Macquarie downgrades Jardine Matheson Southeast Asia; shares close 7.7% lower

The Business Times reports Jardine Matheson Southeast Asia shares fell 7.7% to close at S$27.03 on October 7, giving up most of the previous day’s gains. Macquarie lowered its rating from neutral to underperform and cut its 12-month price target to S$23.50. Macquarie said dividend-chasing had largely driven the earlier rally and viewed the stock’s 31% premium to net asset value as unjustified.