- CapitaLand Investment (SGX:9CI) provided a business update for 1Q23. Overall revenue increased 5.6% y-o-y to S$702m, as the 11% increase in revenue from its Real Estate Investment Business (REIB) segment to S$447m was partially offset by a 3% decline in revenue from its Fee Income-related Business (FRB) segment.
- - Read this at SGinvestors.io -
- The other areas of its Fee Income-related Business segment saw more modest growth, with its property management and fund management revenues increasing 3% and 1%, respectively. Recurring fee income contributed ~85% of CapitaLand Investment's 1Q23 total fund management fee income.
New targets for its lodging management business
- - Read this at SGinvestors.io -
- Management has set a new target of doubling its lodging management fee revenue to more than S$500m in five years, which would require an annual net room growth rate of 8-10%.
- For 1Q23, portfolio RevPAU rebounded 42% y-o-y to S$81, and this exceeded 1Q19 (pre-COVID) level by ~3%. Growth was driven by all regions, including China (+17% y-o-y). CapitaLand Investment believes it is well-positioned to capture China’s inbound and outbound travel demand as flight frequencies return to pre-pandemic levels.
Remains committed on its S$100b FUM target by 2024
- Read more at SGinvestors.io.
Above is the excerpt from report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full report in PDF @ https://www.iocbc.com/.
OCBC Research Team OCBC Investment Research | https://www.iocbc.com/ 2023-05-12
Previous report by OCBC:
2023-02-27 CapitaLand Investment - Momentum In China Kick-Started.
Price targets by 4 other brokers at CapitaLand Investment Target Prices.
Listing of research reports at CapitaLand Investment Analyst Reports.
Relevant links:
CapitaLand Investment Share Price History,
CapitaLand Investment Announcements,
CapitaLand Investment Dividends & Corporate Actions,
CapitaLand Investment News Articles
