake in the group. Tata had several areas of interest in common with Jardine, including motor vehicle distribution, retailing, and property development. Jardine Matheson's Tata stake built on the group's previous investments in India, which included a number of joint ventures and a 5 percent stake in Housing Development Finance Corporation of Mumbai, a leading Indian financial institution. Overall, India had the potential to provide Jardine Matheson with the second beachhead it had sought, unsuccessfully, for so long.

 

Rocky Relationship with China in Advance of 1997 Hong Kong Handover

 

Meanwhile, the group's rocky relationship with China continued in the early 1990s. Still concerned about possible takeover attempts, Jardine Matheson sought an exemption from Hong Kong's takeover code, which conflicted with takeover legislation enacted in Bermuda, but was refused. In response, the group in 1991 moved its primary stock exchange listing from Hong Kong to London, thereby enabling Jardine Matheson to remain under the British legal system. Chinese authorities were angered, feeling that the move reflected a lack of confidence in the post-transfer-of-control legal system. The following year, perhaps in retaliation, China blocked a consortium led by Jardine Matheson that had gained development rights to Hong Kong's ninth container terminal. Then, in late 1994, Jardine Matheson moved its Asian stock listing from Hong Kong to Singapore, provoking further consternation among the Chinese.

 

Relations seemed to improve somewhat during 1995. Jardine Matheson's new managing director in Hong Kong, Alasdair Morrison, another Scot, issued a general apology to China in January 1995 over the group's actions in previous years. Morrison emphasized that Jardine Matheson intended to continue to do business in Hong Kong and China and to invest additional money there. By 1996 Jardine Matheson had about 70 joint ventures in China, a number that had been growing rapidly. That year, Jardine formed a consortium with Li Ka-shing's Hutchison Whampoa Limited and Cosco Pacific Limited, which was owned by China's largest shipping group, to develop and run a river trade terminal.

 

In early 1997, Jardine Matheson's insurance broking subsidiary, JIB Group plc, of which Jardine Matheson held 60 percent, merged with the insurance broking group Lloyd Thompson Group plc to form Jardine Lloyd Thompson Group plc. Jardine Matheson held an initial 34 percent interest in the new firm. In June 1997 takeover speculation arose once again when two companies owned by Li Ka-shing bought 3.03 percent of Jardine Matheson Holdings and 3.06 percent of Hongkong Land.

 

When control over Hong Kong passed to China on July 1, 1997, Jardine Matheson remained closely tied to the former British colony, where more than half of its profits were generated, but had developed increasing interests elsewhere in China and outside the region, most notably in India. At the time, Dairy Farm was an increasingly international retailer, operating supermarkets, convenience stores, drugstores, and restaurants across Asia and in Australia, New Zealand, Spain, and the United Kingdom. Mandarin Oriental was in the midst of its own international expansion, having opened a hotel in Hawaii and purchased the five-star Hyde Park hotel in London, both in 1996. Hongkong Land, meantime, continued to dominate the property market in Hong Kong, controlling 70 percent of the real estate in the city center.

 

Post-Handoff Economic Crisis

 

In the immediate post-handoff period, Jardine Matheson, still led by Morrison, saw its profits tumble from the impact of the Asian economic crisis, including an 84 percent net profit plunge in 1998. The company and its affiliates reacted by jettisoning a number of underperforming businesses. Among these were Dairy Farm's retailing activities in Spain and the United Kingdom. In 1998, during this same period, Dairy Farm acquired a 32 percent stake in Hero, Indonesia's largest supermarket chain. The following year Dairy Farm acquired Giant, operator of seven hypermarkets/supermarkets in Malaysia. Despite the downturn, Hongkong Land initiated a number of property developments in Hong Kong, Singapore, the Philippines, and Vietnam. Mandarin Oriental, meantime, began a concerted push into the U.S. market in 1998 with the beginning of the development of a new hotel in Miami, Florida, which opened in 2000.

 

By the late 1990s the globalization of the investment banking business had undermined the position of the Asia-focused Jardine Fleming, whose operations were further hampered by the economic crisis. Thus, in early 1999 Jardine Matheson elected to turn over its half-interest in the venture to its partner, Robert Fleming, in a transaction valued at about $300 million that left Jardine Matheson with an 18 percent stake in the Scottish investment bank. When Chase Manhattan subsequently acquired Robert Fleming for $7.7 billion in August 2000, Jardine Matheson's share of the proceeds amounted to $1.2 billion.

 

In both 2000 and 2001 the Keswicks fended off dissident shareholders' attempts to dismantle the cross-shareholding structure between Jardine Matheson Holdings and Jardine Strategic that had been erected in 1986 to thwart takeovers. In an attempt to pacify minority shareholders, the group used a substantial portion of its proceeds from the sale of Robert Fleming on stock buybacks, so that by the end of 2002 Jardine Matheson Holdings held a 79 percent stake in Jardine Strategic, and Jardine Strategic held a 51 percent stake in Jardine Matheson Holdings.

 

Changing Portfolio of Businesses in Early 21st Century

 

The Keswick family thus retained control of Jardine Matheson into the 21st century, as the group was one of two British-controlled hongs that remained, the other being Swire Pacific. Taking over as managing director in February 2000 was Percy Weatherall, who had most recently headed Hongkong Land. Numerous changes to the group's array of businesses subsequently occurred in the early years of the new century.

