For years, despite their size and status as longtime components of the Straits Times Index (STI), the Jardines had not quite bothered with making themselves better known to the investing public here in Singapore. This is even though businesses owned by the Jardines permeate the daily lives of consumers in no way less than the likes of DBS Group Holdings and Singapore Telecommunications.
For years, aided by a complicated cross-holding structure, the Keswick family has kept a snug control over the multiple listed entities forming the sprawling Jardine conglomerate. Perhaps this is a necessary mindset and a helpful move, given how, for the past two centuries, Jardine has had to survive through wars, riots, revolutions, and shifting centres of economic gravity. Thus, despite the underlying growth, investors have grumbled that the share prices of the respective listed entities remain below what they deem a fair value.
In 2021, Ben Keswick, the seventh-generation owner, began to reform the conglomerate in a series of corporate actions. Refreshingly, shareholders’ returns became a clearly stated focus and even more so when there’s more open communication with investors, who have shown their appreciation. In the past year, shares of Jardine Matheson gained more than 80%; Hongkong Land’s by more than 90%, and DFI Retail’s nearly doubled.
