In this episode of Yet Another Value Podcast, host Andrew Walker speaks with Dom St. George from Cayucos Capital about Jardine Matheson, a complex, centuries-old conglomerate currently trading at a discount to its net asset value. Dom shares insights from over a decade of following the company, breaking down its historic roots, complicated structure, and the recent strategic overhaul under fifth-generation leadership. The conversation digs into the potential implications of new private equity hires, the value locked in Hong Kong Land and Mandarin Oriental, and whether simplification or empire-building lies ahead. Tune in for a discussion on the nuances of holdco investing and Asia’s corporate evolution.

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[00:00:00 ] Andrew introduces Jardine Matheson

[00:02:45 ] Dom joins and outlines background

[00:03:30 ] Jardine’s history in opium trade

[00:06:00 ] Creation of Hong Kong background

[00:07:30 ] Cross-holdings and structure issues

[00:09:00 ] Recent disposals and simplification steps

[00:10:24 ] Current NAV discount and relevance

[00:11:33 ] Major business segments explained

[00:13:00 ] Hong Kong Land valuation dynamics

[00:14:06 ] Debating real estate cap rate fairness

[00:16:36 ] Hiring private equity insiders

[00:18:12 ] Risks of reinvestment vs. wind-down

[00:20:46 ] Goal to raise AUM at Hong Kong Land

[00:22:52 ] Market discounts family holdcos

[00:24:56 ] Sell-mode vs. buy-mode question

[00:26:41 ] Pattern of mistimed investments

[00:27:05 ] Focus on five-year shareholder returns

[00:29:00 ] Mandarin Oriental asset repositioning

[00:30:55 ] Mandarin’s trophy brand potential

[00:32:00 ] Selling HK hotel land to Alibaba

[00:33:48 ] Lack of share buybacks questioned

[00:34:52 ] 1947 Trust and executive incentives

[00:36:50 ] Potential misalignment in trust structure

[00:38:23 ] Why Jardine vs. other holdcos?

[00:39:43 ] Astra International’s complexity

[00:41:48 ] Subsidiaries: elevators, Pizza Hut, KFC

[00:42:47 ] Final thoughts and episode wrap-up

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