 

Dairy Farm, whose Hong Kong supermarket chain, Wellcome, had been battered by a price war with Hutchison Whampoa's Park 'N Shop chain, made a further retreat from the international scene by exiting from the Australian market in 2001 and from New Zealand a year later. In 2000 Cycle & Carriage acquired a 31 percent stake in PT Astra International, a large Indonesian conglomerate best known for its automotive operations. Two years later, Jardine Matheson spent roughly $240 million to increase its stake in Cycle & Carriage to more than 50 percent, making it a group subsidiary. By 2003 this unit, renamed Jardine Cycle & Carriage Ltd., was contributing 22 percent of the group's overall profits. Then in 2005 Jardine Cycle increased its interest in Astra to more than 50 percent, enabling Jardine Matheson to consolidate Astra as a subsidiary as well.

 

During this same period, Mandarin Oriental continued its international expansion, most prominently via the 2000 acquisition of the Rafael Group, which included six luxury hotels located in New York City; Aventura, Florida; Bermuda; Geneva, Switzerland; Fuschl, Austria; and Munich, Germany. By the end of 2004, a year in which it opened hotels in New York City and Washington, D.C., Mandarin Oriental was managing a network of 21 luxury hotels with a total of nearly 8,000 rooms and also had five additional hotels in development.

 

2004 Forward: Booming Profits, Growth Orientation

 

Buoyed by a strong recovery in its core Asian markets and a sharp increase in the value of investment properties held by Hongkong Land, Jardine Matheson recorded soaring profits of $947 million in 2004 on revenues of $8.97 billion. These strong results continued through 2006, when net profits hit $1.35 billion on revenues of $16.28 billion. The cash-rich group continued to buy back its own shares and those of its affiliates during this period and also in 2005 spent $186 million to take a 20 percent stake in Rothschild Continuation Holdings, a holding company of the venerable Rothschild banking group that included among its interests the investment bank's London-based arm, N M Rothschild & Sons Limited. This purchase rekindled a relationship between the two British family firms dating back to 1838, when Rothschild appointed Jardine, Matheson & Co. to act as its agent in China.

 

In the spring of 2006 Weatherall retired as managing director and was succeeded by Anthony Nightingale, holder of numerous positions at the group, including the managing directorships of Dairy Farm, Hongkong Land, Jardine Strategic, and Mandarin Oriental. By 2007, its 175th anniversary year, Jardine Matheson was clearly in growth mode. For instance, Hongkong Land was in the midst of an aggressive development of commercial properties in Singapore, while Mandarin Oriental had set a goal of increasing its total room count to more than 10,000. Already operating more than 20 luxury hotels around the world, Mandarin Oriental had another 19 properties under development and slated to open between 2008 and 2010. Included among these were to be the first Mandarin Orientals in mainland China, in Sanya, Beijing, and Guangzhou. The Beijing hotel was expected to open in time for that city's hosting of the 2008 Summer Olympics.

 

Although often criticized for the complex web of cross-shareholdings that kept the group in Keswick family control despite their direct ownership stake of little more than 10 percent, Jardine Matheson had seen its share price increase at a compound annual rate of 21.3 percent between 1997 and 2007. As the group continued to deploy excess cash flow into stock buybacks and was poised to increase its stake in Jardine Strategic to 85 percent, speculation arose late in 2007 that the Keswick family might move to unwind the cross-holdings and buy back enough shares to acquire more than 50 percent of Jardine Matheson's stock, cementing the family's control in a more direct manner. Whether or not such an eventuality came to pass, Jardine Matheson appeared to be in a strong position thanks to its well-timed acquisition of Astra, its newest moves into the Chinese market in a variety of sectors, its strong investments in numerous rapidly growing Asian markets, and the international expansion of the Mandarin Oriental group.

 

Principal Subsidiaries

 

Dairy Farm International Holdings Ltd. (62%); Hongkong Land Holdings Ltd. (37%); Jardine Cycle & Carriage Ltd. (Singapore; 51%); Jardine Lloyd Thompson Group plc (U.K.; 31%); Jardine Matheson Ltd.; Jardine Motors Group Holdings Ltd.; Jardine Pacific Holdings Ltd.; Jardine Strategic Holdings Limited (80%); Mandarin Oriental International Ltd. (59%); Matheson & Co., Ltd. (U.K.); PT Astra International Tbk (Indonesia; 25%); Rothschilds Continuation Holdings AG (Switzerland; 17%); Jardine Matheson International Services Ltd.; Jardine Matheson Ltd. (Hong Kong); Jardine Matheson Ltd. (Indonesia); Jardine Matheson (China) Ltd.; Jardine Matheson (Malaysia) Sdn. Bhd.; Jardine Matheson Europe B.V. (Netherlands); Jardine Matheson Ltd. (Philippines); Jardine Matheson (Singapore) Ltd.; Jardine, Matheson & Co., Ltd. (Taiwan); Jardine Matheson (Thailand) Ltd.; Jardine Matheson Ltd. (Vietnam).

 

Principal Competitors

 

Swire Pacific Limited; Hutchison Whampoa Limited; China Resources Enterprise, Limited; New World Development Company Limited; The Wharf (Holdings) Limited.

