Macquarie downgrades Jardine Matheson Southeast Asia to underperform, cuts target price to S$23.50

On Wednesday, October 7, 2026, Jardine Matheson Southeast Asia (JMSEA), formerly Jardine Cycle & Carriage, saw its shares drop 6.6% during trading and close 7.7% lower at S$27.03. This followed a downgrade by Macquarie Equity Research from 'neutral' to 'underperform', with a target price cut to S$23.50. The decline reversed Tuesday's 10% rally, which Macquarie attributed to dividend-chasing ahead of the ex-dividend date. The stock was trading at a 31% NAV premium, which Macquarie deemed unjustified. The company had announced a special distribution of US$0.70 per share, including cash and Toyota Motor shares.