Yet Another Value Podcast

Unlocking Jardine Matheson's holdco value with Cayucos Capital's Dom St George

11 snips
Oct 7, 2025
In this engaging discussion, investment analyst Dom St. George from Cayucos Capital shares over a decade of insights on Jardine Matheson, a historic conglomerate. He explores its intriguing origins in the opium trade and the complexities of its current holdco structure. Dom highlights the company's recent strategic overhaul under new leadership, the potential value locked in assets like Hong Kong Land, and the implications of private equity hires. Tune in for a deep dive into the nuances of holdco investing and what lies ahead for this unique corporate entity.
Ask episode
AI Snips
Chapters
Transcript
Episode notes
INSIGHT

Century-Long Origins Shape Modern Group

  • Jardine Matheson traces its origins to opium trading and helped catalyze the creation of Hong Kong as a British colony.
  • The company's long history explains its deep-rooted regional influence and complex structure.
INSIGHT

Defensive Cross-Holdings Created Persistent Discount

  • Jardine used cross-holdings to become takeover-proof after a badly timed 1980s property bet.
  • That structure created a persistent discount to NAV that lasted for decades.
INSIGHT

New Generation Driving Real Simplification

  • Fifth-generation leader Ben Keswick has consolidated control and begun unwinding the cross-holdings and selling non-core assets.
  • These moves have produced about $4bn of disposals versus an ~USD18bn market cap, signaling active simplification.
Get the Snipd Podcast app to discover more snips from this episode
Get the app