 

Further Reading

 

Appleyard, Bryan, "How the 'Princely Hong' Fought Off the Chinese," Times (London), November 4, 1980, p. 19.

 

Blake, Robert, Jardine Matheson: Traders of the Far East, London: Weidenfeld and Nicolson, 1999, 280 p.

 

Cheong, W. E., Mandarins and Merchants: Jardine, Matheson, & Co., a China Agency of the Early Nineteenth Century, London: Curzon Press, 1979, 298 p.

 

Chua, Jean, "A Restructuring Could Liven Things at Jardine," Business Times (Singapore), June 19, 2004.

 

Clifford, Mark L., "The Taipan's Last Chance: Can Alasdair Morrison Fix Jardine Matheson, One of British Hong Kong's Remaining Crown Jewels?" Business Week (international ed.), May 10, 1999, p. 122E4.

 

Connell, Carol Matheson, A Business in Risk: Jardine Matheson and the Hong Kong Trading Industry, Westport, Conn.: Praeger, 2004, 188 p.

 

Crisswell, Colin N., The Taipans: Hong Kong's Merchant Princes, Hong Kong: Oxford University Press, 1981, 249 p.

 

Davies, Simon, and John Ridding, "Taipans Who Missed the Boat," Financial Times, March 2/March 3, 1996, p. 7.

 

Edelstein, Michael, Overseas Investment in the Age of High Imperialism: The United Kingdom, 1850-1914, New York: Columbia University Press, 1982, 367 p.

 

Gargan, Edward A., "The Humbling of a Heavyweight," New York Times, November 30, 1995, pp. D1, D6.

 

Guyot, Erik, "Jardine Companies' Shares Likely to See Lower Volume of Trading in Singapore," Wall Street Journal, September 19, 1994, p. A9D.

 

------, "Tycoon Buys into Two Firms Within Jardine," Asian Wall Street Journal, August 6, 1997, p. 1.

 

Hill, R., "Venerable Trading House with Youth at the Helm," International Management, August 1975, p. 30.

 

Holberton, Simon, "The End of a Chapter at Jardine Matheson," Financial Times, December 21, 1994, p. 23.

 

Jardine, Matheson & Company, an Historical Sketch: An Outline of a China House for a Hundred Years, 1832-1932, London: Jardine, Matheson & Co., 1934.

 

"Jardine Matheson Group: 175 Years of the Right People," Thistle: The Magazine of Jardine Matheson, vol. 3, 2007, pp. 12-19.

 

"Jardine's Battle with Hong Kong's New Businessmen," New York Times, November 25, 1980, p. D4.

 

"Jardine's Bolt Hole," Economist, April 6, 1996, p. 68.

 

Kay, William, "The China House," Independent (London), June 20, 2001.

 

Kennedy, Carol, "Can Two Hongs Get It Right?" Director, February 1996, pp. 34-40.

 

Keswick, Maggie, ed., The Thistle and the Jade: A Celebration of 150 Years of Jardine, Matheson & Co., London: Octopus, 1982, 272 p.

 

Kristof, Nicholas D., "An Asian Trading Empire Picks an American 'Tai-Pan,'" New York Times, June 21, 1987, p. F8.

 

------, "A Hong Kong Dynasty Weathers the Storm," New York Times, December 1, 1986, p. D1.

 

Le Pichon, Alain, ed., China Trade and Empire: Jardine, Matheson & Co. and the Origins of British Rule in Hong Kong, 1827-1843, Oxford: Published for the British Academy by Oxford University Press, 2006, 626 p.

 

Lelyveld, Joseph, "Jardine's--Where the Hong Kong Action Is," New York Times, January 13, 1974, p. 145.

 

Mackay, Angela, "Jardine Looks to Indonesia to Drive Growth," Financial Times, February 26, 2004, p. 31.

 

Mitchell, Mark, "Living in the Past," Far Eastern Economic Review, August 24, 2000, pp. 46-47, 50-51.

 

Morris, Kathleen, "There's No Place Like Home," Financial World, August 2, 1994, pp. 36-38.

 

Mortished, Carl, "Jardine's Dynasty Under Threat After Retreat from Hong Kong," Times (London), May 11, 2000, p. 31.

 

Mungan, Christina, "Jardine Matheson Responds to Recession: Company to Merge Its Half of Jardine Fleming into U.K.'s Robert Fleming," Asian Wall Street Journal, December 4, 1998, p. 1.

 

"The Noble Houses Look Forward," Economist, October 1, 1994, p. 77.

 

Ridding, John, "Li Ka-shing Plants a Seed," Financial Times, August 6, 1997, p. 19.

 

Ringshaw, Grant, "The Noble House Under Siege," Sunday Telegraph (London), April 22, 2001, p. 7.

 

Saigol, Lina, and Peter Thal Larsen, "Rothschild's New Partnership with Jardine Matheson Is a Family Affair," Financial Times, June 23, 2005, p. 23.

 

Sender, Henny, "Fixed Assets: British Hongs Still Tied to the Colony," Far Eastern Economic Review, July 8, 1993, p. 22.

 

Shameen, Assif, "Can Jardine Matheson Remake Itself into a Growth Story?" Edge (Singapore), October 8, 2007.

