In today’s briefing:
- Jardine Matheson (JM SP): Reloading The Buyback?
- PropertyGuru/Bridgetown 2 SPAC Listing/Merger – Peers Are Down a Lot, as the Deal Nears Completion
Jardine Matheson (JM SP): Reloading The Buyback?
- Jardine Matheson Holdings (JM SP)‘s underlying net profit in FY21 was up 39% against 2020, and just 5% shy of 2019’s level.
- The latest US$250mn buyback program appears to have been completed.
- Shares are down ~5% since the FY21 results. At a ~28% discount to NAV, JMH is inexpensive here.
PropertyGuru/Bridgetown 2 SPAC Listing/Merger – Peers Are Down a Lot, as the Deal Nears Completion
- PropertyGuru and Bridgetown 2 announced, on 23rd Jul 2021, that they have entered into a business combination agreement which will see PropertyGuru go public in the US.
- Both the companies will hold their respective EGMs next week and aim to complete the listing by 18th Mar 2022.
- We have looked at the company’s prior listing attempt, in Australia in 2019, and the current SPAC merger. In this note, we will talk about the recent updates.
Before it’s here, it’s on Smartkarma
