CapitaLand Investment - Phillip Securities 2023-11-14: Growing Recurring Income Streams

CapitaLand Investment - Growing Recurring Income Streams

CapitaLand Investment (SGX:9CI) | SGinvestors.ioCapitaLand Investment (SGX:9CI)
  • CapitaLand Investment (SGX:9CI)'s 9M23 revenue of S$2.085bn (-3% y-o-y) was slightly below our estimates, forming 69% of our FY23e forecast.
  • Fee-related revenue is on the rise, driven by a 31% increase in lodging management fees and a 9% growth in recurring fund management fees. However, this is offset by a significant decrease of 64% in event-driven fees.
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  • Maintain BUY on CapitaLand Investment with an unchanged SOTP-based target price of S$3.68. No change in our estimates.

The Positives

Lodging segment star performer.

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  • The improvement in operating performance coupled with 6,200 units (3.8% of signed units) turning operational resulted in a 31% y-o-y growth in lodging management fees. CapitaLand Investment has a target to reach S$500mil in lodging management fees within five years.

Recurring fund management fees grew 9% y-o-y to S$272mil in 9M23.

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

Darren Chan Phillip Securities Research | 2023-11-14

Previous report by Phillip:
2023-08-18 CapitaLand Investment - Lodging Business Is The Star Performer.

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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