 

Silverman, Gary, "Bruising Battle on the Beach," Financial Times, June 3, 2000, p. 9.

 

------, "Haunted House: Jardines Looks to Regain Its Old Agility," Far Eastern Economic Review, May 15, 1997, p. 84.

 

Smith, Craig S., "Jardine Lies Low in Colony's Handover: Firm That Helped Launch Hong Kong Can't Quite Escape It," Wall Street Journal, June 4, 1997, p. A15.

 

"A Tale of Two Hongs," Economist, June 30, 2007, p. 13.

 

Vines, Stephen, "Secrets of Survival in the Noble House," Spectator, January 27, 2007.

 

Whitmore, John, "How Jardine Matheson Takes Expansion in Its Stride," Times (London), February 23, 1976, p. 17.

 

Wong, Jesse, "Jardine's Chairman Faces Daunting Task of Reviving Hong Kong Trading House," Wall Street Journal, November 8, 1985, p. 36.

 

Wren, Christopher S., "Jardine Moving Plan Is Jolt to Hong Kong," New York Times, April 2, 1984, p. D1.

 

— Updated by David E. Salamie

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Stoxx
Posted

Im Geschäftsbericht 2012 stand glaube ich was [...]

'Glaubst' oder 'weisst' du?

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H.B.
Posted

No Risk – No Fun.

 

Indonesien droht ein Rückfall in korrupte, oligarchische Zeiten oder eine weitere Hinwendung zum Islam nachdem die Partei des liberalen Hoffnungsträgers für die Präsidentschaftswahl, Joko Widodo, dem charismatischen Bürgermeister der Hauptstadt, nicht die erforderlichen 25% Stimmanteil für das Recht einer Nominierung eines Kandidaten erreicht hatte.

Der Aktienmarkt in Jakarta hat heute einen Großteil seiner Performance seit Jahresbeginn wieder abgegeben, weil ausländische Investoren fluchtartig Papiere abstießen.

 

Das trifft über ihre Beteiligung an Astra auch die Jardines, die aktuell 3% abgeben.

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Dandy
Posted

'Glaubst' oder 'weisst' du?

Ich meinte das so wie ich es geschrieben hatte. Hatte keine Lust das nochmal nachzuprüfen.

 

Hier aus dem Geschäftsbericht 2012:

 

 

Jardine Pacific produced mixed results in 2012, with earnings

improvements in its engineering and construction activities

being offset by reduced contributions elsewhere.

 

 

Jardine Motors’ results were severely affected by continued

challenges in its Mercedes-Benz sales operations in mainland

China where margins came under intense pressure.

 

 

Jardine Lloyd Thompson performed well in 2012 in generally

unfavourable trading conditions, recording notable organic

growth, further enhancing operational efficiency and increasing

its returns from the growing economies of Asia and Latin

America.

 

 

Hongkong Land produced a good result in 2012 as rental

reversions in the group’s prime Hong Kong Central office

portfolio remained positive in a market supported by a lack of

new supply.

 

 

Dairy Farm delivered healthy increases in like-for-like

sales in most of its major businesses during the year, with

particularly good performances in Hong Kong and Indonesia.

 

 

Despite challenging market conditions, Mandarin Oriental was

able to produce an improved underlying profit during the year.

 

 

Jardine Cycle & Carriage’s motor operations faced difficult

trading conditions in a number of markets in Southeast Asia

in 2012, although Astra’s contribution was maintained despite

a weakening Indonesian rupiah.

 

 

Aber lesen könnt Ihr ja alle auch selbst ...

 

Die Firma ist recht Autolastig was den Umsatz angeht. Auch ein großer Posten am Umsatz ist das Verkaufsgeschäft (Retail). Südostasien macht 2/3 des Umsatzes. Hier wäre wichtig zu wissen, welchen Anteil daran Australien/Neuseeland haben.

 

Wie H.B. schon erwähnte ist in der Cashflowrechnung ein "Change in fair value of investment properties" ausgewiesen. Dem sollte man nochmal genauer nachgehen was da los war. Das ist ein ziemlicher Batzen zwischen 2011 und 2012. Ich habe den Bericht aber nur überflogen.

 

@H.B: Was schätzt Du an der Zukunftsperspektive des Unternehmens als besonders positiv ein? Die Geschichte des Unternehmens und die vielen Geschäftsbereiche sind ja schön und gut, aber wer sagt dass nicht auch wieder eine Zeit wie in den 90ern kommt, in der die Aktie nicht vom Fleck gekommen ist?

 

post-23409-0-99208600-1397128042_thumb.png

 

 

 

 

 

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H.B.
Posted · Edited by H.B.

@dandy,

wenn ein Unternehmen in unterschiedlichsten markt- und geopolitschen Bedingungen überleben kann,

wenn ein Unternehmen über mehrere Generationen erfolgreich von einer Familie beherrscht wird,

wenn ein Unternehmen sich also ständig neu erfindet und selbst im betagten Alter vor Vitalität nur so strotzt, dann ist das schon ein Grund, positiv für die Zukunft gestimmt zu sein.

 

Es gibt zwei Hongs mit britischem Management, die Swire und die Jardines.

