CapitaLand Investment - Maybank Research 2023-11-10: Focused Execution ~ Growing Fee Income, Rebalancing Asset Mix

CapitaLand Investment - Focused Execution ~ Growing Fee Income, Rebalancing Asset Mix

CapitaLand Investment (SGX:9CI) | SGinvestors.ioCapitaLand Investment (SGX:9CI)
  • CapitaLand Investment (SGX:9CI)'s 3Q23 business updates indicate steady growth of recurring fee revenue, expanding lodging business and accelerating capital raising for private funds.
  • Capital deployment and recycling remain muted due to challenging markets, especially in China. Management continues to focus on diversifying its geographic and sector mix.
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  • We maintain our forecasts but lower our target price for CapitaLand Investment by factoring in a lower value for stakes in REITs.

Steady recurring fee revenue

  • CapitaLand Investment's fee-related earnings (FRE) for 9M23 grew 5% y-o-y (adj. 9%) to S$799m. This was supported by 31% growth in lodging management fees and 6% higher commercial management fees.
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  • Meanwhile, fee rate fell from 53bps to 44bps due to absence of event-driven fees.
  • Recurring fees from listed and private funds grew 9% and comprised 89% of fund-related fees. Commercial management fees grew 6% y-o-y due to improved operating performance of the properties and acquisitions of new assets.

Lodging business growing, albeit slowly

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Above is the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @

Krishna Guha Maybank Research | 2023-11-10

Previous report by Maybank:
2023-08-14 CapitaLand Investment - Headwinds, But Valuation Reasonable; Upgrade To BUY.

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


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