JDC continued to improve its financial results in H118 (commission income was up 10% y-o-y), building on its strong market presence and ongoing digitalisation programme. The results put JDC on track to reach break-even at the net income level in FY18 (in line with current Bloomberg consensus). Further investments in new technologies (eg B-LAB) along with potential M&A activity should help strengthen its position as one of the market leaders. JDC’s shares currently trade on a FY18 consensus P/E of c 56x, a premium of >100% to the peer group, although this premium diminishes over subsequent years.