Ersterer setzt immer noch auf Transport im globalen Maßstab, die Jardines haben ihre Flotte bereits vor langer Zeit abgestoßen und kümmern sich nun um wenig zyklische Dienstleistungen.

Die Jardines haben vor dem 2.Weltkrieg den Commonwealth mit chinesischen Frischeiern versorgt.

Nach der Restrukturierung versorgen sie Asien mit Mercedes Autos. Das ist doch ein Paradebeispiel für Change-Management in der Praxis. (Da kommt der Consultant in mir wieder hoch, der hierbei angesichts der Widerstände hierzulande leuchtende Augen bekommt.)

 

Das sind die großen Trends, die man aus der historischen Betrachtung ableiten kann.

Du hast recht: Geschichte ist schön, wo ist bitte schön die Phantasie?

 

Ich vermute, dass ein Unternehmen, dass sich seiner eigenen Geschichte bewußt ist und so zu ihr steht, wie die Jardines, in einem Emerging-Asia mit in der Regel extrem kurzlebigen Geschäftsmodellen eine tolle Perspektive hat.

 

Für mich stellen die Jardines die asiatische Ausgabe der Berkshire Hataway dar, ohne das »Klumpenrisiko Buffet«.

 

Abschließend: Die Jardines sind nicht so Autolastig, wie es scheint. Die Astra ist an die Cycle & Carriage’s angegliedert, ist aber selbst ein ausgewachsener indonesischer Hong.

Wie stark die Jardines inzwischen von Indonesien abhängig sind, zeigt die heutige Marktreaktion.

 

Ich sehe hierin jedoch eine wesentliche Ertragssäule, wie weiter oben bereits dargelegt.

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H.B.
Posted

Die Jardines werden derzeit von den Unsicherheiten im Vorfeld der Wahlen in Indonesien durcheinander gewirbelt.

In der vergangenen Woche wurde der Leitwert, die Jardine Matheson Holdings fast 3% preiswerter.

Allein im heutigen Montagshandel wird diese Preisbewegung wieder relativiert: die Aktien sind 2,8 Prozent teurer ...

 

Das war im Grunde absehbar.

Der Hintergrund: Die Jardines-Unternehmen sind quasi zu einem Börsenschwarm zusammengefasst. Sie werden einheitlich gemanagt und auch vom Markt als solches wahrgenommen.

In der Vorwoche hat die Immobilientochter HongkongLand (H78) eine um 180 Grad verschiedene Peisentwicklung genommen, Sie war sogar der größte Kursgewinner an der Börse in Singapore.

post-10422-0-05721200-1397451704_thumb.png

 

Der Preisverlauf deutet nicht auf eine bevorstehende Schwächephase hin.

Positive Nachrichten aus Indonesien katalysieren deshalb eine »Recovery« bei den übrigen Jardines-Companies,

 

Ich möchte die Gelegenheit nutzen, die HongkongLand hier kurz vorzustellen.

Das Unternehmen ist es nämlich wert.

 

Auch die HongKongLand hat sich im März aus dem Premium-Segment der Börse London zurück gezogen. Sie wird aber weiterhin via MarketMaker in Stuttgart und Frankfurt gehandelt. Der Haupthandelsplatz ist Singapore, was wegen der Abwesenheit von HFT-Spekulation faire Preise garantiert.

 

Das Unternehmen entwickelt, erstellt und betreibt LuxusImmobilien in Asien. Derzeit weist das Unternehmen einen Gebäudebestand von 800.000 Quadratmetern Nutzfläche aus.

 

Was gefällt: Der geringe Schuldenstand

post-10422-0-75071500-1397452628_thumb.png

 

Die Gesellschaft erhöht kontinuierlich ihren Assetwert ohne die derzeitige Niedrigzinsphase für eine höhere Verschuldung zu nutzen. Der Wert ist damit wenig Zinssensitiv. Ein Novum für einen Immobilienwert.

 

Wie und wo ist die Gesellschaft tätig:

post-10422-0-92324200-1397452789_thumb.png

 

Der aktuelle Geschäftsbericht gibt auch eine Liste der Beteiligungen der HongkonLand aus.

Drei eng bedruckte Seiten mit Immobilienprojekten in sämtlichen Regionen Asiens, viele davon JointVentures und zusätzlich diversen Beteiligungsgesellschaften mit Sitz in den Steueroasen dieser Welt.

 

Die HongKongLand ist ein hervorragend aufgestelltes REIT mit Investments in Hotels, Büros, Krankenhäusern und Shopping-Malls – und sie ist natürlich ein stabilisierendes Bestandteil des Jardine-Schwarms.

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RichyRich
Posted

Dazu habe ich vor einigen Tagen auf jardines.com eine interessante Pressemeldung mit

Prime Minister David Cameron of the United Kingdom, der bei der Einweihung eines neuen

 

Finanz-Schauplatz in Chengdu am 04.12.13 dabei war. Das Foto in der PDF mit den ganzen

 

Wolkenkratzern, sieht doch wirklich vielversprechend aus:

 

 

 

 

 

 

 

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Dandy
Posted
Der Haupthandelsplatz ist Singapore, was wegen der Abwesenheit von HFT-Spekulation faire Preise garantiert.

Was für eine Bedeutung sollte High Frequency Trading (denke das ist hier gemeint) für einen langfristigen Investor haben?

