Overview Key strengths Key risks Strong market position in key subsidiaries such as Hongkong Land Holdings Ltd. (HKL) and Astra International Tbk. PT (Astra). Opportunistic investment appetite that could temporarily lift leverage above historical level. Solid cash flow from diversified operations across Asia and by industry. Exposed to cyclical businesses like commodities in Indonesia, could result in higher earnings volatility. Long record of low debt leverage. Substantial investment portfolio available for monetization. Steady cash flow from the conglomerate's diversified businesses and debt reduction in its property business will help. We expect Jardine to reduce leverage to near historical levels of 1x-2x over the next 12-24 months, alongside growth initiatives in Southeast Asia. Jardine has a record of balancing investments and
