Under the Jardine group of companies, there are a couple of them that are listed in Singapore’s stock exchange, and they are:

  • Jardine Matheson Holdings (SGX:J36)
  • Jardine Strategic Holdings (SGX:J37)
  • Jardine Cycle & Carriage (SGX:C07)
  • Dairy Farm International (SGX:D01)
  • Hongkong Land Holdings (SGX:H78)
  • Mandarin Oriental Hotel Group International Limited (SGX:M04)

Apart from Mandarin Oriental, all the other 5 companies are constituents of the benchmark Straits Times Index (or STI in short.)

In this post, you will find my technical analysis of all the Jardine companies’ recent share price movements, along with my personal view as to how their share prices are likely to move in the near-term. On top of that, for those of you who may be hearing about these companies for the first time, not to worry, as you will also find a brief summary of their business operations.

Before you continue reading on, a disclaimer: Everything that you read in this post is solely my personal opinion and they do not represent any buy/sell calls for any of the companies. Please do your own due diligence before you make any trading decisions.

With that out of the way, let’s begin…

Jardine Matheson Holdings (SGX:J36)

Incorporated in Bermuda, with a standard listing on the London Stock Exchange, and secondary listings in Bermuda and Singapore, Jardine Matheson Holdings operates primarily in Greater China and in Southeast Asia.

The conglomerate oversees a portfolio of market-leading businesses (including motor vehicles and related operations, property investment and development, food retailing, health and beauty, home furnishings, engineering and construction, transport services, restaurants, luxury hotels, financial services, heavy equipment, mining, energy and agribusiness) and supports their long-term development.

Jardine Matheson holds interests directly in Jardine Pacific (100%) and Jardine Motors (100%), while its 85%-held Group holding company, Jardine Strategic, holds interests in Hongkong Land (50%), Dairy Farm (78%), Mandarin Oriental (78%) and Jardine Cycle & Carriage (75%).

Let us take a look at the conglomerate’s share price movements (on a daily timeframe) since the middle of February 2020 (till yesterday, 19 August):

Jardine Matheson Holdings' Share Price Movements (on a Daily Timeframe) between Mid-February 2020 till 19 August 2020
Jardine Matheson Holdings’ Share Price Movements (on a Daily Timeframe) between Mid-February 2020 till 19 August 2020

One look and you can see that its share price movement is in a downward trend (where its share price fell from a high of US$58.40 in mid-Feb to US$40.72 when trading closed yesterday – 19 August, a fall by around 30% in about half a year), where it tends to bounce back down whenever it hits the resistance line of the red downtrend channel.

Looking at its share price yesterday, it is hoovering around the resistance line of the red downtrend channel, with MACD and stochastic both in an uptrend position.

Personally, if I am looking to go “long” on this one, I will wait for its share price to break above the resistance line on a high volume, along with the presence of a bullish candlestick, and technical indicators MACD and stochastic remaining in an uptrend position.

Jardine Strategic Holdings (SGX:J37)

Similar to Jardine Matheson Holdings, Jardine Strategic Holdings is also incorporated with Bermuda, with a standard listing on the London Stock Exchange, along with secondary listings in Bermuda and Singapore.

Just like Jardine Matheson Holdings, Jardine Strategic Holdings is also a holding company which makes long-term strategic investments in multi-national businesses. The conglomerate has a 58% interest in Jardine Matheson Holdings, 50% interest in Hongkong Land Holdings, 78% interest in Dairy Farm International, 78% interest in Mandarin Oriental, as well as a 75% interest in Jardine Cycle and Carriage.

The following is the conglomerate’s share price movements (on a daily timeframe) since mid-June 2020 till yesterday (19 August):

Jardine Strategic Holdings' Share Price Movements (on a Daily Timeframe) between Mid-June 2020 till 19 August 2020
Jardine Strategic Holdings’ Share Price Movements (on a Daily Timeframe) between Mid-June 2020 till 19 August 2020

At one look, you can see that its recent share price movements have been on a downward trend. In terms of its technical trend, while MACD is still in an uptrend position, but it seems like it is about to reverse into a downtrend; the other technical indicator stochastic is in a downtrend position.