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RichyRich
Posted

Lesen die von Aberdeen hier mit? Und dann wird gleich in Jardine Strategic investiert...

 

 

 

4 Big-Growth Asian stocks fund managers are buying now

 

Fund managers favour Asian stocks wired to the region’s growth story.

 

Hugh Young

Managing Director

Aberdeen Asset Management Asia

Sydney

 

1) Jardine Strategic Holdings (SGX:J37)

 

A Hong Kong-based holding company with principal interests in Jardine Matheson, Dairy Farm, Hongkong Land, Mandarin Oriental, and Cycle and Carriage, Jardine Strategic Holdings Limited has consistently ticked the right boxes for Aberdeen Asset Management as a good quality company.

 

As stock-pickers, Aberdeen favours decently priced healthy businesses with viable models for growth over the long-term. With unparalleled reach in Asia - particularly in greater China and Southeast Asia - through retail, hotels and property, auto distribution, mining and banking, Young regards the stock as a proxy for the region’s secular growth story.

 

By taking a very long-term view, he says prudent investment by management ensures that earnings remain sustainable and cash flow robust. “That’s important to us, as it reflects the health of a company, which is an asset during an economic slowdown when lesser companies might struggle or fail,” says Young. “We’ve found that well managed businesses tend to make it through the most challenging economic or political conditions, which is why we make sure to choose the right companies.”

 

A proven performer during many downturns, the stock has returned nearly 250% over the last eight years, compared with the MSCI Asia Pacific (ex Japan) Index’s return of slightly under 100%. Young says it still holds good long-term value despite its current valuation of 12.9 times earnings.

 

Return on equity (ROE) has averaged 19.69% since 2004, and EPS growth has been exceptional over the last five years. The stock has a long-term funding surplus and good EPS growth is forecast.

 

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H.B.
Posted · Edited by H.B.

Na – die sind (neben den Käufern aus dem WPF) vermutlich für den jüngsten Preisanstieg verantwortlich.

 

Die Jardines gehören aber zu den TOP-Werten bei asiatischen Investment-Fonds.

Ich hab einen FT-Artikel im Kopf, wo gefragt wurde, ob man wegen des Draw-Downs in 2013 die Positionierung verändert hätte.

Die Aussage war: Die Fondsmanager lieben das Geschäftsmodell der Jardines und stocken in der Schwäche eher auf, als Bestände zu schmeißen.

 

 

Ein befreundeter Privat-Banker berichtete mir jüngst von einer Präsentation eines Dividenden-Investment-Fonds in seinem Hause.

Zeimlich weit oben in der Bestandsliste standen die Jardines. Begründung: Top in der Dividendenstabilität, Top in der Trendstabilität. Höhe der Dividende ist langfristig Optimal.

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checker-finance
Posted

Klingt wie eine Mischung aus dem "Noble House" (Roman von James Clavell) und dem deutschen Haniel-Konzern.

 

Grundsätzlich nicht uninteressant, zumal die Dividenden dank des Sitzes auf den Bermudas nicht mit ausländischer Quellensteuer belastet sind.

 

Das Unternehmen komplett zu verstehen, ist für Kleinanleger m. E. völlig illusorisch. Hier geht es eher um langfristigen Werterhalt und buy&hold. Ich habe ein paar Wilmar-Aktien. Wilmar könnte als Unternehmen auch gut in das Portfolio von Jardines passen.

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checker-finance
Posted

Die Jardines werden derzeit von den Unsicherheiten im Vorfeld der Wahlen in Indonesien durcheinander gewirbelt.

 

1. Die Wahlen sind vorbei und als Sieger hervor gegangen ist einer, der tendenziell eher für die Islamisierung Indonesiens stehen könnte. OK, Erdogan ist auch religionsmäßig hardliner, aber wirtschaftlich liberal.

 

2. Naturgemäß schaut die Börse auch darauf, was bei der Konkurrenz passiert. Bei Hutchison Whampoa ist das derzeit Desinvestituion durch den Tycoon: http://www.marketwatch.com/story/dont-worry-about-superman-selling-hong-kong-2014-03-23?reflink=seekingalpha&source=sa Eher kein gutes Indiz für JMH.

 

3. Wilmar habe ich ein paar Stücke und dachte mir, die könnten eigentlich gut ins Portfolio von JMH passen. Tun sie auch. JMH hält offenbar einen mehrheitsanteil an dem Wilmar-Konkurrenten Astra Agro Lestari. Palmölpreise sind also auch relevant für JMH.

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H.B.
Posted

Die Jardines werden derzeit von den Unsicherheiten im Vorfeld der Wahlen in Indonesien durcheinander gewirbelt.

 

1. Die Wahlen sind vorbei und als Sieger hervor gegangen ist einer, der tendenziell eher für die Islamisierung Indonesiens stehen könnte. OK, Erdogan ist auch religionsmäßig hardliner, aber wirtschaftlich liberal.

 

 

 

Davon merkt man aber derzeit nicht so wahnsinnig viel:

 

post-10422-0-58507800-1401744095_thumb.png

 

HSBC's manufacturing index showed a record high reading of 52.4 last month, up from 51.1 in April and marking the ninth consecutive above the 50 threshold that suggests growth. Data goes back to 2011.

