Overview Key strengths Key risks Strong market position in most of the businesses under the group's operating companies such as Hongkong Land Holdings Ltd. (HKL) and PT Astra International Tbk. (Astra). Higher debt leverage versus historical level. Solid cash flow generation from its diversified operations both geographically across Asia and by industry. Material exposure in emerging markets such as Indonesia, which has higher risk and earnings volatility. Long track record of maintaining low debt leverage with its prudent financial management. Strong financial flexibility with a substantial investment portfolio. Our base case assumes Jardine will strengthen its adjusted debt-to-EBITDA ratio to below 2x over the next 12-18 months, from 2.5x in 2021. The company remains committed to lowering its leverage to
