Jardine Matheson Southeast Asia Limited (JMSEA) has released its Interim Management Statement for the third quarter of 2026, revealing a mixed performance across its portfolio.
Astra, a key contributor, showed resilience with earnings growth in automotive and financial services, despite a weaker Rupiah affecting overall contributions.
Meanwhile, JMSEA’s Vietnamese investments, including THACO and REE, reported increased profits.
Astra’s automotive sector saw an 8% rise in earnings, bolstered by a 4% growth in the wholesale motorcycle market and a 21% increase in the car market.
Astra maintained a strong presence with a 49% market share, led by Toyota and Daihatsu.
Financial services also grew by 6% due to larger loan portfolios.
However, the mining solutions and heavy equipment sector faced a 28% profit decline, attributed to minimal sales from Martabe gold mining and a reduced national coal production quota.
Despite these challenges, the sector rebounded in Q3 with a 15% year-on-year growth.
In Vietnam, THACO’s profits were driven by its property business, although automotive margins were pressured by competition. REE experienced higher earnings across its operations.
In corporate developments, JMSEA held an extraordinary general meeting in October, approving a special dividend and the distribution of its remaining Toyota shares. The sale of Cycle & Carriage businesses in Singapore and Malaysia was completed, ceasing their earnings contributions to JMSEA.
JMSEA, an intermediate holding company of the Jardine Matheson Group, continues to focus on its diverse portfolio in Southeast Asia, with significant interests in Indonesia and Vietnam.
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