 

Su Sian Lim, HSBC economist, said domestic demand were the prime factor behind the gain, though new export orders expanded as well. Overall, growth of new orders also hit at a record high.

 

Earlier this year HSBC had reported a slowdown as as a result of policy tightening from the central bank, which took aggressive action last year to combat a weakening currency and a wide current account deficit. Companies also faced unfavourable weather and raw material shortages.

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checker-finance
Posted

 

1. Die Wahlen sind vorbei und als Sieger hervor gegangen ist einer, der tendenziell eher für die Islamisierung Indonesiens stehen könnte. OK, Erdogan ist auch religionsmäßig hardliner, aber wirtschaftlich liberal.

 

Davon merkt man aber derzeit nicht so wahnsinnig viel:

 

Ich denke, Dir ist selbst klar, dass negative Effekte einer schlechten Regierung sich in einem manufacturing index mit einer gewissen Verzögerung zeigen. Die Börse fand das Wahlergebnis offenbar nicht inspirierend. Im Minensektor hat sich allerdings schon letztes Jahr die Regierung nicht gerade unternehmensfreundlich gezeigt.

 

Die Frage ist, wo der Kurs hingeht. Die Präsidentschaftswahlen kommen ja noch. Deren Ausgang wird entscheidend sein.

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H.B.
Posted

Tja, die Jardines sind auch ein »Play« auf eine prosperierende indonesische Volkswirtschaft und über die Astra sind sie tatsächlich prominent vor Ort vertreten.

ABER: Astra ist nur eine Beteiligung der C&C, die wiederum nur eines der Jardines-companies.

 

Viel mehr Sorgen müsste man sich machen, falls China tatsächlich kriselt, imho.

Derzeit hört man aber seitens Daimler beispielsweise überhaupt keine Klagen über einen Nachfragerückgang dort.

Im Zweifel sind die Jardines immer noch ein Proxy für Mercedes-Absätze in Asien.

 

Da Daimler in der Elektromobilität über die Kooperation mit Tesla auch im 21. Jahrhundert angekommen ist, stellt sich für mich die Frage, ob Bollore (über Blue-Cars), Buffet/Berkshire (über Byd) oder die Jardines (über diverse Kooperationen u.a. mit den Premium-Marken Mercedes und BMW) den größten Profit aus der Reformation der Mobilität in Asien ziehen können. Vermutlich ist es das Beste, alle drei Ankerfirmen zu haben....

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checker-finance
Posted · Edited by checker-finance

Hoffen wir mal, dass die indonesische Präsidentenwahl so ausgeht wie die indische und dass Indonesien nicht den Weg Thailands geht. Indonesien ist ja für JMH nicht nur wegen Astra wichtig, sondern doch wohl auch, wegen des Kfz-Absatzes in Indonesien (immerhin knapp 200 Mio. Menschen).

 

Bei China scheint mir eher die Frage zu sein, ob das auf eine soft landing oder ein hard landing hinaus läuft. Aber selbst wenn nicht, ich würde eher davon ausgehen, dass E-Autos als Hochpreissegment erstmal in den USA und der EU stattfinden. Der chinesische Markt braucht eher billige Kfz, d. h. bestensfalls Gas- oder Hybridantriebe.

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checker-finance
Posted

Hier hat sich eine hübsche junge Dame Gedanken um JMH als wesentlicher Bestandteil des Wintergreen Funds gemacht: http://www.gurufocus.com/news/261753/the-wintergreen-funds-top-positions-as-of-the-first-quarter

 

Das spricht nun wieder nicht so sehr für ein Investment:

The fund decreased their position in Jardine Matheson over the past quarter. They reduced their holdings -2.94% by selling 68,812 shares of the company’s stock. They sold these shares near the quarterly price of $56.06 per share.

 

The analysis on Jardine Matheson reports that the company’s revenue has been in decline over the past year, they have issued $3.6 billion of debt over the past three years, its operating margin is expanding and its dividend yield is near a 3-year high.

 

dies hingegen schon eher:

Jardine Matheson Holdings has a market cap of $41.92 billion. Its shares are currently trading at around $61.50 with a P/E ratio of 11.00, a P/S ratio of 0.58 and a P/B ratio of 0.80. The dividend yield of Jardine stocks is currently at 2.27%. The company had an annual average earnings growth of 30.40% over the past ten years.

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H.B.
Posted

Tatä: die FT berichtet über die Jardines.

 

Li Ka-shing and Jardine Matheson’s entwined but distinct empires

 

Here are the highlights from a fortnight in the life of Li Ka-shing’s press coverage. Companies controlled by Asia’s richest man have announced they could spend $5bn to get into aircraft leasing and won control of a $2.2bn Australian gas distributor. And, yet again, Mr Li has been accused of selling out of his homeland – China and Hong Kong – by offloading property.

 

Anything Mr Li does or says is headline news in Hong Kong and often around the world. Contrast that with Jardine Matheson, another Hong Kong-based empire of similar size. Last week, its retail arm, Dairy Farm, spent $925m buying into a Chinese hypermarket chain. It was the group’s largest single investment in the mainland in decades. Yet it was barely remarked upon.