As such, in my personal opinion, in the near-term, its share price is likely to fall to around US$19.50 (where the blue dotted line is.) Finally, if I were to go “long” on this one, I will probably wait till its share price break above the resistance line of the red downtrend channel at above US$20.70 on a high volume, along with the presence of a bullish candlestick and technical indicators MACD and stochastic in an uptrend position.

Jardine Cycle & Carriage (SGX:C07)

This is the only Jardine company listed on the Singapore stock exchange that is trading in Singapore dollars (the others are trading in US dollars.)

Most of us should be familiar with Jardine Cycle & Carriage, where one of the companies in its portfolio, Cycle & Carriage, carries vehicle brands including Citroën, Mercedes Benz, Mitsubishi, as well as Kia. Apart from Singapore, Cycle & Carriage also has a presence in Malaysia and Myanmar.

Apart from Cycle & Carriage, the conglomerate also has a 26.6% stake in Truong Hai Auto Corporation, 29% interest in Refrigeration Electrical Engineering Corporation, and a 10.6% interest in Vinamilk (all in Vietnam), a 46.2% stake in Tunas Ridean in Indonesia, as well as a 25.5% stake Siam City Cement (which has a business presence in South Vietnam, Thailand, Sri Lanka, Cambodia, and Bangladesh.)

The following is Jardine Cycle & Carriage’s share price movements (on a daily timeframe) since early-June 2020 till yesterday (19 August):

Jardine Cycle & Carriage's Share Price Movements (on a Daily Timeframe) between Early-June 2020 till 19 August 2020
Jardine Cycle & Carriage’s Share Price Movements (on a Daily Timeframe) between Early-June 2020 till 19 August 2020

Similar to Jardine Matheson and Jardine Strategic, Jardine Cycle & Carriage’s share price movements since early-June 2020 is also on a downward moving trend, where its share price fell from a high of S$24.08 to S$19.00 – a fall by slightly more than 20% in about 2.5 months.

Currently, its share price have been hoovering near the resistance line of the red downtrend channel (notice how their share price have bounced down whenever it hits this resistance line), with MACD looking somewhat flattish, and stochastic in a downtrend.

In my personal opinion, unless the share price is able to break above the resistance line on a high volume (its only when it happens I will consider going “long” on this one), it is likely to once again retreat in the near-term.

Dairy Farm International (SGX:D01)

You should be familiar with some of the companies under Dairy Farm International – convenience store 7-Eleven, supermarkets Cold Storage and Giant, along with health and beauty outlet Guardian.

Apart from Singapore, the company has a presence in other countries in Southeast Asia, as well as in China, Hong Kong, and Taiwan, with all their businesses in the various sectors as follows:

Grocery Retail: Wellcome in Hong Kong and Taiwan; Yonghui in China; Cold Storage in Malaysia and Singapore; Giant in Indonesia, Malaysia and

Convenience Stores: 7-Eleven in Hong Kong and Macau, Singapore and Southern

Health and Beauty: Mannings in Greater China; Guardian in Brunei, Cambodia, Indonesia, Malaysia, Singapore and Vietnam; and Rose Pharmacy in the Philippines.

Home Furnishings: IKEA in Hong Kong and Macau, Indonesia, and Taiwan

Restaurants: Maxim’s in Cambodia, Chinas, Hong Kong, and Macau, Malaysia, Singapore, Thailand, and Vietnam (directly and via various joint ventures or franchises)

Retail: Robinsons in the Philippines operating department stores, specialty and DIY stores

The following is Dairy Farm International’s share price movements (on a daily timeframe) since early-June 2020 till yesterday (19 August):

Dairy Farm International's Share Price Movements (on a Daily Timeframe) between Early-June 2020 till 19 August 2020
Dairy Farm International’s Share Price Movements (on a Daily Timeframe) between Early-June 2020 till 19 August 2020

From a high of US$5.17 in early-June, its share price tumbled to US$4.23 when trading ended yesterday (19 August) – a fall by about 18%.

