Conglomerate Evolution or Breakup? Goldman's August Pick on Jardine's Transformation Path

Goldman Sachs released August APAC Conviction List update on Aug 3, adding Jardine Matheson and Namura Shipbuilding. Jardine targets $68.10 with 21.7% upside, 38% NAV discount offers revaluation opportunity. PAG partner Lincoln Pan appointment drives portfolio review, expecting 15%/9% earnings growth in FY25/26. Namura targets ¥3,700 with 18.8% upside, benefiting from geopolitical reshaping and US tariffs on China shipbuilding, Japan's market share rising from 10% to 13%. Goldman upgrades capital goods, tech hardware to overweight, favors North Asia with six alpha themes.