 

Comparing and contrasting the two empires’ different directions looks simple enough. Their shared heritage only spices it up – Mr Li tried raiding Jardines in the 1980s and 1990s. He is the embodiment of Hong Kong’s success today, while Jardines stands for its colonial past.

 

Taking the Dairy Farm deal together with a stake in a Chinese car dealership earlier this year, Jardines’ moves could be viewed as a big swing northwards. Mr Li’s disposals may look like a “sell China, buy anything else” signal.

 

But a better way to think of Asia’s tangled corporate empires, including these two, is not so much as businesses but giant long-term family investment funds, albeit ones without the easy ability to sell out by dumping shares. Looked at that way, their thinking is as much about wealth preservation as wealth creation – which means they hedge their bets.

 

Mr Li will, in investment terms, be “long” Hong Kong all his days because he is simply too embedded to get out entirely even if he wanted to. What he can do is rebalance by buying elsewhere to hedge his Greater China bets – which appears to be exactly what he is doing. Recent funds raised, in addition to property sales, include $3bn from the spin-off of Hong Kong Electric, one of the city’s two generators, and $5.7bn selling a quarter-stake in Watsons, his fast-growing Asia-led pharmacy and supermarkets group, to Singapore’s Temasek.

 

Jardines meanwhile has enjoyed an enormously successful decade spreading across southeast Asia. It controls Astra International, Indonesia’s biggest company by market capitalisation and one whose interests range from financial services to making cars and IT infrastructure. Dairy Farm has been expanding in Indonesia as well as Vietnam, Cambodia and the Philippines.

 

Mr Li investing elsewhere in the world is not new. Neither is Jardines investing in China. Mr Li’s holdings already range from Husky Energy in Canada to mobile telecoms networks, ports and pharmacies in Europe.

 

Jardines has long been active in China. Hongkong Land has projects under way from Chongqing to Beijing. Dairy Farm has been expanding its 7-Eleven stores in south China while Mandarin Oriental hotels opened in Shanghai and Guangzhou last year. Another four are in development.

 

In all, Jardines’ two holding companies (a structure designed largely to fend off Mr Li) get about 40 per cent of their profits from greater China – although splitting out the mainland from its long-held Hong Kong assets is hard. Jardines is the biggest landlord in the city’s eye-wateringly expensive central business district while its supermarkets and pharmacies form a nicely profitable virtual duopoly with those of Mr Li.

There are differences in style between the two that go some way to explain their varying coverage. Mr Li is an asset dealer similar to private equity – and one with the best connections to potential deals too. That generates headlines. Jardines meanwhile is an asset collector. Over the past 20-odd years, Jardines has bought and sold 244 businesses and stakes worth $26bn, according to Dealogic data. Mr Li’s businesses meanwhile have dealt in $173bn of assets over 400 transactions.

 

Jardines deliberately shuns publicity. The group has perfected hiding in plain sight via a combination of a Bermudian domicile, shares listed in London yet traded in Singapore, and operations managed out of Hong Kong.

 

Mr Li has never had a low profile in Hong Kong – no one dubbed “Superman” for his investing prowess could hope for that. His persistent dealmaking means he will continue to attract headlines just as Jardines’ moves will fly under the radar.

 

But regardless of the attention each attracts (or avoids) the latest moves by both are an object lesson in needing to look at the whole empire to understand them, not just the latest deals.

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Akaman
Posted · Edited by Akaman

Die Aktie ist nur in Lot's a 400 Stk. handelbar

Hier stimmen mindestens 2 Sachen nicht.

 

Was nichts daran ändert, dass ich mich für die schöne Vorstellung bedanke.

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Chartwaves
Posted

Die Aktie ist nur in Lot's a 400 Stk. handelbar

Hier stimmen mindestens 2 Sachen nicht.

 

Eine davon ein Rechtschreibfehler? ;)

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stocks+bonds
Posted

Ich habe mich in letzter Zeit für die Aktie interessiert. Auf IB kann ich nur die SGX oder FWB2 Variante handeln.

Für SGX scheine ich keine Handelsrechte zu besitzen (Singapur steht bei mir auf "pending" kA, was ich hier tun muss)

Für FWB2 müsste ich ein Abo für die Marktdaten lösen.

 

Nicht nur ist die Analyse der Aktie super schwer – jetzt wo ich mir mal eine Probeposition ins Depot holen wollte wird mir dies auch noch erschwert.

 

Was/Wie handelt ihr die Aktie? Inwiefern hat sich eure Einschätzung zu den fundamentalen Daten in den letzten Jahren geändert?

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ebdem
Posted

Das würde mich auch interessieren. Bis jetzt steht die Aktie nur auf meiner Watchlist.

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Lindoro
Posted

Mal eine Rückfrage für den Laien bei exotischen Aktien: Die Aktie von Jardine Matheson Aktie (WKN: 869042, ISIN: BMG507361001)´wird doch in Frankfurt gehandelt, also kann ich dort doch auch einig erwerben ?

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Conus
Posted

Wurde von mir so vor nicht allzu langer Zeit in FFM erworben. Bitte beachte den Spread zwischen An- & Veraufskurs bei der Limitsetzung.

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Lindoro
Posted

Danke für die schnelle Antwort.

 

Wie ist das mit Quellensteuer und ähnlichem ?

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