MACD, even though it is in an uptrend position, is looking flattish, with the other technical indicator stochastic in a downtrend. Also, looking at the candlestick patterns over the past few days, there seem to be a rejection of higher prices (looking at the upper wicks of the candlesticks.) As such, I am of the opinion that in the near-term, its share price is likely to remain weak, where it could possibly fall to around US$4.00.

If I am looking to go “long” on this one, I’ll wait for its share price to break above the resistance line of the red downtrend channel at above US$4.35, along with the appearance of a bullish candlestick, and technical indicators MACD and stochastic in an uptrend position.

Hongkong Land Holdings (SGX:H78)

Hongkong Land’s business is in property investment, management, as well as development. It currently owns and manages more than 850,000 square metres of prime office and luxury retail property in key Asian cities, principally in Hong Kong, Singapore, Beijing, and Jakarta.

In Singapore, its properties include office and retail One Raffles Link and Citylink Mall, office, retail, as well as residential property Marina Bay Financial Centre, along with residential developments in Parc Esta, and Margaret Ville.

With that, let us take a look at its share price movements (on a daily timeframe) since early-June 2020 till yesterday (19 August):

Hongkong Land Holdings' Share Price Movements (on a Daily Timeframe) between Early-June 2020 till 19 August 2020
Hongkong Land Holdings’ Share Price Movements (on a Daily Timeframe) between Early-June 2020 till 19 August 2020

Similar to all the other Jardine companies we’ve looked at so far, the recent share price movements of Hongkong Land Holdings is also in a downward trend – where it has fell from a high of US$4.48 in early-June to US$3.85 when trading closed yesterday (19 August) – a fall by about 14%.

What’s interesting to note here is that, when trading closed yesterday (19 August), its share price broke out of the resistance line of the red downtrend channel, with both MACD and stochastic in an uptrend. However, if you look at the volume, it is lower compared to the day before (i.e. 18 August), suggesting that there could be some retracement in the near-term down towards the resistance-turned-support line at around US$3.80.

Personally, I will not look to go “long” on this one in the near-term as stochastic is very close to being overbought.

Mandarin Oriental Hotel Group International Limited (SGX:M04)

You’re probably familiar with Mandarin Oriental – some of you may have visited its hotels in Singapore for a staycation, or attended banquets or events held in their hotels.

The Group currently operates 33 hotels and 7 residences in 23 countries and territories under its namesake.

Let us take a look at its share price movements (on a daily timeframe) since mid-March 2020 till yesterday (19 August):

Mandarin Oriental Hotel Group International's Share Price Movements (on a Daily Timeframe) between Mid-March 2020 till 19 August 2020
Mandarin Oriental Hotel Group International’s Share Price Movements (on a Daily Timeframe) between Mid-March 2020 till 19 August 2020

Unlike all the other Jardine companies we have looked at (where their share prices of late have been moving downwards), Mandarin Oriental’s share price have been moving up steadily since bottoming at US$1.06 in mid-March. When trading closed yesterday (19 August), its share price was at US$1.67 – an increase by about 57.5%.

Looking at the candlestick patterns, look at how the candlestick hit the resistance line of the green uptrend channel and then bounced back down the day before (18 August), followed by a further decline yesterday (19 August.)

While MACD is still in an uptrend position, but stochastic has already turned into a downtrend position at an overbought level, suggesting that in the near term, its share price may retrace down to around US$1.62, where the blue-dotted line is.

Finally, I will not be looking to go “long” on this one in the near-term, its share price may be moving downwards. I may consider should the candlestick pattern suggests that the share price may once again reverse and move upwards, along with stochastic not at overbought levels, and MACD in an uptrend.

In Conclusion

Seems like other than Mandarin Oriental (whose recent share price movements is in an uptrend), along with Hongkong Land Holdings (where its share price have just broken above the resistance line of the red downtrend channel yesterday, 19 August), all the other Jardine companies we’ve looked at have seen their share prices moving downwards over the last couple of months.

However, having said that, everything you’ve just read above is my personal sharing based on my technical analysis. Once again, I am sharing them purely for educational purposes only and they do not imply and buying/selling calls for any of the companies. You should do your own due diligence before you make any trading decisions.

Disclaimer: At the time of writing, I am not a shareholder of any of the Jardine group of companies.

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